France's stock-market regulator has launched disciplinary proceedings against Vivendi Universal, the French media group, and two of its senior executives as part of a probe into convertible bonds issued by the company three years ago.

Vivendi said in a statement that both Jean-Rene Fourtou, chief executive, and Jean-Bernard Lévy, chief operating officer, and the company itself, had received a notice of grievance from the Autorité des Marchés Financiers.