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  • COVID-19: EU State Aid Granted to the Automotive Sector

    On 26 May 2020, the French government announced an €8 billion package to rescue the automotive industry and boost electric vehicles. The plan includes the following measures... Please see full Publication below for more information.

  • COVID-19 Crisis: French Tax and Social Contributions Measures for Businesses - Updated

    The French government has announced emergency measures regarding taxes and social contributions in order to protect businesses from the impact of the crisis. Key Points: ..Businesses may request delays for the payment of taxes and social contributions. ..Refunds may be granted on a case-by-case basis. ..Tax credits repayments are accelerated.

  • Impact of COVID-19 on French Law Governed Contracts: Update

    Companies may consider reassessing their options regarding contract enforcement in light of the recent court decisions handed down and regulatory measures adopted. Key Points: ..A number of French courts have considered that quarantine and lockdown measures may qualify as force majeure events, yet parties to a commercial dispute may not rely solely on this case law.

  • COVID-19 Crisis: French Tax and Social Contributions Measures for Businesses

    The French government has announced emergency measures regarding taxes and social contributions in order to protect businesses from the impact of the crisis. Key Points: ..Businesses may request delays for the payment of taxes and social contributions. ..Refunds may be granted on a case-by-case basis. ..Tax credits repayments are accelerated.

  • French Liquidity Support Measures Amid the COVID-19 Crisis: One Week After, Where Do Borrowers and Lenders Stand?

    One week after the French government launched state sponsored financing measures, a report from the trenches. Since the publication of the Emergency Law of 23 March 2020, the French government and other key regulators have produced a significant volume of hard and soft laws aiming at enhancing liquidity access and preventing financial defaults for French businesses. One week later,...

  • COVID-19: French Ordinance Adapts Access to Court-Supervised Restructuring Proceedings and to Insolvency Proceedings

    A Shielded Period offers distressed companies more time and flexibility. On March 27, 2020, the French government issued ordinance 2020-3411 (the Ordinance) to ensure that French restructuring and insolvency courts are available to French companies facing difficulties during the state of health emergency that was declared by emergency law 2020-290 of March 23, 20202 (the Emergency Law).

  • 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.

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