19th conference of the AMF Enforcement Committee, Monday 5 October 2026 – Closing speech by Marie-Anne Barbat-Layani, Chair of the AMF

On 5 October 2026, the 19th conference of the Sanctions Commission of the French Financial Markets Authority (“AMF”) was held, focusing on market manipulation and remediation. In her closing remarks, AMF Chair Marie-Anne Barbat-Layani defended the effectiveness of the Authority’s enforcement policy. She praised the cooperation with the French National Financial Prosecutor’s Office (“PNF”), exemplified by the conviction in April of three individuals for insider trading and complicity in the Airgas case. Ms. Barbat-Layani also reiterated the importance of remedial measures in strengthening the effectiveness of the enforcement policy, emphasizing that these measures do not aggravate a case but rather have a positive impact on the decisions of the prosecuting authority. She also mentioned the law of 25 June 2026, which, among other things, allows the PNF and investigating judges to refer cases to AMF investigators. Finally, she emphasized the importance of obtaining new means of action and tools, such as web scraping, in order to adapt to the behaviour of fraudsters. > Read the article

Investigation “Hermes”: 62 detained in probe into €410 million VAT carousel fraud involving mobile phones

On 7 October 2026, the European Public Prosecutor’s Office (“EPPO”) conducted more than 300 searches in eight countries, including France, had 62 suspects detained, and ordered seizures as part of the “Hermes” investigation, which focuses on a VAT carousel fraud scheme that is alleged to have caused at least 410 million euros in losses. Two criminal networks are suspected of having, in collaboration, exploited the VAT exemption on intra-EU trade by selling phones and electronic devices through a fraudulent chain of companies, which would then disappear before settling their tax obligations. Other companies linked to this same fraudulent chain would subsequently claim VAT refunds from national tax authorities. > Read the article

Privatbank and Kolomoisky win damages over Crimean assets

In two investment arbitrations conducted under the auspices of the Permanent Court of Arbitration (PCA), Ukrainian PrivatBank and its former owner Igor Kolomoisky were awarded around USD 181 million and USD 11.5 million, respectively, plus interest, following the expropriation of their assets in Crimea. The arbitral tribunal had already affirmed its jurisdiction in 2017 under the Ukraine-Russia Bilateral Investment Treaty and subsequently found Russia liable for unlawful expropriation in 2019. The final awards issued on October 1, 2026, therefore determine the amount of compensation owed to the investors after more than a decade of arbitral proceedings. The tribunal also dismissed Russia’s illegality objection, under which it had argued that PrivatBank’s investment had been obtained through corruption, fraud, and violence. > Read the article

2025 AFCON Final: Court of Arbitration for Sport Called Upon to Decide Dispute Between Morocco and Senegal

The dispute surrounding the 2025 Africa Cup of Nations (“AFCON”) final pits Senegal against Morocco over the interpretation of the tournament regulations of the Confederation of African Football (“CAF”). Following the interruption of the match after Senegalese players left the field in protest of a penalty decision, the disciplinary committee initially upheld Senegal’s victory. On appeal by the Royal Moroccan Football Federation (“FRMF”), CAF’s Appeals Board subsequently declared Senegal to have forfeited the match and awarded Morocco a 3-0 score, while finding that it lacked jurisdiction to award the continental title. On October 8, the Court of Arbitration for Sport (“CAS”), seized by Senegal, is expected to resolve the dispute between two competing approaches: the application of the provisions governing forfeiture, or the primacy of the field of play doctrine, which upholds the finality and sovereignty of refereeing decisions made during the match. > Read the article

Spain: national arrest warrant against Carles Puigdemont lifted

On 6 October 2026, Spain’s Supreme Court lifted the national arrest warrant against Carles Puigdemont, former pro-independence president of Catalonia. The warrant followed the 1 October 2017 self-determination referendum, prohibited by the courts, and the unilateral declaration of independence voted by the Catalan Parliament. The Supreme Court had refused to apply the amnesty law adopted in May 2024 to the misappropriation of public funds charge against Mr Puigdemont, finding that the referendum’s organizers had obtained a personal financial benefit. The Spanish Constitutional Court rejected this interpretation, forcing the Supreme Court to comply. > Read the article