Offence of obstructing an AMF investigation sentenced by the Paris Tribunal Correctionnel
In a decision dated 9 April 2026, the Paris Tribunal Correctionnel sentenced a natural person who had obstructed a house search that was being carried out by the AMF as part of an investigation into suspected market abuse. The court handed down a six-month suspended prison sentence and a fine.
It is a criminal offence for any person to obstruct an inspection or investigation of the Autorité des Marchés Financiers (AMF). In a decision dated 9 April 2026, the Paris Tribunal Correctionnel reiterated this fact.
Following a report made to the Paris Public Prosecutor's Office in May 2024 and a complaint lodged by the regulator in September 2024, the Tribunal Correctionnel handed down a six-month suspended prison sentence and a €20,000 fine to a natural person for having obstructed the proper conduct of an AMF house search operation.
Search by AMF investigators obstructed
In accordance with the law, this house search had been authorised in advance by the Juge des Libertés et de la Détention (judge tasked with release and detention decisions) as part of an investigation being carried out by the Autorité des Marchés Financiers into possible market abuse. In July 2023, when the AMF investigators, accompanied by a judicial police officer, arrived at the home of the person in question, he initially refused them access before finally agreeing to let them in.
The Tribunal Correctionnel also found the AMF's civil action admissible and ordered the person who had obstructed the its investigation to pay the AMF €1 in non-pecuniary damages and €5,000 in procedural costs.
Dismissal of the appeals lodged against this operation and its authorisation
In the same case, in July 2024, following an appeal, lodged by the person subject to the search, against the order of the Juge des Libertés et de la Détention who had authorised this house search, the Paris Cour d’Appel upheld the order. It considered that the AMF's request to carry out this house search contained sufficient indications to establish a presumption of market abuse.
In May 2025, following an appeal lodged this time against the search and seizure operations, the Cour d’Appel found the operations carried out by the AMF investigators to be valid.
In both cases, the Cour d’Appel ordered the person in question to pay the AMF €5,000 in costs.
The AMF points out that the Monetary and Financial Code provides for penalties of up to two years' imprisonment and a fine of up to €300,000 for obstruction, i.e. impeding an AMF inspection or investigation, or providing inaccurate information in this context.
