The AMF Enforcement Committee fines two individuals and three legal entities for insider trading breaches, failure to fulfil their reporting obligations and for trading during a closed period
In its decision of 28 April 2021, the Committee imposed fines from €100,000 to €10 million, totalling over €18 million, on French and foreign players in the wine and spirits sector.
The objections notified to the Moroccan company X, which at the time of the events was the majority shareholder of Marie Brizard Wine & Spirits (MBWS) listed in France, to A, its Chairperson and CEO, and to Y, a Luxembourg company specialising in the wine and brewery trade, were related to the acquisition of MBWS securities by taking advantage of information relating to the overachievement of its EBITDA target, reinforcement of its financial structure, and the update of a strategic plan announcing new targets and revising its revenue and EBITDA forecasts upwards.
Having found that this information constituted inside information, the Committee held that Mrs A, in her capacity as a member of the MBWS board of directors, held the inside information relating to the overachievement of the company's EBITDA target. The Committee also considered that she was presumed to have used this information to acquire MBWS shares since the mandate under which the disputed transactions were carried out was not discretionary. At the very least, Mrs A had interfered with the agent's management. This breach was attributed to X, in whose name and on whose behalf it was committed.
However, the Committee dismissed the second insider trading objection against Mrs. A and X, considering that there was no evidence of the use of inside information relating to the strategic plan update. It found that the sales of MBWS shares at stake were made by X's agent, in accordance with its strategy consisting in disposing of shares to obtain the cash needed to finance the acquisition of share warrants to be contributed to an exchange offer and to pay the interest on the debt contracted for the purchase of MBWS shares, and that the agent was fully aware of the characteristics and mechanism of this exchange offer.
The Committee also dismissed a breach of the obligation to refrain from recommending investments on the basis of inside information relating to MBWS overachievement of its EBITDA target and the reinforcement of its financial structure, alleged against Mrs. A, since it had not been established that she held this information at the time of the alleged facts.
It also considered that the objection according to which B, X's representative and a standing guest member of MBWS board of directors, had disclosed this inside information to Y, was not substantiated since the evidence gathered by the investigation did not make it possible to establish such disclosure. It also dismissed the alleged breach by Y of having used this inside information, as well as the alleged breach of attempting to use such information.
The Committee found, however, that Mr Heringer had recommended that Y invest in MBWS, based on this inside information.
It also upheld the objections against X, Y and Z, the parent company of a wine and spirits group, that they had failed to report acquisitions of MBWS shares to the AMF, even though some of MBWS directors were related to these three companies.
Lastly, the Commission sanctioned Z for having traded in MBWS shares during a closed period, during which it was obliged to refrain from dealing in MBWS securities.
The Committee imposed fines of €10 million on X, €6 million on Mrs A €2 million on Mr B and €100,000 each on Y and Z.
An appeal may be lodged against this decision.
Application by X, Ms A and Mr B to the Paris Court of Appeal for a stay of execution of decision SAN-2021-06
By order of 3 November 2021 (N°21/11924), the judge delegated by First President of the Paris Court of appeal (i) declared admissible the application for a stay of execution brought by X, Ms A and Mr B regarding the decision of the Enforcement Committee of 28 april 2021 (ii) dismissed X's application for a stay of execution of this decision, (iii) ordered a stay of execution of the decision concerning Ms A and M. B until the Court of Appeal has ruled on the merits of the appeal lodged against that decision.
Appeal lodged by X before the Cour de Cassation against the order of the magistrate delegated by the First President of the Paris Court of Appeal of 3 November 2021
By judgment of 15 February 2023 (No. 21-24.401), the Cour de Cassation dismissed the appeal lodged by X against the order of the magistrate delegated by the First President of the Paris Court of Appeal of 3 November 2021.
Cross appeals lodged by the AMF’s Chairman before the Paris Court of Appeal against decision SAN-2021-06
By judgement of 25 September 2025 (n° 21/11889), the Paris Court of Appeal, among other things (i) dismissed the main appeals lodged against the Enforcement Committee's decision 28 April 2021 by X, Ms. A, and Mr. B, except with regard to the sanction imposed by the Enforcement Committee on X, (ii) partially amended the decision with regard to the amount of the sanction imposed on X, which was reduced from €10 million to €9,920 million, and (iii) dismissed the cross-appeal lodged by the AMF Chairman.
Appeals lodged by X, A and B before the Paris Court of Appeal against decision SAN-2021-06
By judgement of 25 September 2025 (n° 21/11889), the Paris Court of Appeal, among other things (i) dismissed the main appeals lodged against the Enforcement Committee's decision 28 April 2021 by X, Ms. A, and Mr. B, except with regard to the sanction imposed by the Enforcement Committee on X, (ii) partially amended the decision with regard to the amount of the sanction imposed on X, which was reduced from €10 million to €9,920 million, and (iii) dismissed the cross-appeal lodged by the AMF Chairman.
Appeal lodged by X, A and B before the Cour de Cassation against the judgement of the Paris Court of Appeal of 25 September 2025
X, A and B have lodged an appeal before the Cour de Cassation against the judgement of the Paris Court of Appeal of 25 September 2025.
About the Enforcement Committee
The Enforcement Committee, which is made up of judges and professionals, has total freedom to make decisions. It can impose sanctions on any person or company whose practices contravene laws and regulations that fall within the jurisdiction of the AMF. It ratifies settlement agreements signed by the Secretary General and respondents. And it takes part in the AMF’s educational efforts by clarifying financial regulations when explaining its decisions.
