France

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Red Notice Newsletter - April 2015

Welcome to the April 2015 edition of Red Notice, a publication of Akin Gump Strauss Hauer & Feld LLP. This month in anticorruption developments, Canadian transportation giant faces scrutiny for alleged bribery in South...more

Noncompete Law in France—Payment of a Noncompete is Required During Garden Leave

In France, a valid noncompete clause in an employment contract must provide for the payment of financial compensation to the departing employee, as long as the employee remains bound by and complies with the clause’s terms...more

"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...more

Dawn raids under scrutiny again by European Human Rights Court

ECtHR rules that French dawn raids in Vinci/GTM case breached fundamental rights - The European Court of Human Rights (the “ECtHR”) has ruled in the Vinci case that the circumstances surrounding the electronic removal of...more

The Macron Bill about to introduce a right to remove shareholders of distressed companies: a new threat for investors or new...

In its 2014 insolvency reforms, the French Government contemplated allowing a French Commercial Court (Tribunal de commerce), faced with a company under judicial reorganisation (redressement judiciaire), to remove that...more

IBM sentenced to pay 6.5 million as contractual damages

In a recent and long-awaited decision, the Bordeaux Court of Appeal concluded a dispute concerning key issues for system integration projects and provided a reminder that the amendments to a contract should be accurate and...more

Change to Civil and Commercial Proceedings | Procédure civile et commerciale

A new obligation requires parties to seek amicable resolution to a dispute before referring it to the court. A New Obligation Entered into Force on 1 April 2015 - Since 1 April 2015, parties to a civil or...more

Appeal of Tax Court Decision Focuses on Foreign Tax Credit, Tests Scope of U.S.-France Totalization Agreement

Briefing is underway in an appeal by two taxpayers—a married couple with dual citizenship in the United States and France—of a U.S. Tax Court decision denying them foreign tax credits for money they contributed to social...more

French Competition Authority Adopts Revised Leniency Procedural Notice

A revised leniency procedural notice enhances the legal certainty and the procedural safeguards governing the French leniency procedure. On April 3rd 2015, the French Competition Authority (the FCA) issued a revised...more

France: The Versailles Court of Appeal fine-tunes the duty of loyalty owed by Managing Directors

A Managing Director of a French Société Anonyme has a statutory duty of loyalty towards the shareholders of such company. This principle was set in stone by a ruling of the French Supreme Court (Cour de cassation) in 1996. It...more

Can French Employees Wear Unrestricted Religious Symbols in the Workplace?

The French Supreme Court provides guidance to employers in France on how to deal with employees who wear religious symbols in the workplace....more

International News: Focus on International Private Client

In This Issue: Features - ..The UK Response to BEPS and Hybrid Mismatches ..Parental Liability for French Subsidiaries ..The Evolving US-Cuba Trade Landscape ..Amendments to Taiwan Fair...more

Investment in real estate: France-German double tax treaty changes

On 31 March 2015, the Governments of France and Germany signed an amendment to the France-German treaty dated (the “Treaty”), which will have an impact in the future for certain investments in real estate. For France, this...more

New French Data Transfer Rules Could be Sign of BCRs to Come

On March 24, 2015 France’s Data Protection Authority (CNIL) issued a press release announcing the simplification of its data transfer policy. The new requirement will now allow companies to transfer data outside of the EU...more

Hydropower Concessions – Long Awaited Reform

France is Europe's second largest hydroelectric producer after Norway and in 2010 initiated a process for renewing hydropower concessions. At the time, several European utilities expressed strong interest in bidding for these...more

Investment Funds Update - Europe: Legal and regulatory updates for the funds industry from the key asset management centres and...

AFG and Amafi's Response to ESMA on MiFID II/MiFIR - The AFG, (Association Française de Gestion), the association representing French management companies, replied to ESMA’s consultation paper on MiFID II and MIFIR on 2...more

Focus on Regulatory Law - March 2015

REGULATORY AUTHORITIES - FRENCH COMPETITION AUTHORITY – TDF fined for anti-competitive practices: In a 2009 opinion issued at the request of the French regulator for electronic and postal communications (ARCEP)...more

International Arbitration Newsletter - Q1 2015

Use it or lose it: French courts reject procedural objections not raised at the earliest opportunity - The Paris Court of Appeal has issued a stark warning to litigants who fail to raise procedural objections at the...more

Use it or lose it: French courts reject procedural objections not raised at the earliest opportunity

The Paris Court of Appeal has issued a stark warning to litigants who fail to raise procedural objections at the earliest opportunity, denying parties the right to raise those objections in a subsequent challenge to the...more

Toward Class Actions for Health-Related Claims in France

Class actions – which are progressively becoming part of the legal landscape in France as “actions de groupe” – will probably soon be extended to personal injury claims against health products manufacturers, suppliers or...more

French Agency Publishes Opinion on Silver Nanoparticles

The French Agency for Food, Environmental and Occupational Health and Safety (ANSES) published on March 10, 2015, an Opinion concerning exposure to silver nanoparticles that “stresses the research that has been carried out to...more

Despite the Regulatory Hurdles France is Open to Investment

Even though France is perceived to have a burdensome regulatory regime, it is clearly open to investment. M&A transactions involving French targets totaled €120.6 billion in 2014, a sharp increase on 2013 when just €28.6...more

French Supreme Administrative Court decision significantly broadens scope of the French ‘Sunshine Act’

On 24 February 2015, the French Supreme Administrative Court (Conseil d’Etat) reached a landmark decision which significantly expands the scope of the so-called French Sunshine Act....more

'Protectionism' In M&A: A Mixed Picture

When a national ‘champion’ is at stake, lively political and media debate often follows, sometimes even where the sector involved is not particularly ‘sensitive’. This is unsurprising in markets facing slow economic growth...more

From ‘Akzo’ to ‘Loi Macron’: There is still no Legal Privilege for In-House Lawyers in France

A significant difference between the French and U.S. and UK legal systems is in the understanding of legal privilege: it does not exist for in-house counsel in France....more

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