Key takeaways

• Between September 2017 and February 2018, the French Financial Markets Authority (the “AMF”) published the terms of its first settlements relating to market abuses. One involved insider trading, while four related to market manipulations.  All related to alleged violations that involved relatively small profits and no new legal issues.
• The AMF does not appear to have given defendants any pecuniary advantages compared to the maximum level of penalties that would have been imposed in a proceeding before the AMF Enforcement Committee.  
• Settlements, however, offer some clear advantages, including the absence of a conviction, and thus the avoidance of the ancillary risks associated with a finding of guilt.