These are the words of the Tribunal administratif des
marchés financiers, when it reminded the Autorité des
marchés financiers that a freeze order is an extraordinary
power vested in the court, which requires meaningful supervision
and control measures in the public interest.
Context
On November 18, 2020, the Tribunal administratif des
marchés financiers (the Tribunal) issued, on an urgent and
ex parte basis, freeze and cease trade orders in connection with
the activities of several defendants, including a cryptocurrency
exchange platform, for a period of 12 months. The Autorité
des marchés financiers (the AMF) obtained these orders in
the context of its investigation into alleged breaches of
prospectus-free offerings and unregistered broker activity.
