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France / Court of Cassation, Criminal Chamber / 7049 (12-83.579)

Antoine X v State

Policy area:
Economic and monetary affairs
Deciding Body type:
National Court/Tribunal
Deciding Body:
Court of Cassation (Criminal Chamber)
Type:
Decision
Decision date:
22/01/2014

Key facts of the case:

On 20 December 2007 Antoine X was sanctioned by the French Financial Markets Authority (FMA) and paid a fine of €250,000 for a breach of the provisions of Article 631-1-1E of the FMA general regulations. The President of the FMA reported the case to the prosecutor, a preliminary investigation was conducted, and the case was filed before the Criminal Court (Tribunal correctionnel). Antoine X was charged with interfering with the proper functioning of the share market on the basis of Article L. 465-2 of the monetary and financial code. The Court of Appeal dismissed the challenge to the validity of the proceedings, which was based on the violation of the ‘non bis in idem’ principle, and found the accused guilty of the above-mentioned offence and sentenced him to three months imprisonment (suspended sentence).