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12 results for JD Supra France › Skadden, Arps, Slate, Meagher & Flom LLP

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  • Transatlantic Approach on Corporate Cooperation: How Newly Issued French and UK Guidance Compare to US Practices

    As widely anticipated, French and U.K. regulators recently published guidance detailing their expectations for corporate cooperation in enforcement investigations. Both sets of guidance demonstrate further alignment of those jurisdictions’ deferred prosecution agreement (DPA) regimes with long-standing practices in the U.S., albeit with some notable areas of divergence.

  • The Sapin II Act: New Perspectives on Cross-Border Investigations

    On November 30, 2017, the Institut des Hautes Etudes sur la Justice (IHEJ) and Skadden hosted a roundtable at the Cercle de l’Union Interalliée in Paris to discuss new perspectives on the Sapin II Act and cross-border investigations. The panelists included Charles Duchaine, head of the French Anti-Corruption Agency (the AFA or the Agency); Eliane Houlette and Eric Russo, head and deputy head of...

  • France Announces Its First Deferred Prosecution Agreement

    In a move that could signal a new phase of government enforcement in France, on November 27, 2017, French authorities published a Convention judiciaire d’intérêt public (CJIP) with HSBC Private Bank Suisse SA (HSBC PB), the first such agreement under the Sapin II law that was enacted in December 2016 and provided for the use of CJIPs by French prosecutors.

  • French Elections Pave Way for Labor, Tax Reforms

    In the months following the election of President Emmanuel Macron, who is perceived as pro-business, as well as a parliamentary election in which the new president’s party won the majority, companies and entrepreneurs have expressed optimism that corporate France may at last embark on ambitious and long overdue reforms to reduce the amount of red tape that they believe constrains the French...

  • "New French Anti-Corruption Legal Framework"

    A new French law titled “Transparency, the Fight Against Corruption and Modernization of the Economy,” which was published in the French Official Journal on December 10, 2016 (known as Sapin II, as it was named after the French minister of finance, Michel Sapin), aims to bring landmark changes to France’s anti-corruption laws by strengthening the detection and prevention of corrupt business...

  • "French M&A: More Proactive Boards Could Improve Tender Offer Process"

    Because many publicly listed companies in France have significant or controlling shareholders, public tender offers have the potential to create conflicts of interest within the board room. These conflicts arise whether the offer comes from an existing shareholder wishing to take the company private or from a third party that first secures a controlling position. In these scenarios, minority...

  • "France's Double-Trial System for Market Abuses May Be Headed for Reform"

    In 2015, the French double-trial system for market abuses will be referred to the Constitutional Council for an assessment of the system’s constitutionality under the double jeopardy rule (or, using the Latin maxim, the ne bis in idem principle). Should the current system be held unconstitutional, this would mark the end of concurrent criminal and administrative sanctions against violators of...

  • "France: The ne bis in idem Principle and Settlements With US Authorities"

    Successive investigations in France following U.S. prosecutions and settlements have led to court challenges on the grounds of double jeopardy, a trend that will only increase as more countries scrutinize the same conduct in multijurisdictional investigations. Under Article 113-9 of the French Criminal Code (and Article 692 of the Code of Criminal Procedure), a French citizen cannot be prosecuted

  • "French Government Extends Its Veto Rights on Foreign Investments in Country’s Strategic Sectors"

    On May 15, 2014, the French government published a decree extending its veto rights over foreign investments in French strategic sectors (the New Decree). The New Decree has been dubbed the “Alstom Decree” by the media, as it comes in response to the French government’s concerns regarding the $16.9 billion bid by General Electric for the energy business of Alstom. However, the scope of the New...

  • "Ad Hoc Guidance Requirements Unaffected by the Amended EU Transparency Directive Background"

    Background - In the wake of the current financial crisis, predicting earnings is challenging. The media is flooded with profit warnings. Boards throughout Europe are faced with a difficult question: Must a company post a profit warning as soon as sales slide and financial objectives are shrouded in doubt or can the company wait until it posts its regularly scheduled report?

  • French Autorité de la Concurrence Fines Sanofi €40.6 Million for Denigrating Competing Generics"

    On May 14, 2013, the French Autorité de la Concurrence (Autorité) issued a decision imposing a fine of €40.6 million on French company Sanofi-Aventis France (Sanofi) for an abuse of dominance in the market for the cardiovascular drug clopidogrel.

  • "Proposed Ban on Stock Options for French Employees"

    On May 6, 2012, François Hollande was elected president of France on a platform that includes a proposed ban on stock options, “except for start-ups.” Qualifying stock options granted by French and foreign companies to their employees in France currently benefit from a favorable tax and social security regime, compared to the hefty social contributions payable on regular...

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