{"id":822757,"date":"2026-05-03T08:43:03","date_gmt":"2026-05-03T06:43:03","guid":{"rendered":"https:\/\/kohenavocats.com\/delit-d-initie-definition-peines-defense-2026\/"},"modified":"2026-05-03T08:43:03","modified_gmt":"2026-05-03T06:43:03","slug":"delit-d-initie-definition-peines-defense-2026","status":"publish","type":"post","link":"https:\/\/kohenavocats.com\/ar\/delit-d-initie-definition-peines-defense-2026\/","title":{"rendered":"D\u00e9lit d&#8217;initi\u00e9 : d\u00e9finition, peines encourues et strat\u00e9gie de d\u00e9fense en 2026"},"content":{"rendered":"<p>Le 13 avril 2026, le tribunal correctionnel de Paris a condamn\u00e9 trois personnes physiques pour d\u00e9lits d&#8217;initi\u00e9s et complicit\u00e9 dans le cadre de la premi\u00e8re affaire p\u00e9nale de r\u00e9seaux d&#8217;initi\u00e9s jug\u00e9e en France. Les peines prononc\u00e9es s&#8217;\u00e9l\u00e8vent jusqu&#8217;\u00e0 trois ans d&#8217;emprisonnement et trente millions d&#8217;euros d&#8217;amende. Ce jugement marque un tournant dans la r\u00e9pression des abus de march\u00e9. L&#8217;Autorit\u00e9 des march\u00e9s financiers (AMF), qui s&#8217;\u00e9tait constitu\u00e9e partie civile, a salu\u00e9 une d\u00e9cision qui renforce l&#8217;int\u00e9grit\u00e9 des march\u00e9s financiers et la confiance des investisseurs. Pour tout dirigeant, salari\u00e9 ou investisseur mis en cause, comprendre le r\u00e9gime du d\u00e9lit d&#8217;initi\u00e9 est d\u00e9sormais indispensable.<\/p>\n<h2>Qu&#8217;est-ce que le d\u00e9lit d&#8217;initi\u00e9 ?<\/h2>\n<p>L&#8217;article L. 465-1 du code mon\u00e9taire et financier (<a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000050369430\">texte officiel<\/a>) d\u00e9finit le d\u00e9lit d&#8217;initi\u00e9 comme le fait de faire usage d&#8217;une information privil\u00e9gi\u00e9e. L&#8217;infraction vise toute personne qui, en connaissance de cause, r\u00e9alise une ou plusieurs op\u00e9rations sur des instruments financiers ou des crypto-actifs concern\u00e9s par cette information. L&#8217;infraction vise \u00e9galement les dirigeants, g\u00e9rants, membres du conseil d&#8217;administration ou du conseil de surveillance, ainsi que toute personne ayant re\u00e7u l&#8217;information \u00e0 l&#8217;occasion de sa profession ou de ses fonctions. Le simple fait de d\u00e9tenir l&#8217;information ne constitue pas l&#8217;infraction : il faut qu&#8217;elle soit utilis\u00e9e pour r\u00e9aliser des op\u00e9rations avant sa publication au public. La d\u00e9fense d&#8217;un dirigeant ou d&#8217;un salari\u00e9 mis en cause rel\u00e8ve de la comp\u00e9tence d&#8217;un <a href=\"https:\/\/kohenavocats.com\/avocats-en-droit-penal-a-paris-conseil-et-defense-strategique\/\">avocat p\u00e9naliste \u00e0 Paris<\/a>.<\/p>\n<p>L&#8217;information privil\u00e9gi\u00e9e s&#8217;entend des informations de nature pr\u00e9cise qui n&#8217;ont pas \u00e9t\u00e9 rendues publiques et qui, si elles l&#8217;\u00e9taient, seraient susceptibles d&#8217;influencer de mani\u00e8re significative les cours des instruments financiers concern\u00e9s. La jurisprudence de la Cour de cassation pr\u00e9cise que ces \u00e9l\u00e9ments doivent \u00eatre appr\u00e9ci\u00e9s objectivement au regard des circonstances de chaque affaire.<\/p>\n<h2>Les peines encourues par le d\u00e9lit d&#8217;initi\u00e9<\/h2>\n<p>Les peines pr\u00e9vues \u00e0 l&#8217;article L. 465-1 du code mon\u00e9taire et financier ont \u00e9t\u00e9 aggrav\u00e9es par la loi du 21 d\u00e9cembre 2023. Le tableau ci-dessous expose le r\u00e9gime sanitaire applicable aux personnes physiques et aux personnes morales.