AMF reports first convictions against organised insider networks, up to €30m in fines

AMF chair Marie-Anne Barbat-Layani used her closing speech at the Sanctions Commission's 19th colloquium to claim the first results against the organised insider networks she flagged in 2024, and to set out how remediation now shapes enforcement outcomes. For heads of compliance in France, the operational detail on composition administrative and newly enacted investigative powers matters more than the headline conviction.

• On 13 April 2026 the Paris criminal court convicted three people for insider dealing and complicity in the Airgas affair, with sentences up to three years and fines up to €30 million.
• The law of 25 June 2026 enacted five measures, including letting financial investigating judges and the PNF call on specially authorised AMF investigators alongside judicial investigation services.
• Since 2010 the composition administrative regime has delivered remediation by 111 regulated firms and €9 million paid back to investors under AMF oversight.
• The AMF says 86% of firms receiving control reports that explicitly mention remediation then cited remediation measures in their responses.
• Barbat-Layani is still seeking webscraping powers and the use of assumed identities, both outstanding in the Labaronne bill tabled in September 2025.

Executive summary

Marie-Anne Barbat-Layani, chair of the Autorité des marchés financiers, delivered the closing address at the 19th colloquium of the AMF Sanctions Commission on Monday 5 October 2026, with the text published on 7 October. The event addressed two themes: adapting…

Machine-verified against the primary source, then read, edited and published by the Regulus editorial desk on 19 Oct 2026.