France

Briefings in English - 2010

This article was first published in Derivatives and Financial Instruments. (May/June 2010)

This article first appeared in the seventh edition of The International Comparative Legal Guide to: Environment Law published by Global Legal Group. (May 2010)

Recent studies confirm that the scramble for global talent is high on employers’ agendas. Global companies that were largely introspective, focusing on cost-cutting and downsizing during 2009, are now considering how best to adapt to dealing with those long-awaited ‘green shoots of recovery’. The steps taken during 2009 to reduce head count may not have left companies with the right blend of employee skill and experience to maximise the opportunities for recovery and therefore the search for global talent is now on. Employers are considering not just their own key staff, but, more important, are looking at the talent of their competitors.This guide gives a flavour of the types of protections available and associated issues that arise in some key jurisdictions. (April 2010)

Increasing numbers of French listed companies have recently been adjusting their corporate governance practices, evidencing the emergence of the two following principal trends: the move to a balanced representation of men and women on corporate boards; and the combination of the roles of chairman and chief executive officer under the authority of a single individual, while moving closer to the UK practice of appointing a ‘senior independent director’ to corporate boards. This briefing summarises certain aspects of these trends, as well as how French listed companies are incorporating them into their corporate governance policies and practices. (April 2010)

This guide covers the main aspects of investing in commercial real estate in Austria, Belgium, England and Wales, France, Germany, Italy, the Netherlands and Spain. It summarises types of ownership and property rights, the acquisition process, legislative controls on the use and development of land and taxes and other costs involved in acquiring real estate. It is neither an exhaustive summary nor a detailed analysis of property-related legislation and therefore cannot replace detailed advice from qualified legal counsel on specific cases or transactions. (March 2010)

On 25 February 2010, the Paris Court of Appeal handed down two much-anticipated decisions confirming that creditors are able to challenge the opening of safeguard proceedings and clarifying the basis upon which safeguard proceedings can be opened by a debtor. (March 2010)

The French Amended Finance Bill for 2009, passed on 30 December 2009, contains new tax restrictions on transactions involving non-co-operative states or territories. This briefing gives more information. (February 2010)

The French Amended Finance Act for 2009, of 30 December 2009, contains new tax restrictions in relation to transactions involving certain ‘tainted’ jurisdictions. In particular, it provides new withholding tax rules in relation to French‑source passive income (such as interest, dividends and royalties) and remunerations for services paid into these jurisdictions. The French payers’ ability to deduct such payments for French tax purposes will also be limited going forward. This briefing focuses on the rules concerning interest payments. (February 2010)

Briefings in English - 2009

In two recent cases, the French Supreme Administrative Tax Court (Conseil d’Etat) shed light on how it applies the new definition of ‘abuse of law’, especially in a context of transfer of tax credits. This briefing outlines the changes and highlights the details taxpayers should watch out for in structuring their transactions. (November 2009)

This guide provides a high-level outline of the tax treatment in relation to convertible bonds for issuers and investors in some of the key jurisdictions in which we practise tax. Among the points considered are the tax treatment of interest payments and the tax consequences of a conversion of the bond into shares or a cash redemption or settlement. Where relevant, we have included a summary of the expected accounting treatment under applicable local generally accepted accounting principles (GAAP), to facilitate the understanding of the tax treatment. (September 2009)

Class actions and third party funding have continued to be very topical over the last year, both at national and European levels. We therefore thought it would be helpful to provide an update to our previous publications on these subjects:

• Class actions and third party funding of litigation: an analysis across Europe, June 2007
and
• Recent developments in class actions and third party funding of litigation: a rapidly evolving landscape, February 2008.

The French government is contemplating introducing several adverse changes to the French tax statutes. They would primarily concern individuals but some broader changes may also affect corporations and financial institutions. The potential changes are still subject to internal discussions within the Ministry of Finance and there is no certainty that they will move forward. This briefing outlines the proposals and their potential implications for businesses. (August 2009)

This briefing sets out the key French tax issues regarding business restructurings and their tax treatment. It is important that companies examine whether their proposed restructuring will attract tax relief before taking action. Most business restructurings take the form of asset or share transactions that may or may not attract tax relief depending on the circumstances. Generally tax relief does apply to the transfer of shares and relief may also be claimable for the transfer of a business through merger, demerger or spin-off (in exchange for newly issued shares). In some situations using tax loss carry-forwards may be more attractive than claiming roll-over relief. (June 2009)

This briefing sets out the key French corporate income tax issues in respect of debt restructurings. In summary, debtors and creditors may be faced with material tax consequences in case of a debt waiver, debt transfer, conversion of debt into equity or debt buy-back, so that such operations may require an appropriate structuring in order to mitigate potential tax issues.