<\/p>\n<table>\n<thead>\n<tr>\n<th>Type de sanction<\/th>\n<th>Personne physique<\/th>\n<th>Personne morale<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Emprisonnement<\/td>\n<td>Cinq ans<\/td>\n<td>\u2014<\/td>\n<\/tr>\n<tr>\n<td>Amende<\/td>\n<td>100 millions d&#8217;euros, pouvant \u00eatre port\u00e9e au d\u00e9cuple du montant de l&#8217;avantage retir\u00e9<\/td>\n<td>500 millions d&#8217;euros, pouvant \u00eatre port\u00e9e au d\u00e9cuple de l&#8217;avantage<\/td>\n<\/tr>\n<tr>\n<td>Confiscation<\/td>\n<td>Obligatoire du produit du d\u00e9lit<\/td>\n<td>Obligatoire du produit du d\u00e9lit<\/td>\n<\/tr>\n<tr>\n<td>Interdiction d&#8217;exercice<\/td>\n<td>Possible<\/td>\n<td>Possible pour l&#8217;exercice de l&#8217;activit\u00e9 professionnelle<\/td>\n<\/tr>\n<tr>\n<td>Peine compl\u00e9mentaire<\/td>\n<td>Affichage ou diffusion de la d\u00e9cision<\/td>\n<td>Dissolution ou placement sous surveillance judiciaire<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>Le montant de l&#8217;amende ne peut \u00eatre inf\u00e9rieur \u00e0 l&#8217;avantage retir\u00e9 du d\u00e9lit. En outre, la tentative est punie des m\u00eames peines que le d\u00e9lit consomm\u00e9. La Cour de cassation a rappel\u00e9 que les d\u00e9lits d&#8217;initi\u00e9s portent atteinte \u00e0 l&#8217;int\u00e9grit\u00e9 des march\u00e9s financiers (Cass. com., 28 mai 2025, n\u00b0 24-10.054 (<a href=\"https:\/\/www.courdecassation.fr\/decision\/6836a35491bdea24a84821b3\">d\u00e9cision<\/a>)). Les peines encourues s&#8217;\u00e9l\u00e8vent \u00e0 cinq ans d&#8217;emprisonnement et \u00e0 100 millions d&#8217;euros d&#8217;amende.<\/p>\n<blockquote>\n<p>\u00ab les d\u00e9lits d&#8217;initi\u00e9s portent atteinte \u00e0 l&#8217;int\u00e9grit\u00e9 des march\u00e9s financiers et qu&#8217;ils sont sanctionn\u00e9s p\u00e9nalement d&#8217;une peine de cinq ans d&#8217;emprisonnement et de 100 millions d&#8217;euros d&#8217;amende \u00bb.<\/p>\n<\/blockquote>\n<h2>La manipulation de cours et la diffusion d&#8217;informations trompeuses<\/h2>\n<p>Outre le d\u00e9lit d&#8217;initi\u00e9 proprement dit, le l\u00e9gislateur a incrimin\u00e9 la manipulation de cours \u00e0 l&#8217;article L. 465-2 du code mon\u00e9taire et financier (<a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000050369317\">texte officiel<\/a>). Ce texte vise le fait de r\u00e9pandre dans le public des informations fausses ou trompeuses. L&#8217;information doit concerner la situation d&#8217;un \u00e9metteur ou les perspectives d&#8217;un instrument financier. Elle doit en outre \u00eatre de nature \u00e0 agir sur les cours. La Cour de cassation a pr\u00e9cis\u00e9 qu&#8217;une cour d&#8217;appel n&#8217;a pas \u00e0 rechercher si l&#8217;information a eu un effet d\u00e9terminant sur l&#8217;\u00e9volution des cours (Cass. crim., 4 f\u00e9vrier 2026, n\u00b0 24-84.091 (<a href=\"https:\/\/www.courdecassation.fr\/decision\/698357f6cdc6046d47e1d530\">d\u00e9cision<\/a>)). Ce texte n&#8217;exige pas la caract\u00e9risation d&#8217;une telle circonstance.<\/p>\n<blockquote>\n<p>\u00ab les dispositions de l&#8217;article 465-2 du code mon\u00e9taire et financier n&#8217;exigeant pas la caract\u00e9risation d&#8217;une telle circonstance \u00bb.<\/p>\n<\/blockquote>\n<p>L&#8217;article L. 465-3 du code mon\u00e9taire et financier (<a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000033612113\">texte officiel<\/a>) r\u00e9prime \u00e9galement la communication d&#8217;une information privil\u00e9gi\u00e9e \u00e0 un tiers, \u00e0 moins que cette communication n&#8217;intervienne dans le cadre normal de la profession ou des fonctions. La recommandation ou l&#8217;incitation \u00e0 r\u00e9aliser une op\u00e9ration fond\u00e9e sur une information privil\u00e9gi\u00e9e constituent des infractions autonomes, punies des m\u00eames peines.