All of French Company Law: ordinary law of companies and specific regime for different types of companies

Company Law (en cours)

In order to protect investors and enhance the transparency of financial markets, disclosure requirements are imposed on issuers of financial securities. These requirements relate to accounts, equity investments, and share buybacks. In all cases, the information provided to the public by the issuer must be accurate, precise, and truthful . Furthermore, any person preparing, on their own behalf, a f …

Principle

In order to protect investors and enhance the transparency of financial markets, disclosure requirements are imposed on issuers of financial securities. These requirements relate to accounts, equity investments, and share buybacks. In all cases, the information provided to the public by the issuer must be accurate, precise, and truthful . Furthermore, any person preparing, on their own behalf, a financial transaction likely to have a significant impact on the price of a financial instrument or on the situation and rights of the holders of that financial instrument must, as soon as possible, disclose the characteristics of this transaction to the public . Failure to comply with disclosure requirements undermines the equality of information and treatment of investors and exposes the violator to a sanction by the AMF .

AMF General Regulation, Art. 223-1. See, for an illustration, CA Paris, 30 January 2014, LawLex202300001611JBJ, considering that a company does not disseminate accurate, precise, and truthful information when it uses, for the valuation of a catalog of audiovisual rights, a utility value higher than its book value, based on an undocumented and unreasonable assumption of foreign sales in light of its past results.

CA Paris, 31 May 2012, LawLex202300000527JBJ, holding that the CEO of a company seriously undermines the equality of information and treatment of investors when he does not disclose to the public the preparation of a financial transaction, implemented in successive and predetermined stages, aimed at acquiring a stake in the capital of another company, enabling his own company to exert influence over the latter's strategy, upheld by Cass. com., 27 May 2015, LawLex202300006337JBJ, which specified that the executive prosecuted on the basis of Articles 223-2 and 223-6 of the AMF General Regulation cannot invoke the absence of the constituent elements of the offense of lack of information and declaration of intent in the event of crossing thresholds in the capital of a company referred to in Article L. 233-7 of the Commercial Code, since the scope of these provisions is different.

Company Law (en cours)

152. Principle

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Les notions juridiques connexes

152. Principle

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Les décisions de justice citées dans ce paragraphe :

Les notions juridiques connexes

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