In this article, Miller & Chevalier Counsel Margot Laporte and Viviane Tse, Senior Associate at Freshfields Brukhaus Deringer in Paris, discuss the recent Autorité des marchés financiers (AMF) sanctions against activist hedge fund Elliott Capital Advisors LP and Elliott Advisors UK Limited in the context of a recent AMF report proposing measures targeting activist hedge funds. The authors also explore in detail the various factors that led to the record €20 million penalty imposed by AMF on Elliott.