<\/p>\n<h2>La proc\u00e9dure : enqu\u00eate AMF et poursuites p\u00e9nales<\/h2>\n<p>L&#8217;AMF dispose de pouvoirs d&#8217;enqu\u00eate \u00e9tendus pour d\u00e9tecter les abus de march\u00e9. Elle peut acc\u00e9der aux donn\u00e9es de connexion d\u00e9tenues par les op\u00e9rateurs de communications \u00e9lectroniques lorsque les faits justifient une mesure d&#8217;investigation r\u00e9pondant \u00e0 un crit\u00e8re de gravit\u00e9 suffisant. La Cour de cassation a valid\u00e9 ces pouvoirs. La gravit\u00e9 des faits s&#8217;appr\u00e9cie au regard de la nature des agissements, de l&#8217;importance du dommage et des circonstances de la commission des faits (Cass. com., 28 mai 2025, n\u00b0 24-10.054 (<a href=\"https:\/\/www.courdecassation.fr\/decision\/6836a35491bdea24a84821b3\">d\u00e9cision<\/a>)). La dur\u00e9e de la peine encourue entre \u00e9galement en ligne de compte.<\/p>\n<blockquote>\n<p>\u00ab les juges peuvent se r\u00e9f\u00e9rer aux crit\u00e8res figurant au consid\u00e9rant 11 de la directive 2014\/57\/UE [&#8230;] parmi lesquels l&#8217;incidence sur l&#8217;int\u00e9grit\u00e9 du march\u00e9, le b\u00e9n\u00e9fice r\u00e9el ou potentiel engrang\u00e9 ou la perte \u00e9vit\u00e9e \u00bb.<\/p>\n<\/blockquote>\n<p>Lorsque l&#8217;enqu\u00eate de l&#8217;AMF r\u00e9v\u00e8le des faits susceptibles de constituer des infractions p\u00e9nales, le dossier est transmis au Parquet national financier (PNF). L&#8217;AMF peut se constituer partie civile \u00e0 l&#8217;issue de la proc\u00e9dure p\u00e9nale, comme elle l&#8217;a fait dans l&#8217;affaire jug\u00e9e le 13 avril 2026. Le tribunal correctionnel de Paris a alors d\u00e9clar\u00e9 recevable cette constitution de partie civile et a condamn\u00e9 les pr\u00e9venus \u00e0 lui verser solidairement 7 500 euros au titre des frais de proc\u00e9dure.<\/p>\n<h2>D\u00e9fense et lignes de contestation<\/h2>\n<p>La d\u00e9fense dans une affaire de d\u00e9lit d&#8217;initi\u00e9 repose sur plusieurs axes. Le premier consiste \u00e0 d\u00e9montrer que l&#8217;information n&#8217;\u00e9tait pas de nature privil\u00e9gi\u00e9e au sens du r\u00e8glement europ\u00e9en n\u00b0 596\/2014. Le second vise \u00e0 \u00e9tablir que l&#8217;op\u00e9ration r\u00e9alis\u00e9e ne r\u00e9sultait pas de l&#8217;usage de cette information, mais d&#8217;une strat\u00e9gie d&#8217;investissement pr\u00e9existante et document\u00e9e. Le troisi\u00e8me angle d\u00e9fensif invoque le caract\u00e8re l\u00e9gitime du comportement au sens de l&#8217;article 9 du r\u00e8glement pr\u00e9cit\u00e9, lequel exon\u00e8re l&#8217;auteur lorsque son comportement est justifi\u00e9 par des circonstances objectives.<\/p>\n<p>En mati\u00e8re de manipulation de cours, la d\u00e9fense rel\u00e8ve du champ du <a href=\"https:\/\/kohenavocats.com\/responsabilite-penale-dirigeant-abus-biens-sociaux-banqueroute\/\">p\u00e9nal des affaires<\/a>. Elle peut consister \u00e0 d\u00e9montrer que l&#8217;information diffus\u00e9e \u00e9tait sinc\u00e8re et pr\u00e9cise au regard des connaissances de l&#8217;\u00e9metteur \u00e0 la date de la communication. La Cour de cassation a toutefois pr\u00e9cis\u00e9 que l&#8217;appr\u00e9ciation du caract\u00e8re faux ou trompeur s&#8217;op\u00e8re \u00e0 la date des faits (Cass. crim., 4 f\u00e9vrier 2026, n\u00b0 24-84.091 (<a href=\"https:\/\/www.courdecassation.fr\/decision\/698357f6cdc6046d47e1d530\">d\u00e9cision<\/a>)). Une information ult\u00e9rieurement contrebalanc\u00e9e ne purge pas la fausset\u00e9 initiale.