FRANCE Law and Practice Contributed by: Christophe Ingrain, Tristan Gautier and Benoît Martinez, Darrois Villey Maillot & Brochier
Special Rules and Conflicts France does not have a strict division between crimi - nal and administrative enforcement; in practice, par - allel proceedings are common. Priority rules or co- ordination mechanisms vary by statute. For insider trading, market manipulation, and related misconduct, co-ordination between the AMF and the PNF is governed by Articles L. 465-3-6 and L. 621- 15-1 of the Monetary and Financial Code (CMF). A formal “orientation mechanism” ensures that either the AMF or the prosecutor handles a case – prevent - ing double proceedings for the same facts. Serious or complex cases with potential criminal intent are generally referred to the PNF, while purely regulatory breaches remain within the AMF’s jurisdiction. Institutional Changes and Policy Pressure The creation of the PNF and the AFA reflects France’s policy to strengthen enforcement against financial and corruption-related offences. The PNF, in particular, has become a high-profile actor, dealing with politically sensitive and international corruption cases, increas - ingly in co-operation with other judicial authorities such as the Serious Fraud Office or the US Depart - ment of Justice. 2.2 Initiating an Investigation White-collar investigations are primarily initiated by the public prosecutor’s office, which has the author - ity to open investigations whenever there is sufficient factual evidence to suggest that a criminal offence has been committed. Such evidence may arise from whistle-blower reports, complaints filed by victims, regulatory body reports, press releases, or the pros - ecutor’s own inquiries. In France, civil parties may directly seize an investigat - ing judge (under certain conditions) or a criminal court by means of a direct summons ( citation directe ). 2.3 Powers of Investigation Two types of investigations exist primarily in white- collar cases: the preliminary investigation (conducted by the public prosecutor) and the judicial investiga - tion (conducted by an investigation judge). Depending on the type of investigation, investigating power and safeguards may vary.
unions) to bring claims on their behalf. Article 16 of the Law of 30 April 2025 (Law No 2025-391) amended the group action regime, bringing French law into compli - ance with EU law and opening group actions to legal entities. 2. Enforcement 2.1 White-Collar Enforcement Authorities Criminal Enforcement The central authority for criminal investigations and prosecutions in white-collar cases is the public pros - ecutor’s office ( parquet ), assisted by the police and specialised investigation services. For the most com - plex financial crimes, cases are referred to specialised divisions ( Office National Anti-Fraude , Office Central de Lutte Contre la Corruption et les Infractions Finan- cières et Fiscales , etc). The National Financial Prosecutor’s Office ( Parquet national financier PNF), created in 2013, has juris - diction over serious and complex financial crimes, including corruption, influence peddling, tax fraud and laundering of tax fraud proceeds, money laundering and large-scale market abuse (in co-operation with the Financial Markets Authority). Administrative and Civil Enforcement Alongside criminal prosecution, regulatory enforce - ment plays an important role, in particular: • The French Anti-Corruption Agency ( Agence fran- çaise anticorruption AFA) monitors compliance with anti-corruption requirements under the 2016 Sapin II Law and can refer cases to prosecutors. • The General Directorate for Competition Policy, Consumer Affairs and Fraud Control (DGCCRF) holds significant administrative authority in the enforcement of measures against economic fraud. • The Financial Markets Authority ( Autorité des marchés financiers AMF) supervises securities markets and enforces insider dealing, market manipulation, and disclosure obligations. It has investigative and sanctioning powers. • The Competition Authority ( Autorité de la concur- rence ) investigates cartels and abuse of domi - nance, imposing significant fines.
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