A recent court decision confirmed that transparent pre-pack sales can be used where they are in the best interests of the creditors as a whole. The court ruled that: the applicant must provide sufficient information on the pre-pack to enable the court to see that the procedure is not being obviously abused to the disadvantage of creditors; and the proposed administrator’s costs in putting together the pre-pack sale may potentially be treated as an expense of the administration. (June 2009)

This briefing summarises the typical tax subjects arising in downturn planning: avoiding unnecessary cash-outs in the form of tax payments; accelerating the refund of tax receivables; reducing taxable profits for tax year 2009 in combination with the carry-over of tax losses to other years; how to avoid losing deferred tax assets; how to mitigate the adverse effects of the termination or modification of a tax unity caused by a bankruptcy proceeding; what secondary liability risks may arise if counterparties are unable to pay their tax debts; tax aspects involved in restructurings; and some changes concerning business tax. (March 2009)

This guide covers the main legal and tax aspects. (December 2008)

On 15 February 2009 a reform of French insolvency law is due to come into force. Its main aim is to promote the use of the safeguard procedure (la procédure de sauvegarde), which was introduced on 1 January 2006. This briefing provides an overview of the key changes to be introduced by the reform and considers how it will affect the various players in French restructurings. (February 2009)

An overview of capital markets in France, 2008-2009. This was first published in the PLC Cross-border Capital Markets Handbook 2008/09 and is reproduced with the permission of the publisher, Practical Law Company.

Briefings in English - 2008

Directive 2005/68/CE on reinsurance (the Directive) came into force on December 10, 2005. However, as is always the case for European directives, Members States were given time to implement it.The corresponding deadline for implementation was December 10, 2007.The main objective of the Directive was to introduce a minimum level of harmonised prudential supervision of reinsurers across the European Union, in advance of Solvency 2 which will apply to all insurers. Before the Directive, there was no European regulation addressing the prudential supervision of reinsurance business and the corresponding legal frameworks (if any) of the Member States were inconsistent and therefore inefficient from a single market perspective. This article first appeared in the International Reinsurance Review 2008/09, published in July 2008. (November 2008)

The French securitisation vehicle known as the fonds commun de créances (FCC). has been recently amended, which came into force in June 2008. The aim of this article is not to detail every new feature of the French legal framework but to highlight the most interesting practical implications of this reform. by Hervé Touraine, Freshfields Bruckhaus Deringer LLP. (Euromoney - Global Securitisation Review 2008/09)

The French government’s declared objective of this reform is to implement measures to restore the competitiveness of the French seaports from their current state. The main features of this reform are: redefinition of the role and responsibilities of the autonomous ports (ports autonomes), renamed ‘major seaports’ (grands ports maritimes); and the regrouping of all terminal operation activities that could be exercised by independent port operators. (July 2008)

The UK and France have signed a new double taxation treaty (DTT). It is hoped that, unlike the treaty signed in 2004, this DTT will shortly replace the 1968 UK-France treaty. This briefing examines how multiple taxation can arise and the role of DTTs in mitigating this difficulty; discusses the key ‘mainstream’ provisions of the new UK-France DTT compared with those in the 1968 treaty; and considers the new DTT’s more novel features. (July 2008)

Covered bonds technology: an alternative to existing financing and refinancing techniques. This chapter first appeared in Global Securitisation and Structured Finance 2008, published by Globe White Page Ltd. (June 2008)

The International Comparative Legal Guide to: Environment Law 2008 Members of our EPR group produced the following comprehensive legal analysis of environmental laws and regulations which appeared in the fifth edition of The International Comparative Legal Guide to: Environment Law 2008; published by Global Legal Group Ltd, London (www.iclg.co.uk).

Libertés – Discrimination; Contrat de travail; Rupture du contrat; Restructurations; Représentation du personnel.

