The AMF Enforcement Committee fines an asset management company and its former director a total of €500,000

In its decision of 10 December 2025, the Enforcement Committee imposed fines of €400,000 and €100,000 respectively on the asset management company Novaxia Investissement and one of its former directors, Joachim Azan, for having breached several professional obligations.

The AMF Board accused the asset management company of a number of breaches relating to its failure to comply with its authorisation application, its investment and divestment process, its use of group service providers, distributor remuneration, client categorisation, and due diligence in terms of anti-money laundering and combating the financing of terrorism.

The Enforcement Committee first held that the powers exercised by Mr Azan had not exceeded those provided for in the authorisation application. Consequently, the asset management company had not breached the conditions of its authorisation.

The Committee then found that Novaxia Investissement's investment and divestment procedure was not operational due to its incomplete nature, that the asset management company had not ensured the traceability of checks as to the compliance of investment projects with the policy and constraints of the funds concerned, and that it had not formalised the requisite due diligence carried out prior to the allocation of investment projects to the funds concerned.

The Committee further held that, although it regularly made use of service providers from its group, the asset management company had not implemented an effective policy for preventing and managing conflicts of interest and had not provided comprehensive, accurate and understandable information to investors upstream on the remuneration paid to these service providers.

The Committee noted a lack of transparency on the part of Novaxia Investissement vis-à-vis investors as regards the retrocession of management fees to distributors for the marketing of the funds and the justification of the enhancement of the service provided. Finally, it found that the asset management company had failed to comply with its professional obligations in terms of client categorisation, and anti-money laundering and combating the financing of terrorism.

The Committee held that the breaches found against Novaxia Investissement were attributable to Mr Azan for the period during which he was president of the asset management company.

An appeal may be lodged against this decision.

About the Enforcement Committee
The Enforcement Committee, which is made up of judges and professionals, has total freedom to make decisions. It can impose sanctions on any person or company whose practices contravene laws and regulations that fall within the jurisdiction of the AMF. It ratifies settlement agreements signed by the Secretary General and respondents. And it takes part in the AMF's educational efforts by clarifying financial regulations when explaining its decisions.

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• SAN-2025-11: Décision de la commission des sanctions du 10 décembre 2025 à l'égard de la société Novaxia Investissement et de M. Joachim Azan (In French only)