$CRMD Continued....French regulator calls for €20m fine against hedge fund Elliott She added: “This is not a simple oversight. The omissions were particularly grave and represent an attack on the integrity of the market.” The case comes at a time when investor activism is becoming more common in France and other countries in continental Europe, which historically have had fewer campaigns than in the US or UK. Elliott has previously been fined €16m by the AMF in 2014 for insider trading and market manipulation in its handling of an investment in a French motorway operator. The US hedge fund is now involved in campaigns at French IT services company Altran and spirits group Pernod Ricard, while Amber Capital, another activist, is pushing for changes at media group Lagardère and waste and water utility Suez. The French government has been examining whether it should modify rules around disclosures and limit short selling to prevent activists from destabilising companies."