Briefings in English - 2007

Patent infringement proceedings on the merits may be brought before civil or criminal courts. In France, patent infringement proceedings are most often brought before the civil courts. (December 2007)

A practical insight to cross-border Securitisation Law. Chapter 19: France. This article appeared in the 3rd edition of The International Comparative Legal Guide to: Securitisation; published by Global Legal Group Ltd, London www.iclg.co.uk. (May 2007)

This booklet is a guide to the regulations governing public takeovers in France. (Spring 2007)

Briefings in English - 2006

What grounds of discrimination are prohibited? How does France protect against discrimination? Which categories of people are protected against discrimination? What future developments are anticipated in discrimination law? (October 2006)

The AMF published an amended version of its general regulations last month to bring them in line with recent changes to French law as part of the implementation of the Takeover Directive in France. It also published a number of practice notes and recommendations relevant to public takeovers. The new regulations introduce a number of important changes that will affect how public bids are conducted in France. (October 2006)

A practical insight to soil protection under French environmental law (including governmental policies, liabilities and remediation issues). This article is reproduced from JEEPL, published by Lexxion. (June 2006)

To implement the Takeover Directive, France has published a new law on takeover offers. This briefing looks at this law, including France's position on the Directive’s optional articles and new defence tactics involving the issue of warrants in the event of a hostile bid. (April 2006)

This briefing looks at a recent groundbreaking corporate asset-backed securitisation (CABS) deal in the shipping industry. This article first appeared in Lloyd's List on 15 March 2006. (April 2006)

This briefing provides an overview of the key changes brought in by the new French insolvency law, which came into force on 1 January 2006. (February 2006)

Following the publication of a draft bill to implement the Takeover Directive in France in October 2005, discussions within the French parliament led to some proposed amendments, which have just been approved by the lower chamber. This briefing looks at these changes. (January 2006)

Briefings in English - 2005

This briefing looks at how the French Government proposes to implement the EU Takeover Directive. (November 2005)

The Insurance Mediation Directive (Directive 2002/92/EC) was adopted on 9 December 2002 and was implemented by the UK on 14 January 2005. This briefing discusses the status of its implementation in France, Germany, Italy and Spain. (October 2005)

Forms part of a series aimed at those with an interest in acquiring or advising on an acquisition of a public company in the different European jurisdictions. (Summer 2005)

This briefing looks at the important French judgment in Re SAS Rover France, which tackled the issue of whether opening insolvency proceedings in one country could offend public policy in another. (June 2005)

Briefings in English - 2004

A recent French Court of Appeal decision ruled that the seller of a former industrial site may be liable to the purchaser for decontamination costs caused by previous site owners, even though he was not aware of such contamination. This article is reproduced from JEEPL, published by Lexxion. (July 2004)

By Hervé Touraine and Fabrice Grillo. The French securitisation market has benefited from significant changes over the last few years. It is now a mature market, attractive to French and foreign arrangers and investors but also to originators across Europe. This article first appeared in Global Securitisation and Structured Finance 2004. (2004)

Briefings in French - 2010

La loi de finances rectificative pour 2009, en date du 30 décembre 2009, a prévu des mesures fiscales répressives à l’encontre de certaines opérations impliquant des Etats ou territoires étrangers dits “non coopératifs”. L’arrêté ministériel fixant la liste des ETNCs (en vigueur pour 2010) vient d’être publié. (Février 2010)

La loi de finances rectificative pour 2009, en date du 30 décembre 2009, prévoit des mesures fiscales répressives à l’encontre de certaines opérations impliquant des Etats ou territoires étrangers dits 'noncoopératifs'. La loi institue notamment un nouveau régime de retenues à la source sur les revenus passifs (intérêts, dividendes, redevances) et les rémunérations de prestations de services payés dans ces Etats. La possibilité pour le débiteur français d’un tel paiement de le déduire de son résultat imposable est également limitée par ces nouvelles règles. Les commentaires qui suivent se concentrent sur les nouvelles règles applicables aux paiements d’intérêts.

