The record fine imposed by the ACPR in 2018 was €50 million against La Banque Postale. This sanction reflects the increased severity of measures against serious breaches.

After the notification of charges by the Board, the next step is the examination by an appointed rapporteur, which includes an adversarial phase where parties can present their arguments.

Since the law of 21 June 2016 transposing the MAD II directive, criminal sanctions for stock market offences have been standardised at 5 years' imprisonment and €100 million in fines. This strengthens the fight against financial offences.

The AMF Sanctions Committee is composed of 12 members independent from the Board, including judges from the Conseil d'État and the Cour de cassation. This composition ensures the independence and expertise necessary for imposing sanctions.

Administrative sanctions are imposed by authorities such as the AMF or the ACPR, while criminal sanctions fall under the jurisdiction of the courts. The former aim to correct breaches; the latter aim to punish serious offences.

The appeal routes differ depending on the status of the sanctioned party: the Conseil d'État has jurisdiction for professionals, while the Paris Court of Appeal has jurisdiction for non-professionals. This ensures appropriate treatment according to status.

The maximum financial sanction for market abuse according to the AMF is €100 million or ten times the profit obtained. This provision aims to deter fraudulent practices on financial markets.

AMF decisions are published on its website, but with the possibility of anonymisation to protect the parties involved if necessary. This reconciles transparency with respect for privacy.