--- title: "Securities Litigation" id: "1997" type: "expertise" slug: "securities-litigation" published_at: "2026-01-23T15:24:42+00:00" modified_at: "2026-07-29T12:43:43+00:00" url: "https://www.august-debouzy.com/en/expertise/securities-litigation/" markdown_url: "https://www.august-debouzy.com/en/expertise/securities-litigation.md" excerpt: "Financial and Banking Regulatory Litigation Securities litigation exposes issuers, officers and investors to significant reputational and financial risk through judicial and regulatory proceedings that often run in parallel. Disputes between market participants, liability claims and post-transaction litigation all demand a..." taxonomy_language: - "English" taxonomy_post_translations: - "pll_697392baa6bdf" taxonomy_tax_expertise: - "Securities Litigation" taxonomy_tax_famille_expertise: - "Dispute Resolution" --- ## Financial *and Banking Regulatory Litigation* Securities litigation exposes issuers, officers and investors to significant reputational and financial risk through judicial and regulatory proceedings that often run in parallel. Disputes between market participants, liability claims and post-transaction litigation all demand a thorough understanding of market mechanisms and the applicable regulatory framework. Our practice focuses primarily on proceedings before the Autorité des marchés financiers (AMF): market abuse investigations, regulatory inspections, analysis of notified charges, negotiation of settlements with the AMF’s enforcement division, representation before the Sanctions Committee and judicial appeals. We handle cases involving misleading disclosures, insider dealing and market manipulation. Where these matters trigger parallel criminal investigations, we also provide white-collar criminal defence. Listed issuers, corporate officers, financial intermediaries and institutional investors entrust us with their most sensitive proceedings. ## *our* Capabilities ### (01) AMF Proceedings We represent clients throughout AMF investigations and inspections, analyse the charges brought against them and build a comprehensive defence strategy. When sanctions are contemplated, we negotiate administrative settlement agreements (compositions administratives) or appear before the Sanctions Committee on their behalf. We also bring appeals against enforcement decisions, whether on behalf of issuers, market professionals or any individual or entity under scrutiny. Our in-depth knowledge of regulatory practice enables us to anticipate risks and manage both regulatory and media exposure. ### (02) White-Collar Criminal Defence When a criminal investigation is opened alongside administrative proceedings, we defend our clients at every stage of the judicial process: police custody, witness hearings, formal investigations and trial. Insider dealing, market manipulation and misleading disclosures frequently carry both administrative and criminal liability. We coordinate responses across authorities to ensure a consistent defence strategy and mitigate the risk of self-incrimination. This integrated approach allows us to anticipate the interplay between proceedings and protect our clients’ interests across the full spectrum of the dispute. Collective excellence at the service of the *highest standards* Team [Olivier Attias ( Partner )](https://www.august-debouzy.com/en/collaborateur/olivier-attias/) [Jérôme Brosset ( Partner )](https://www.august-debouzy.com/en/collaborateur/jerome-brosset/) [Astrid Mignon Colombet ( Partner )](https://www.august-debouzy.com/en/collaborateur/astrid-mignon-colombet/) [Agathe de Marcillac ( Senior Associate )](https://www.august-debouzy.com/en/collaborateur/agathe-de-marcillac/) [Alexandre Mennucci ( Senior Associate )](https://www.august-debouzy.com/en/collaborateur/alexandre-mennucci/) Précédent Suivant ## Contact Us ## *our* References Securities Litigation #### Luxury brand heir – Insider trading Advising, assisting, and defending an heir to a luxury brand sold to a luxury conglomerate in proceedings opened against him for insider trading by the French Financial Markets Authority (AMF) and the French National Financial Prosecutor’s Office (PNF). Securities Litigation #### Listed renewable energy company – AMF proceedings Assisting a French listed company specialized in the development of renewable energy plants in proceedings initiated by the French Financial Markets Authority (AMF) regarding accusations of insider trading and dissemination of misleading information. This was the first investigation involving this listed company. Securities Litigation #### Listed digital solutions company – AMF investigation Representation of a French listed company specialized in digital solutions in an investigation opened by the French Financial Markets Authority (AMF) regarding financial information and the market of its stock. The investigation involved international investigative measures with several foreign counterpart authorities. ## FAQ ### (01) What sanctions does securities litigation before the AMF for market abuse entail? AMF investigations into insider dealing, market manipulation or misleading disclosures expose issuers, officers and investors to financial penalties of up to EUR 100 million, or ten times the profit derived from the infringement, under Article L. 621-15 of the French Monetary and Financial Code. We assist clients from the investigation and inspection stage, analyse the charges notified and build a comprehensive defence strategy. Our in-depth knowledge of the AMF’s regulatory practices enables us to anticipate risks and manage both regulatory and media exposure simultaneously. ### (02) What defence options are available before the AMF Sanctions Committee in securities litigation? When sanctions are contemplated by the AMF, respondents have two main avenues: negotiating an administrative settlement (composition administrative) with the AMF’s enforcement division, or appearing before the Sanctions Committee. The administrative settlement mechanism, introduced by the Sapin II Act in 2016, allows cases to be resolved through a negotiated agreement subject to Committee validation. We handle the negotiation of such agreements, represent clients before the Sanctions Committee and bring appeals against enforcement decisions, whether on behalf of issuers, market professionals or any individual or entity under scrutiny. ### (03) What criminal defence strategy should be deployed in response to insider dealing or market manipulation charges? Securities offences frequently carry both administrative liability before the AMF and criminal liability before the courts. Article L. 465-1 of the French Monetary and Financial Code punishes insider dealing with up to five years’ imprisonment and a fine of EUR 100 million, which may be increased to ten times the profit derived from the offence. We defend our clients throughout the criminal process: police custody, witness hearings, formal investigations and trial. We coordinate responses across administrative and criminal authorities to ensure a consistent defence strategy and mitigate incrimination risks. ### (04) Why choose August Debouzy as your law firm for securities litigation? Listed issuers, corporate officers, financial intermediaries and institutional investors entrust us with their most sensitive proceedings. Our expertise spans the full spectrum: AMF investigations and inspections, charge analysis, negotiation of administrative settlements, representation before the Sanctions Committee, judicial appeals and criminal defence. When cases trigger parallel administrative and criminal proceedings, we coordinate the strategy to anticipate the interplay between jurisdictions and protect our clients’ interests across the entire dispute.