The AMF Enforcement Committee fines two individuals for insider dealing breaches

The Enforcement Committee first held that the information relating to the takeover of a listed company was inside information. 

Next, the Committee examined, for each of the respondents, all the indicators relating to the existence of plausible transmission channels for the inside information, the atypical nature of the disputed transactions, their timing, the statements made by Mr Ytane Mamou and Mr Houri to the investigators and the absence of convincing explanations justifying the transactions in question.

On the basis of this analysis, the Enforcement Committee considered that Mr Ytane Mamou was in possession of the inside information in question and had used it to acquire shares in the listed company in July 2021 on his own behalf, on behalf of his wife and on behalf of his father. It also found that he had recommended an investment to his cousin, Mr Elie Houri, on the basis of this inside information and that Mr Houri had in turn used this recommendation to acquire shares. 

The Enforcement Committee imposed a fine of €30,000 on Mr Ytane Mamou and €20,000 on Mr Elie Houri. 

An appeal may be lodged against this decision.

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.