#Dispute resolution and regulatory investigations:
The Enforcement Committee of the French Financial Markets Authority penalizes an asset management company and its executives for breaches of their professional obligations
On 31 December 2025, the AMF Enforcement Committee issued a decision against M Capital Partners and its two directors for repeated breaches of their professional obligations during the period from 2019 to 2023. While the Committee dismissed the allegation relating to the irregular provision of a placement service, it nevertheless identified breaches concerning the investment framework, the management of conflicts of interest, anti-money laundering and counter‑terrorist financing (AML/CFT), customer due diligence, and the effectiveness of internal controls. As a result, it imposed a financial penalty of €200,000 on the company, as well as penalties of €70,000 and €35,000 on its two directors, respectively, with the decision to be published under their names for three years. > Read article
#Litigation and International investigation:
The “PNACO”, the new French National Prosecutor’s Office for combating drug trafficking and organized crime, has officially taken up its duties
The French National Prosecutor’s Office for Organized Crime (Pnaco) officially began operating on Monday, 5 January. Its creation stems from the law of 13 June 2025 aimed at freeing France from the grip of narcotics trafficking. This new institution is composed of sixteen prosecutors drawn from the former national jurisdiction dedicated to combating organized crime, from other specialized national jurisdictions, as well as from magistrates with expertise in economic and financial matters. At this stage, the Pnaco will have jurisdiction over cases relating to organized crime and money laundering. Its staff is expected to be strengthened next September with the arrival of ten additional prosecutors. > Read article
Venezuela: under international law, the “fight against drug trafficking and the protection of democracy do not constitute legal grounds for the use of force”
Under international law, the U.S. attack carried out against Caracas could potentially be classified as an act of aggression. Indeed, the United Nations Charter requires member States to refrain, in their international relations, from using force against the territorial integrity of any State. However, an intervention may be lawful if it is authorized by the UN Security Council or if it meets the conditions for self‑defence. Nonetheless, according to certain international law experts, neither combating drug trafficking nor pursuing regime change constitutes, in itself, a legal basis for the use of force; such objectives fall instead within the realm of purely political considerations. > Read article
#Ethics and Compliance:
Tourist cameras: the CNIL clarifies the rules to be followed to safeguard individuals’ privacy
In its review of recent inspections, the French Data Protection Authority (CNIL) notes the growing use of “tourist cameras” installed by certain municipalities to promote their territories. Unlike video‑surveillance systems, these devices broadcast live images of public spaces without any security purpose and may capture scenes pertaining to private life, such as entrances to homes or café terraces. According to the CNIL, this constitutes the processing of personal data subject to the General Data Protection Regulation (GDPR), and the legitimate interest invoked by municipalities is not sufficient. The CNIL considers that such broadcasting infringes on privacy and requires both consent and a right to object. It recalls, in this respect, that cameras may only be exempt from GDPR requirements if they avoid filming individuals or render them unidentifiable. > Read article
