meta_id 3345958

On July 20, 2026, the Sanctions Commission of the Autorité des Marchés Financiers (AMF) issued Decision No. 5 against Uzès Gestion, a portfolio management company, and two of its executives, Jean-Marie Godet and Christian Maugey, following a compliance inspection that began on November 22, 2023. The AMF identified multiple breaches spanning from January 1, 2020 to April 12, 2024. These included deficiencies in conflict-of-interest management, inadequate procedures for selecting and monitoring the depositary (Financière d'Uzès), improper remuneration practices for fund managers, insufficient investor information regarding distribution fees, and inadequate valuation procedures for the UGC I specialized professional fund containing wine bottles. The company failed to maintain permanent staffing for certain funds, employed a fund manager with conflicting regulated activities, and provided misleading commercial communications to investors. The AMF found that Uzès Gestion did not establish proper conflict-of-interest policies despite managing funds within a group structure where the parent company served simultaneously as depositary, broker, and service provider. The company also failed to document its selection rationale for the depositary and did not implement formal procedures for broker selection and evaluation. Additionally, fund manager compensation structures violated the company's activity program by including performance-based commissions and guaranteed variable remuneration. The Sanctions Commission imposed a financial penalty of €350,000 and a warning on Uzès Gestion. Jean-Marie Godet received a €30,000 penalty and warning, while Christian Maugey received a €40,000 penalty and warning. Two other individuals were exonerated. The decision will be published on the AMF website for five years.