Arbitral Digest

Matter

Diana Holding v Financial Markets Authority (French Court of Cassation H 21-24.401)

  1. 28 April 2021Arbitration

    28 April 2021Arbitration

    Financial Markets Authority Sanctions Commission Decision No. 6 dated 28 April 2021

    Financial Markets Authority

    Decision summary
    The Financial Markets Authority Sanctions Commission imposed a financial penalty of €10 million on Diana Holding.

    Supporting details

    2 participants
    Diana Holding
    Financial Markets Authority
    Financial Markets Authority

    6 months and 6 days later · 189 days

  2. 3 November 2021France

    3 November 2021France

    Order of the First President of the Paris Court of Appeal dated 3 November 2021

    Paris Court of Appeal

    Decision summary
    The First President of the Paris Court of Appeal rejected Diana Holding’s request to stay execution of Financial Markets Authority Sanctions Commission Decision No. 6.

    Supporting details

    2 participants
    Diana Holding
    Financial Markets Authority
    Paris Court of Appeal

    1 year, 3 months and 12 days later · 469 days

  3. 15 February 2023France

    15 February 2023France

    Judgment of the Court of Cassation, Commercial, Financial and Economic Chamber in case H 21-24.401 dated 15 February 2023

    Court of Cassation, Commercial, Financial and Economic Chamber

    Case no.
    H 21-24.401
    Citation
    Arrêt No. 130 FS-B
    Decision summary
    The Court of Cassation rejected Diana Holding’s appeal and held that whether execution of an AMF sanctions decision would have manifestly excessive consequences must be assessed by reference to the sanctioned person’s situation, without examining the prospects of annulment or reformation of the sanctions decision. Diana Holding was ordered to pay the costs and €3,000 to the Financial Markets Authority under Article 700 of the French Code of Civil Procedure.

    Supporting details

    3 authorities · 19 participants
    Application
    Application to stay execution of Financial Markets Authority Sanctions Commission Decision No. 6 — Rejected
    Diana Holding
    Representative
    SCP Melka-Prigent-Drusch (For: Diana Holding)
    Financial Markets Authority
    Representative
    SCP Ohl et Vexliard (For: Financial Markets Authority)
    Court of Cassation, Commercial, Financial and Economic Chamber
    Judge
    Vigneau
    Judge
    Ducloz
    Judge
    Ponsot
    Judge
    Fèvre
    Judge
    Alt
    Judge
    Guerlot
    Judge
    Blanc
    Judge
    Lion
    Judge
    Tostain
    Judge
    Maigret
    Advocate General
    Crocq
    Other
    Institutional administrator
    Fornarelli

    Authorities cited

    3
    • French Monetary and Financial Code
      statute
    • French Code of Civil Procedure
      statute
    • French Code of Judicial Organization
      statute

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Diana Holding v Financial Markets Authority (French Court of Cassation H 21-24.401) · Matter