JPMorgan Chase Slapped with €500K Fine for Ignoring French Energy Regulator

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Ah, dear readers, another glorious episode in the soap opera of corporate indifference! France’s ever-diligent energy regulator has decided to play the role of the exasperated parent, punishing the poor German branch of JPMorgan Chase. Why? For the heinous crime of not responding to a survey that, according to the regulator, was supposed to help understand the shocking rise in electricity prices.

The French Energy Regulatory Commission (CRE), in its infinite wisdom, reached out to 44 market players, seeking answers to the burning question: why, oh why, did electricity prices shoot up like a rocket in 2022? And what do we find? 43 players, dutifully answering the call, while J.P. Morgan SE (JPMSE), in its infinite arrogance, refused to share any information. Especially juicy details about its mysterious, elusive counterparties and customers—how intriguing!

JPMSE, of course, had a perfectly reasonable excuse: they argued that the French regulator had no real authority to demand information from companies nestled comfortably in other EU member states. How quaint!

But wait, the plot thickens. The CRE, with its unyielding sense of justice, launched an investigation, only to discover that, lo and behold, JPMorgan had broken the law. Specifically, a law that permits the regulator to collect information from those operating within the French electricity market. Who could have guessed?

In the end, the CRE’s Disputes and Sanctions Settlement Committee (CoRDiS) saw fit to impose a fine of €500,000 (or a delightful $567,500 in your local currency). Ah, the sweet sound of justice! And as of this moment, JPMorgan Chase has yet to issue a public statement, probably too busy counting their piles of cash to care.

“This is the first decision of the CoRDiS concerning a breach of the obligation to communicate information necessary for the fulfillment of the CRE’s missions,” the Commission smugly announced, as if this were a groundbreaking triumph of bureaucratic procedure.

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2025-05-29 20:06