• Insider Trading: AMF Imposes 700,000 Euro Fine in Lysogene Case
• EIOPA warns of geopolitical risks despite sectoral stability
• AML-CFT: CCSF publishes a report on the reception of regulatory obligations by customers
• End of life: green light in committee for “assisted dying”
• France updates its list of tax havens
• Crypto-assets: AMF warns of new fraudulent sites

‍

Insider Trading: AMF Imposes €700,000 in Fines in the Lysogene Affair

May 5, 2025

The AMF's Enforcement Commission fined four companies—including Lysogene's CEO, Ms. Pignet-Aiach— a total of €700,000 for using or disclosing inside information. The information concerned the authorization granted by the US Food and Drug Administration ("FDA") to launch clinical trials of a biotech drug.

Ms. Pignet-Aiach allegedly passed this information on to her ex-husband, Gad Aiach, who allegedly used it to purchase Lysogene shares and passed it on to relatives, including Michaël Chetrit, via the company Mikostart. The transactions were deemed suspicious due to their speed and lack of credible justification.

EIOPA warns of geopolitical risks despite sectoral stability

April 30, 2025

The European Insurance and Occupational Pensions Authority (“EIOPA”) has published its April 2025 Risk Dashboard , which shows an overall stability of the risk landscape in the insurance sector, despite a deterioration in the macroeconomic, market and digital outlook due to growing geopolitical uncertainty.

The report highlights that most risk categories remain at a medium level. However, persistent geopolitical tensions and unstable economic policies are causing concern, particularly in bond and equity markets. The recent announcement of new US tariffs has triggered significant volatility, suggesting possible further corrections in asset prices.

Credit and liquidity risks remain stable: insurers maintain high-quality portfolios and sufficient liquidity reserves. Solvency levels are solid, although profitability indicators are mixed. Cyber and digital risks continue to grow, driven by heightened threat perceptions in a tense geopolitical climate. ESG risks, meanwhile, are becoming more complex amid uncertain climate agreements.

EIOPA stresses the importance of rigorous liquidity and risk management to cope with this period of uncertainty.

AML-CFT: CCSF publishes a report on the reception of regulatory obligations by customers

May 6, 2025

The President of the Financial Sector Advisory Committee ("CCSF") submitted a report to the Minister of the Economy on May 6, 2025, on customer acceptance of regulatory obligations to combat money laundering and terrorist financing ("AML-CFT"). As the European Union prepares to tighten these obligations as part of the new anti-money laundering package expected in 2027, the report highlights the difficulties encountered by certain categories of customers in their relationship with financial institutions.

Institutions are legally required to collect information on their customers to assess the risks associated with each relationship and detect any suspicious transactions. This vigilance, based on a risk-based approach, can lead to repeated requests or requests that are deemed intrusive by users. Some customers—including professionals, associations, politically exposed persons ("PEPs"), and French citizens abroad—say they are particularly affected, pointing to a lack of clarity, insufficient communication, or unequal treatment between institutions.

To improve understanding and acceptability of these obligations without weakening the system's security, the report makes sixteen concrete proposals. These recommendations aim, in particular, to better track complaints, simplify data collection, strengthen education, and anticipate the effects of digital identity on verification procedures. The goal is to reconcile effective control and quality customer relations, in a context of increased vigilance regarding financial and criminal risks.

End of life: green light in committee for “assisted dying”

May 2, 2025

In committee, MPs adopted a bill creating a right to assisted dying. The bill would allow certain terminally ill patients to receive or administer a lethal substance, under five strict conditions: majority, French nationality or residence in France, life-threatening incurable illness, refractory suffering, and free and informed consent.

The text will be debated from May 12, with a final vote scheduled for May 29.

Money laundering: a vast network dismantled between France, Monaco and Ukraine

May 7, 2025

Eurojust announced on May 7 the dismantling of a major money laundering network involving several hundred million euros, thanks to a police and judicial operation coordinated on a European scale. The investigation, conducted jointly by the French, Ukrainian, and Monegasque authorities, led to the arrest of a Ukrainian entrepreneur at the heart of the scheme.

The latter is suspected of having implemented a sophisticated money laundering scheme, notably through the purchase of real estate in France and Monaco. At least €57 million was frozen in France as part of this operation.

‍

Taxation: France updates its list of tax havens

May 7, 2025

France has updated its list of Non-Cooperative States and Territories ("NCSTs") for tax purposes, following the publication of the decree of April 18, 2025, published on May 7 in the Official Journal. This revision confirms the removal of the Bahamas, Belize, and Seychelles from this blacklist, in accordance with their prior removal from the list established by the European Union in February 2024.

‍

Crypto-assets: AMF warns of new fraudulent sites

May 6, 2025

The French Financial Markets Authority (AMF) has issued a new warning against several online platforms illegally offering crypto-asset services in France. Nine sites have been identified. These entities are not authorized to operate in France.

The AMF reminds that the blacklist of unauthorized service providers is regularly updated, although it cannot be exhaustive given the constant emergence of new players. It invites savers to consult the whitelist of authorized digital asset service providers, available on its website, before any crypto-asset transaction.

Very good week.