The long-awaited enshrinement of the right to remain silent before the AMF Sanctions Committee

Written by Eric Dezeuze and Margaux Soutin

Published in the Revue des Sociétés – Dalloz

In its 26 September 2025 decision, the French Constitutional Council confirmed that any person implicated in sanctions proceedings before the Financial Markets Authority (AMF) must be notified of their right to remain silent. The Council thus ruled that the second sentence of paragraph IV of Article L. 621-15 of the French Monetary and Financial Code is unconstitutional. Although this decision produces only limited effects by enshrining a practice that had become standard for the securities regulator, it is consistent with a coherent body of case law that safeguards the rights of the defence. Read more