In the AMF’s decision SAN-2015-21 dated 9 December 2015, the AMF Commission des sanctions (the AMF’s Enforcement Committee) fined a Management Company for the breach of its professional obligations. On the basis of Articles 313-1 and 314-66 IV of the AMF General Regulation (Règlement Général), the Commission des Sanctions recalled that investment services French Management Companies shall “define the planned allocation of the orders they give beforehand”. In other words, in order to treat their clients fairly, Management Companies must ensure that the contemplated orders are defined prior to the effective transmission of such orders. Further, the Commission des Sanctions noted that such entities are required to record transactions in order to allow, in particular, the scrutiny of their professional obligations by the AMF. The Management Company was fined €400,000 for breaching its professional obligations.