Latham & Watkins LLP (JD Supra France)

In light of a landmark decision from France’s highest court, acquiring companies will have to give greater consideration to criminal risks potentially weighing on them as a result of the merger. The Cour de cassation (the French Supreme Court) has found that in the context of a merger by absorption, the absorbing company may be held criminally liable for offences committed by the absorbed...

..On 23 July 2020, the French Competition Authority (Authority) published new merger control guidelines, which replace the previous guidelines dated 4 July 2013. ..In the new guidelines, the Authority clarifies and completes (i) the procedural rules and (ii) the rules relating to the substantive examination of a merger. Please see full Publication below for more information.

The CNIL has imposed a €250,000 fine on an online retailer for GDPR infringements in cooperation with other EU supervisory authorities. Founded in 2006 and headquartered in France, Spartoo SAS (Spartoo) is one of the leaders of the European online shoe retail market.

Court’s decision struck down blanket prohibition on so-called “cookie walls” that prevent users from accessing a website or an application. France’s Highest Administrative Court (the Conseil d’Etat) issued a decision on 19 June 2020 upholding most of the guidance on cookies and other tracking devices that the French Data Protection Authority (the CNIL) had published on 4 July 2019 (the...

The Council decision contains useful considerations and clarifications on the “one-stop shop” mechanism, transparency obligations, and consent for targeted advertising. On 19 June 2020, France’s Highest Administrative Court (Council) handed down its decision on the appeal filed by Google LLC (Google) against the French Data Protection Authority’s (CNIL’s) decision of 21 January 2019, which...

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.

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. ..Large companies distributing...

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. ..Companies may...

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. ..Large companies distributing...

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, companies...

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). The...

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, (iii) quantum...

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 of health...

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 turn, the

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 or AMF) has issued guidance...

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 plateforme au...

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 future changes at a...

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 a...

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 2019.

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,...

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...

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 Chapter...

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) received separate...

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 ratified by 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 residents, regardless of...

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.

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.

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

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.

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 export...