In France, the "Conseil d'Etat" (French State Council) in a judgment of 24 April 2012 canceled sanctions imposed on two managers of investment funds, although its admission of the evidence of the breach of insider by presumption

On January 30, 2010, the "Commission des sanctions" (Sanction Commission) of the French Financial Markets Regulator ("Autorité des Marchés Financiers" -AMF) has sanctioned, by administrative fines, two fund managers to have used inside information, what constitutes a breach of insider trading prohibited by the "Code monétaire et financier" (French Monetary and Financial Code). On Field probation, the "Conseil d’Etat" (French State Council) admits that without direct evidence, the regulator may settle for a body of evidence from which it follows that the action on the market of those prosecuted may restrict explained by the detention of the information in question. But concretely, the Council of State considers that the only information provided to managers do not back the transaction (an IPO) and do not constitute an implicit revelation. The sanction decided by the regulator is broken.