Clarifications on Financière Rembrandt
Following an investigation by the Commission des Opérations de Bourse (COB today AMF) carried out within the framework of its usual supervisory powers, charges were lodged against the directors of Financière Rembrandt which resulted in administrative penalties and the withdrawal of accreditation in 2002.
As part of this procedure, Cyrille Vernes, in his capacity as Chairman, was penalised, as was the managing director of the management company who, within the scope of its functions, had the widest measure of autonomy.
Cyrille Vernes, who had no operational function with Financière Rembrandt, was criticized for having allowed the company’s chief executive to breach a number of the applicable rules.
Even before this penalty, Cyrille Vernes had organised the amicable liquidation of the management company. The whole staff had been found replacement positions in other financial institutions or banks around Paris. Out of 11 mutual funds, 9 were sold with the agreement of the COP to a competitor management company and the private clients sold to Rothschild & Cie.
So as to prevent the funds’ clients from incurring losses from the actions of their manager, Cyrille Vernes contributed personally in order to re-establish the initial net asset value. He personally ensured the settlement of all corporate and fiscal debts. The amicable liquidation of the company was executed in such a way as to allow each employee to find a new job and to avoid any liabilities.
The decisions of the COB contradicted
Condemnation of France by the European Court of Human Rights
Out-of-date information still on the Internet
The Internet still has articles relating to this old penalty which at times distort the scope and circumstances in which it was handed out. Even though the legal decisions went his way, these articles can still be damaging 20 years after the events of the COB investigation.