<\/p>\n<blockquote>\n<p>\u00ab il est impossible de soutenir qu&#8217;une information qu&#8217;elle savait fausse \u00e0 la date du communiqu\u00e9 ne constituerait pas le d\u00e9lit au motif que cette fausset\u00e9 aurait \u00e9t\u00e9 contrebalanc\u00e9e par d&#8217;autres informations ult\u00e9rieures \u00bb.<\/p>\n<\/blockquote>\n<p>Enfin, la prescription de l&#8217;action publique en mati\u00e8re de d\u00e9lit d&#8217;initi\u00e9 est de six ans \u00e0 compter de la commission des faits. Ce d\u00e9lai peut toutefois \u00eatre prolong\u00e9 en cas d&#8217;infraction dissimul\u00e9e, sur le fondement de l&#8217;article 9-1 du code de proc\u00e9dure p\u00e9nale, comme la chambre criminelle l&#8217;a admis r\u00e9cemment pour l&#8217;escroquerie (Cass. crim., 25 mars 2026, n\u00b0 24-80.607).<\/p>\n<h2>Juridictions comp\u00e9tentes \u00e0 Paris et en \u00cele-de-France<\/h2>\n<p>Les d\u00e9lits d&#8217;initi\u00e9s et les manipulations de cours rel\u00e8vent de la comp\u00e9tence mat\u00e9rielle du tribunal correctionnel. En raison de la concentration des activit\u00e9s financi\u00e8res, le tribunal correctionnel de Paris est le plus souvent saisi de ces affaires, notamment par le biais du Parquet national financier. La 32e chambre du tribunal correctionnel de Paris est sp\u00e9cialis\u00e9e dans la r\u00e9pression des infractions \u00e9conomiques et financi\u00e8res. Les d\u00e9lais de proc\u00e9dure varient selon la complexit\u00e9 du dossier : l&#8217;enqu\u00eate pr\u00e9liminaire peut durer plusieurs ann\u00e9es, comme dans l&#8217;affaire Air Liquide\/Airgas o\u00f9 les faits remontaient \u00e0 novembre 2015. Le jugement en premi\u00e8re instance est susceptible d&#8217;appel devant la cour d&#8217;appel de Paris.<\/p>\n<h2>Questions fr\u00e9quentes<\/h2>\n<h3>Quelle est la diff\u00e9rence entre d\u00e9lit d&#8217;initi\u00e9 et manipulation de cours ?<\/h3>\n<p>Le d\u00e9lit d&#8217;initi\u00e9 suppose l&#8217;usage d&#8217;une information privil\u00e9gi\u00e9e non publique pour r\u00e9aliser des op\u00e9rations. La manipulation de cours consiste \u00e0 diffuser des informations fausses ou trompeuses de nature \u00e0 influencer artificiellement les cours. Les deux infractions sont distinctes mais peuvent se cumuler dans un m\u00eame dossier.<\/p>\n<h3>Un salari\u00e9 peut-il \u00eatre poursuivi pour d\u00e9lit d&#8217;initi\u00e9 ?<\/h3>\n<p>Oui. Toute personne disposant d&#8217;une information privil\u00e9gi\u00e9e \u00e0 l&#8217;occasion de sa profession ou de ses fonctions peut \u00eatre poursuivie, y compris un salari\u00e9 qui n&#8217;est pas dirigeant. La condamnation du 13 avril 2026 concernait des personnes physiques sans lien direct de direction avec l&#8217;\u00e9metteur concern\u00e9.<\/p>\n<h3>L&#8217;AMF peut-elle condamner directement ?<\/h3>\n<p>L&#8217;AMF peut prononcer des sanctions administratives (amendes, interdictions). Toutefois, seule la juridiction p\u00e9nale peut prononcer des peines d&#8217;emprisonnement. L&#8217;AMF peut se constituer partie civile dans la proc\u00e9dure p\u00e9nale et b\u00e9n\u00e9ficier d&#8217;une r\u00e9paration de son pr\u00e9judice moral, comme le tribunal de Paris l&#8217;a reconnu dans l&#8217;affaire Casino.<\/p>\n<h3>Quel d\u00e9lai pour former appel d&#8217;un jugement p\u00e9nal ?