Insider trading: the AMF’s investigative powers are increasingly reduced

Posted on Nov 10, 2020 at 11:53 amUpdated Nov 10, 2020 4:10 PM

This is an extremely embarrassing stop for the investigators of the Financial Markets Authority (AMF). In mid-October, the Court of Cassation limited their power during home visits (equivalent to searches). The highest court ruled that the latter were not authorized to seize the documents of a person who is only passing through the searched place. Only documents belonging to the person who occupies the premises can be seized.

The case, which was brought before the court of cassation, dates back to April 2017. Two Moroccan personalities, Rita Zniber and Hachem Belghiti, then came to sit on the board of directors of Marie Brizard Wine & Spirits (MBWS). Rita Zniber is well known in Morocco because she is CEO of Diana Holding, a leading group in the food industry. In addition, she was decorated with the Legion of Honor as she has been fighting since the 1980s for abandoned children.

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