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  • Foreign Investments in France: New Regime, Effective April 1, 2020

    The new regime extends the list of strategic sectors and amends the application process timeline, among other new features. Key Points: ..The list of strategic sectors has been extended to include (i) activities pertaining to agricultural products that contribute to national food safety objectives, (ii) print and online press services for political and general information, (i

  • Impact of COVID-19 on French Law Governed Contracts

    How can companies respond to the impact on the COVID-19 crisis on their current contracts, either because a reduced workforce, interrupted supply chain, or governmental orders to shut down businesses? On 30 January 2020, the World Health Organization declared the COVID-19 pandemic a public health emergency of international concern.1 Acknowledging the spread of the virus to France, in...

  • Impact of COVID-19 on French Listed Companies and High Yield Issuers

    Q&A for listed companies and high yield issuers navigating capital markets implications, with reference to the AMF’s recommendations and best practices. Listed Companies’ General Meetings During Confinement - Q: How should shareholders attend listed companies’ general meetings? ..The French securities and market regulator (the Autorité des Marchés Financiers...

  • Impact of COVID-19 on French M&A Transactions

    COVID-19 and government measures to fight it may significantly affect M&A transactions. On March 16, 2020, President Emmanuel Macron announced the implementation of unprecedented and extendable quarantine measures in order to limit the spread of the COVID-19 virus. Following this announcement, a new bill came into force on March 24, 2020, the purpose of which is to declare a state...

  • L’arrêt « Uber » : nouveau coup dur pour les plateformes

    Dans un arrêt du 4 mars 2020 (n° 19-13.316), voué à une large publication, la Cour de cassation reconnaît le statut de salarié à un chauffeur Uber. Un peu plus d’un an après l’arrêt Take Eat Easy (Cass. soc. 28 novembre 2018 n° 17-20.079), la Cour de cassation requalifie une nouvelle fois en contrat de travail la relation liant un travailleur, présenté comme indépendant, à une...

  • AMF Proposals to Revive the Research Industry in France

    The AMF has published a report containing a number of new proposals relating to production of research under MiFID II. Key Points: ..The report pointedly criticises the original MiFID requirements (most of which were heavily influenced by the FCA’s views). ..The AMF issues a number of new proposals that would create a different approach in France, and potentially...

  • Much-Awaited Clarifications on the French Deferred Prosecution Agreement

    The French National Financial Prosecutor and the French Anticorruption Agency have released guidelines on the French deferred prosecution agreement, that offers a few welcome clarifications. After years of debate on the compatibility of transactional mechanisms with the French culture of criminal prosecution, Article 22 of Law No. 2016-1691 of December 9, 2016 (Sapin 2 Law) introduced...

  • France’s CNIL Publishes New Guidance on Cookies

    The guidance provides general requirements for obtaining valid consent and details conditions under which audience management cookies may be exempt. On 4 July 2019, one day after the UK Information Commissioner’s Office (ICO) published new guidance on cookies, the French Data Protection Authority (CNIL) released its own new guidance (Guidance). A corrective version followed on 19 July 2

  • The Initial Public Offerings Law Review: France

    Welcome to the third edition of The Initial Public Offerings Law Review. This publication introduces the reader to the main stock exchanges around the globe and their related initial public offering (IPO) regulatory environments, and provides insight into the legal and procedural IPO landscapes in 18 different jurisdictions. Each chapter gives a general overview of the IPO process in the region,...

  • What Companies Can Learn From CNIL’s Privacy Consent Cases on Targeted Marketing

    The closure of four cases involving targeted advertising provides lessons for navigating compliance standards under the GDPR. The recent closure of cases brought by the French Data Protection Authority (CNIL) against four French advertising technology companies for their privacy consent practices highlight opportunities for businesses at all layers of the adtech value chain to address emerging...

  • The Technology, Media & Telecommunications Review, Ninth Edition - France

    This fully updated ninth edition of The Technology, Media and Telecommunications Review provides an overview of evolving legal constructs in 26 jurisdictions around the world. It is intended as a business-focused framework rather than a legal treatise, and provides a general overview for those interested in evolving law and policy in the rapidly changing TMT sector. Please see full...

  • French Data Protection Authority Issues €50 Million Fine in Landmark GDPR Case

    The CNIL decision handed down on 21 January 2019, which cites violations of several GDPR obligations, provides important insights for groups wishing to benefit from the “one-stop-shop mechanism”. The Complaints - Not more than a week after the General Data Protection Regulation 2016/679 (GDPR) came into force on 25 May 2018, the French data protection authority (CNIL)...

  • Complex Commercial Litigation Law Review – France

    Complex commercial litigations often stem from disputes arising out the conclusion, interpretation or performance of a contract leading the litigants to refer to the contractual provisions and to statutory law supplemented by case law. French contract law is mostly set forth in the French Civil Code, which was substantially amended by Ordinance No. 2016-131 of 10 February 2016...

  • France Enacts Sweeping New Data Protection Law

    The enactment of Law No. 2018-493 represents a significant milestone in France’s implementation of the new European corpus on data protection. Key Points: ..The new law increases fines and considerably reinforces the CNIL’s powers, thereby enhancing the efficiency of the regulator’s actions. ..The new law implements derogations to the GDPR that apply to French...

