In Decision No. 2025-1164 QPC of September 26, 2025, the French Constitutional Court held that individuals facing proceedings before the Autorité des marchés financiers (AMF) must be informed of their right to remain silent when appearing before the AMF Enforcement Committee. The Court ruled that Article L. 621-15 of the French Monetary and Financial Code insofar was unconstitutional as it failed to provide such information.
The case arose in the context of an appeal against a 2024 AMF Enforcement Committee decision lodged before the French administrative Supreme Court (Conseil d ’Etat) by Eurotitrisation and others. The appellants had requested the Conseil d’Etat to refer to the Constitutional Court a question resting on the right to remain silent. While the applicable legislation required that the subject be heard or duly summoned before any sanction could be imposed, it did not require the AMF to inform that person of the right not to answer questions. The applicants argued that such an omission infringed the constitutional principle preventing compelling self-incrimination.
Relying on Article 9 of the French Bill of Rights (Déclaration des droits de l’Homme et du Citoyen) of 1789, the Constitutional Court reiterated that the right to remain silent is a component of the prohibition of self-incrimination and applies not only in criminal proceedings but also in administrative proceedings which can lead to punitive sanctions.
The Constitutional Court recalled that, in AMF enforcement proceedings, defendants may be heard during the hearing and may then, through their statements, acknowledge the alleged wrongdoings or misconducts. It also stressed that the mere fact that defendants can be heard may suggest that they are not entitled to remain silent. In the absence of an explicit notification of the right to remain silent, the constitutional guarantee against self-incrimination was therefore not effectively protected.
This decision forms part of a broader trend aimed at strengthening procedural safeguards in administrative enforcement proceedings. Over the last several years, the Constitutional Court has progressively aligned the rights available in administrative sanction procedures with those traditionally associated with criminal proceedings. The decision confirms that the protection against self-incrimination is now regarded as a fundamental safeguard whenever an authority exercises punitive powers, regardless of its administrative or judicial nature.
The practical implications extend beyond the AMF. Other French regulators exercising sanctioning powers may face similar challenges where individuals are questioned without being expressly informed of their right to remain silent.
