The French Financial Markets Authority's Sanctions Committee has fined investment services provider Bourse Direct EUR 800,000 and its chief executive, Catherine Nini, EUR 50,000 for failures in transaction reporting to the AMF and in its systems for monitoring and detecting market abuse. The case concerned professional obligations breached between Jan. 1, 2021 and Nov. 30, 2023. The committee found that Bourse Direct failed to report to the AMF transactions executed by its trading desk and transactions carried out for the clients of a bank, representing 0.58% of the transactions executed during the review period. It also found that the firm submitted transaction reports containing a significant number of incorrect trading venue identification codes. On market abuse controls, the committee concluded that the firm's surveillance framework was ineffective because it did not generate alerts where a client holding inside information might sell securities to avoid a loss, and because it did not sufficiently factor in financial and economic news or the sensitivity of certain clients. Bourse Direct also failed to assess its surveillance system regularly and did not update it despite having identified that an update was needed. The committee held that the firm's breaches were attributable to Nini. The decision may be appealed.
France Autorite des marches financiers2026-06-25
French Financial Markets Authority sanctions Bourse Direct and its chief EUR 850000 for transaction reporting and market abuse surveillance failures
The French Financial Markets Authority's Sanctions Committee fined Bourse Direct EUR 800,000 and its chief executive, Catherine Nini, EUR 50,000. It found failures in transaction reporting and market abuse surveillance, including unreported transactions, incorrect venue codes and ineffective alerting and review processes. The decision may be appealed.