France – AMF Fines for Takeover Report Failure

France – AMF Fines for Takeover Report Failure

On 12 July 2022, FR AMF issued fines for failure to report holdings during takeover.

  • FR AMF enforcement committee decided to impose fines against Mr. Christian Burrus, AFI ESCA, AFI ESCA Holding, AFI ESCA IARD, AFI ESCA Luxembourg, Dôm Finance.

Investigation Findings

  • Presumption of concertation: AFI ESCA Holding, AFI ESCA, AFI ESCA Luxembourg, AFI ESCA IARD and Dôm Finance were all controlled, directly or indirectly, by Mr. Burrus.
  • Respondents failed in their obligation to declare the acquisitions made daily on the security of the target issuer of a takeover bid after crossing jointly the legal threshold.
  • Lack of declaration of intent and of the crossing in concert of issuer's 5% threshold.
  • Dôm Finance failed in its obligation to act independently by allowing Mr. Burrus to interfere in its management via instructions given on the investments to be made.

Penalties Imposed

  • Financial penalty of 600.000 euros against Mr. Christian Burrus.
  • Financial penalties of 200.000 euros against each of the insurance companies AFI ESCA, AFI ESCA Holding, AFI ESCA IARD and AFI ESCA Luxembourg.
  • Financial penalty of 400.000 euros against the management company Dôm Finance.
  • The decision can be appealed under art R 621-44 of the Monetary and Financial Code.