BNP Paribas Securities Services fined €1 million – Option Finance magazine, November 30, 2020
The enforcement committee of the French stock market regulator AMF has fined BNP Paribas Securities Services €1 million for having sent erroneous voting instructions to 44 client companies in 2018.
“Until this, the AMF had never fined a custodian for voting irregularities,” explained Franklin partner Lionel Lesur. “Usually, voting operations come under scrutiny by commercial courts after wronged shareholders bring suit. In this case, the matter became public and the AMF investigated it because BNPPSS reported its errors.”