For the first time ever, a court in France has examined the compatibility of the statutory netting safe harbor with the French Constitution. The French High Court of Justice (Cour de cassation) addressed the preliminary...more
La Cour administrative d'appel de Paris rejette la requête de l'administration fiscale tendant à la requalification en salaires de gains réalisés par la holding personnelle d’un dirigeant lors de la cession de titres acquis...more
A l’occasion d’une décision rendue le 26 mai 2023 sur une question prioritaire de constitutionnalité (« QPC »), le Conseil constitutionnel a confirmé la constitutionnalité de l’article L. 211-40-1 du code monétaire et...more
In a ruling of 26 May 2023 on a Priority Question of Constitutionality (“QPC”), the French Constitutional Council upheld the constitutionality of article L. 211-40-1 of the French Monetary and Financial Code, as amended by...more
French Financial Markets Authority, Enforcement Committee (Commission des sanctions), Decision No. 4 dated 26 April 2022 (SAN-2022-05) The Enforcement Committee of the French Financial Markets Authority (Autorité des...more
The European Securities and Markets Authority (ESMA) has confirmed the renewal of the emergency restrictions on short selling and similar transactions by the Finanzmarktaufsicht (FMA) of Austria, the Financial Securities and...more
The Situation: Following the enactment earlier in 2019 of new French legislation to regulate activities related to digital assets (including cryptocurrency but excluding tokenized securities), final regulatory provisions were...more
The Situation: ICOs and digital assets have become a new phenomenon that has impacted many aspects of our modern economies and created an alternative way of financing for start-ups or small and medium-sized enterprises. ...more
Le 22 novembre 2018 est entré en vigueur, le décret 2018-1004 du 19 novembre 2018 portant modernisation du cadre juridique de la gestion d'actifs et du financement par la dette. Publié le 21 novembre au Journal Officiel, ce...more
Le 22 novembre 2018 est entré en vigueur, le décret 2018-1004 du 19 novembre 2018 portant modernisation du cadre juridique de la gestion d'actifs et du financement par la dette. Publié le 21 novembre au Journal Officiel, il...more
France took another step towards becoming a major hub for initial coin offerings (“ICOs”) with the publication by the Accounting Rules Authority (Autorité des normes comptables or “ANC”) of Regulation No. 2018-07 of December...more
After allowing registration and transfer of unlisted securities through distributed ledgers in 2017 and drafting legislation for initial coin offerings (ICOs) earlier this year, France is contemplating the introduction of a...more
Published on 5 August 2018, Decree no. 2018-710 (the Decree) adds an important component to the bail-in tool under French law, by setting out the conditions in which a security (titre), receivable (créance), financial...more
The Situation: English law-governed documents have largely dominated the European swaps and derivatives markets since the landmark ISDA Master Agreement was published in 1987. The Development: The International Swaps and...more
The Situation: Regulation (EC) No 593/2008 of the European Parliament and of the Council of June 17, 2008, on the law applicable to contractual obligations (Rome I Regulation) does not cover the question of third-party...more
The Paris office of Hogan Lovells is pleased to provide this English language edition of our monthly e-newsletter, which offers a legal and regulatory update covering France and Europe for January 2017. 1. Audovisual...more