<\/h3>\n<p>Le d\u00e9lai d&#8217;appel est de dix jours \u00e0 compter du prononc\u00e9 du jugement en audience publique. Ce d\u00e9lai est port\u00e9 \u00e0 vingt jours si la partie r\u00e9side \u00e0 l&#8217;\u00e9tranger. L&#8217;appel est form\u00e9 par d\u00e9claration au greffe de la cour d&#8217;appel.<\/p>\n<h3>La tentative de d\u00e9lit d&#8217;initi\u00e9 est-elle punissable ?<\/h3>\n<p>Oui. L&#8217;article L. 465-1 du code mon\u00e9taire et financier pr\u00e9voit express\u00e9ment que la tentative est punie des m\u00eames peines que le d\u00e9lit consomm\u00e9. La disposition vise notamment la pr\u00e9paration d&#8217;ordres ou la modification d&#8217;ordres ant\u00e9rieurs en vue de r\u00e9aliser une op\u00e9ration sur la base d&#8217;une information privil\u00e9gi\u00e9e.<\/p>\n<h3>Peut-on n\u00e9gocier une composition p\u00e9nale pour d\u00e9lit d&#8217;initi\u00e9 ?<\/h3>\n<p>La comparution sur reconnaissance pr\u00e9alable de culpabilit\u00e9 (CRPC) est th\u00e9oriquement possible pour le d\u00e9lit d&#8217;initi\u00e9. Dans l&#8217;affaire Air Liquide\/Airgas, quatre personnes avaient \u00e9t\u00e9 jug\u00e9es par cette proc\u00e9dure en novembre 2025 et janvier 2026, avant le jugement du fonds le 13 avril 2026. Les peines prononc\u00e9es en CRPC \u00e9taient toutefois inf\u00e9rieures \u00e0 celles du jugement contradictoire.<\/p>\n<h2>Besoin d&#8217;un avis rapide sur votre dossier<\/h2>\n<p>Notre cabinet intervient en d\u00e9fense p\u00e9nale devant le tribunal correctionnel de Paris et les juridictions d&#8217;\u00cele-de-France. Nous assurons la d\u00e9fense des dirigeants, salari\u00e9s et investisseurs mis en cause dans des affaires de d\u00e9lits d&#8217;initi\u00e9s, de manipulation de cours ou d&#8217;abus de march\u00e9. Une consultation avec un avocat du cabinet peut \u00eatre organis\u00e9e dans les 48 heures.<\/p>\n<p><a href=\"tel:0689113445\">06 89 11 34 45<\/a><\/p>\n<p><a href=\"https:\/\/kohenavocats.com\/contactez-nous\/\">Prendre rendez-vous en ligne<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Le 13 avril 2026, le tribunal correctionnel de Paris a condamn\u00e9 trois personnes pour d\u00e9lit d&#8217;initi\u00e9. D\u00e9finition, peines et strat\u00e9gie de d\u00e9fense.<\/p>\n","protected":false},"author":232070755,"featured_media":9583,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_crdt_document":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_kj_source_type":"","_kj_official_id":"","_kj_official_url":"","_kj_judilibre_id":"","_kj_jur":"","_kj_lieu":"","_kj_chambre":"","_kj_rg":"","_kj_date":"","_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[6995,6364],"tags":[],"class_list":["post-822757","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-decryptage","category-penal"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.5 (Yoast SEO v27.5) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>D\u00e9lit d&#039;initi\u00e9 : d\u00e9finition, peines encourues et strat\u00e9gie de d\u00e9fense en 2026 - Ma\u00eetre Hassan Kohen, avocat en droit p\u00e9nal \u00e0 Paris<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/kohenavocats.com\/ar\/delit-d-initie-definition-peines-defense-2026\/\" \/>\n<meta property=\"og:locale\" content=\"ar_AR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"D\u00e9lit d&#039;initi\u00e9 : d\u00e9finition, peines encourues et strat\u00e9gie de d\u00e9fense en 2026\" \/>\n<meta property=\"og:description\" content=\"Le 13 avril 2026, le tribunal correctionnel de Paris a condamn\u00e9 trois personnes pour d\u00e9lit d&#039;initi\u00e9. 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