France's Financial Markets Authority (AMF) published an enforcement update welcoming the first criminal rulings in an insider dealing network case, after the Paris criminal court convicted three individuals for insider dealing and aiding and abetting. The court imposed prison sentences of up to three years and fines of up to EUR 30 million in a case in which the AMF acted as a civil party. The convictions relate to the illegal use of inside information about a public takeover offer that Air Liquide was preparing to launch for US-listed Airgas in November 2015. The AMF identified the individuals during investigations into suspicious trading across several securities and referred matters to the French National Financial Prosecutor’s Office; prepaid phones detected by the AMF were later wiretapped by judicial authorities, supporting evidence of the transmission and use of confidential information. The court accepted the AMF’s civil-party status and ordered the defendants to pay EUR 7,500 jointly for procedural costs; the judgment may be appealed. Four other individuals in the same matter were previously dealt with via guilty-plea proceedings in November 2025 and January 2026, resulting in prison sentences of up to two and a half years (partly custodial) and fines of up to EUR 10 million. In remarks included with the release, the AMF’s chair pointed to the need to strengthen the AMF’s legal tools and referenced a legislative proposal filed in September 2025, calling for it to be scheduled in Parliament as soon as possible.
France Autorite des marches financiers 2026-04-13
France's Financial Markets Authority highlights Paris court convictions in Air Liquide Airgas insider dealing network with sentences up to three years and EUR 30 million
The French Financial Markets Authority (AMF) reported the first criminal rulings in an insider dealing network case, with the Paris criminal court convicting three individuals for insider dealing and aiding and abetting, imposing prison sentences of up to three years and fines of up to EUR 30 million. The case concerned misuse of inside information on Air Liquide’s planned 2015 takeover offer for US-listed Airgas, followed AMF referrals to the French National Financial Prosecutor’s Office, and included recognition of the AMF as a civil party. The AMF chair reiterated the need to strengthen the authority’s legal tools and urged parliamentary scheduling of a related legislative proposal.