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- a reprimand and a financial penalty of €10,000 against Christian Marty, a personal portfolio manager at Crédit du Nord,
- a financial penalty of €10,000 against Clinique du Rond-Point des Champs-Elysées,
- a financial penalty of €10,000 against Bernard Sillam, chief executive of Clinique du Rond-Point des Champs-Elysées.
The Enforcement Committee cleared Crédit du Nord.
Clinique du Rond-Point des Champs-Elysées was admitted to trading on the Marché Libre on 15 June 2001 at €11.60 per share. A total of 203,280 shares were to be offered under the initial public offering (IPO) plan, but only 68,124 were actually sold following the IPO. The forecasts released at the time quickly proved to be wrong.
The Committee accused Clinique du Rond-Point des Champs-Elysées and Bernard Sillam, the company's chief executive at the material time, of not having disclosed the financial statements at 30 June 2001 and 2002.
The Committee considered, moreover, that the company did not provide the market with information even though it was experiencing financial problems and its share price had fallen steeply.
The Committee also sanctioned Mr Marty for failing to put his clients' interests first. When managing Bernard Sillam's portfolio, Mr Marty purchased Clinique du Rond-Point des Champs-Elysées shares for his discretionary portfolios, paying amounts that were large in comparison with the market capitalisation of the company.
An appeal may be lodged against this decision in accordance with Articles R. 621-44 to R. 621-46 of the Monetary and Financial Code.