  • French Employment and Tax Reforms Set to Boost Private Equity Buyouts

    President Macron recently unveiled employment and tax reforms to increase France’s appeal for deal makers. While France ranks highly as an investment destination for private equity firms, complex and inflexible French employment laws have been perceived as a hindrance — perpetuating the belief that France can be an unfriendly jurisdiction for businesses and investors.

  • France Amends Banking Monopoly Rules to Facilitate Syndications

    Ordinance allows certain types of foreign entities to purchase outstanding loans from French-regulated entities. The French government has issued an ordinance that aims to improve the legal framework for French securitization and debt funds, effective 3 January 2018. Please see full Alert below for more information.

  • French HOP Complaint May Test Whether Planned Obsolescence Is a Misdemeanour

    In August 2015, the French government amended the French Energy Transition Law to include provisions rendering “planned obsolescence” a misdemeanour. In the latest wording of the provisions, article L.441-2 of the Consumer Protection Code (Code de la consommation) defines planned obsolescence as “… resorting to techniques whereby the entity responsible for the placement of a product on the market

  • France Introduces New Legal Regime for Security Agents in Debt Financings

    Syndicated financings with French security will likely adopt the new regime for security agent appointment once it takes effect on 1 October 2017. Key Points... Please see full Alert below for more information.

  • French Export Credit Agency Changes

    After seven decades as France’s export credit agency (ECA), on 31 December 2016, Compagnie Française d’Assurance pour le Commerce Extérieur (Coface) transferred its State export credit guarantee activities to Bpifrance Assurance Export S.A.S. (Bpifrance A.E.). Bpifrance A.E., a subsidiary of the French public investment bank Bpifrance S.A., is now responsible for managing France’s...

  • France Reforms Lobbying Rules: Government to Impose Criminal Penalties

    Significant changes in the lobbying rules will implicate both individuals and entities that may not consider themselves as primarily lobbyists. Key Points: ..Lobbyists must comply with particularly constraining declaratory and ethical requirements under penalty of criminal sanctions. ..A significant number of persons and entities may qualify as lobbyists as the...

  • France Adopts a New Law Requiring Companies to Diligence their Supply Chains in Relation to Human Rights, Environmental, and Health and Safety Issues

    On March 27, 2017, the French Parliament adopted a Law On The Duty Of Vigilance For Parent And Subcontracting Companies. The law amends the Commerce Code and requires companies to establish and implement a plan for diligencing human rights, environmental, and health and safety issues in their supply chains.

  • France Implements Damages Directive

    The Ordinance introduces new provisions in the Commercial Code that facilitate private actions brought by victims of competition law infringements. Key points - ..Directive 2014/104/ EU of 26 November 2014 (the Damages Directive) was implemented into French law by an Ordinance (the Ordinance) and its implementing Decree (the Decree) dated 10 March 2017.1

  • French Competition Authority Determines That Certain Information Exchanges Are Acceptable

    The decision gives useful guidance on what type of information exchanges are compatible with antitrust rules - Key Points: ..The extent and the types of information that can be exchanged between competitors without being considered anticompetitive is a recurring issue, both at the EU level and in France (see for instance FCA case n°05-D-64 of 25 November

  • French Civil Code Reform Sparks Quiet Revolution in Management

    Since the era of Napoleon Bonaparte, French contract law has largely been governed by the same Civil Code. This year has seen a quiet revolution in the French legal system, bringing about modernisations that will improve the investment environment for buyout firms, particularly as relates to management equity.

  • France’s Major Anti-Corruption Reform: What’s Next for Companies and Their Top Management?

    Changes to France's anti-bribery system require large companies and their top management to implement an anti-corruption compliance program. After a new examination of the bill by both Chambers of Parliament and the consultation of the Constitutional Council, France has enacted its Law “Sapin II” No. 2016-1691 (the Law) on 9 December 2016. Please see full

  • First-ever French Fine for Integrating Before Merger Clearance

    Altice was fined €80 million for jumping the gun when it acquired SFR and Virgin Mobile/OTL in 2014. Please note that this Client Alert is based on the press release published by the French Competition Authority. Summary - On 8 November 2016 the French Competition Authority (FCA) imposed a hefty fine on Altice for implementing two...

  • French Digital Republic Law Expands Rights of Users and Regulators (Law No. 2016-321 of 7 October 2016)

    On 7 October 2016, the president of the French Republic promulgated the Law for a Digital Republic. This promulgation closes the legislative process commenced in December 2015, which itself was preceded by a public consultation initiated by the Conseil national du numérique (the French Digital Council) between October 2014 and February 2015, and which permitted the French government to present...

  • France’s Energy Mix Remains Uncertain with Nuclear Decommissioning Expected

    France adopted an ambitious energy transition package in August 2015 that sets out various targets designed to achieve the gradual de-carbonisation and increased sustainability of its economy. The package includes consumption reduction targets, energy production cuts and provisions for a long-term programming scheme for public authorities to manage the country’s energy mix.

  • France Considers New Anti-Corruption Authority

    France has introduced a draft bill which proposes to establish a new anti-corruption authority, which will have the power to impose administrative sanctions and conduct US-style monitoring of companies’ anti-bribery policies. This is just one of a number of recent developments in anti-corruption laws from some of the world’s largest economies...

  • French Anti-Corruption Reform Expected In 2016

    France to introduce significant changes affecting large companies and top management, to improve current anti-bribery system. The French Parliament is expected to enact “Sapin II” on transparency, anti-corruption and economic modernization in 2016. With this reform, France intends to improve prevention, detection and punishment of corruption in France

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