Briefings in French - 2008

Principaux aspects juridiques et fiscaux (Decembre 2008)

Dès 2013, les entreprises européennes risquent de devoir payer leurs quotas d’émissions de CO2. Il faut impérativement qu’elles soient fixées au plus vite pour pouvoir s’y préparer, avertit Vincent Brenot, avocat au cabinet Freshfields Bruckhaus Deringer LLP, spécialiste du droit de l’environnement et des secteurs de l’énergie et des infrastructures. (Juillet 2008)

La réforme tant attendue du statut des ports maritimes français vient enfin d’aboutir par l’adoption de la loi n° 2008-660 du 4 juillet 2008. L’objectif affiché par le gouvernement est de mettre en place les aménagements nécessaires afin de restaurer la compétitivité très dégradée des ports français. Les principales caractéristiques de cette réforme sont : la redéfinition des ports autonomes rebaptisés ‘‘grands ports maritimes’’ et le regroupement des activités de manutention, qui pourront être exercées par des opérateurs portuaires indépendants. (July 2008)

Briefings in French - 2007

Annexe au projet de loi. (Janvier 2007)

Commentaire du projet de loi relative à la continuité des entreprises. (Janvier 2007)

Briefings in French - 2006

Dans le cadre de la réforme en cours des autorisations d'urbanisme, il est prévu de mieux articuler la délivrance de l'autorisation installation classée et celle du permis de construire permettant ainsi de raccourcir les délais. (Décembre 2006)

Briefings in French - 2005

Dans une décision du 8 juillet 2005, le Conseil d'État a érigé la prescription trentenaire issue du Code civil en principe général du droit. Appliqué au droit des installations classées pour la protection de l'environnement (ICPE), le Conseil en conclut que la prescription trentenaire s'applique à l'obligation de remise en état qui pèse sur l'exploitant en cas de cessation d'exploitation d'une ICPE. (September 2005)

Les institutions européennes ont finalement adopté une directive sur la responsabilité environnementale après plus de 15 ans de bataille acharnée entre les parties concernées et deux ans de négociations autour de la dernière proposition de la Commission. (Mai 2005)

Dans une décision récente, la Cour de justice des Communautés européennes considère les sols pollués, même non excavés, comme des déchets. Cette décision remet potentiellement en cause le droit français des sols pollués. (Février 2005)

Briefings in French - 2004

La définition des règles françaises relatives l'exercice de l'activité des prime brokers et aux obligations respectives des principaux acteurs du prime brokerage : sociétés de gestion, dépositaires et prime brokers fait l'objet d'une consultation de place qui doit aboutir avant la fin de l'année 2004. (Décembre 2004)

La cession de créances futures, en application d'un bordereau Dailly, n'est pas remise en cause par la faillite du cédant. (Décembre 2004)

L'impact de la proposition de règlement communautaire concernant l'enregistrement, l'évaluation et l'autorisation des substances chimiques, ainsi que les restrictions applicables à ces substances (REACH) ne concerne pas seulement l'industrie chimique mais également, en aval, tous les utilisateurs de produits contenant des produits chimiques ou fabriqués à partir de ceux-ci. (Octobre 2004)

Pour la première fois, le Conseil d'État a reconnu la responsabilité de l'État du fait de sa carence fautive "à prendre les mesures de prévention des risques liés à l'exposition des travailleurs aux poussières d'amiante". (Juin 2004)

Le rôle du rédacteur de contrats informatiques et télécoms est d'assurer l'efficacité et la sécurité juridique des droits et obligations des parties. Pour ce faire, il convient de structurer juridiquement le projet, d'identifier les risques et de prévoir des clauses adaptées. (Juin 2004)

Le règlement (CE) n°772/2004 concernant l'exemption par catégorie des catégories d'accords de transfert de technologie est entré en vigueur le 1er mai 2004. Il abroge le règlement (CE) n°240/96 du 31 janvier 1996. (Juin 2004)

"Le 1er mai ne sera pas seulement le jour de l'élargissement mais sera également le jour de la concurrence" souligne Mario Monti, commissaire européen à la concurrence, pour qualifier l'ampleur du remaniement des règles de concurrence communautaires, qui seront désormais appliquées au sein de l'Union européenne élargie à 25 États membres. (Mai 2004)

Briefings in French - 2003

Le Collège des commissaires de la Commission européenne a adopté mercredi 11 décembre un ensemble de réformes législatives ainsi que des changements d'ordre organisationnel interne concernant le régime de contrôle des concentrations, en vue de répondre aux nombreuses critiques émises à l'égard du système actuel. Il s'agit de la plus vaste réforme du contrôledes concentrations intervenue depuis l'entrée en vigueur, en 1990, du Règlement 4064/89 du Conseil relatif au contrôle des opérations de concentration entre entreprises. (Janvier 2003)

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