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

Company Law (en cours)

Although they cannot make a public offer of financial securities or have their shares admitted to trading on a regulated market, SAS can make an offer of financial securities and instruments admitted for crowdfunding purposes proposed by a crowdfunding service provider .
Established by the ordinance of 30 May 2014  and its implementing decree of 16 September 2014 , crowdfunding constitutes a direc …

Crowdfunding

LEGEAIS, Crowdfunding, RTD com., 2021, 402 and Crowdfunding (Ordinance of 30 May 2014 on crowdfunding), RTD com., 2014, 662; CONAC, The new crowdfunding regime (crowdfunding) Ordinance No 2014-559 of 30 May 2014 on crowdfunding, Rev. sociétés, 2014, 461.

Although they cannot make a public offer of financial securities or have their shares admitted to trading on a regulated market, SAS can make an offer of financial securities and instruments admitted for crowdfunding purposes proposed by a crowdfunding service provider .

Established by the ordinance of 30 May 2014  and its implementing decree of 16 September 2014 , crowdfunding constitutes a direct connection between a borrower and individual lenders . The law of 8 October 2021  subsequently supplemented the regime by transposing into French law the regulation of 7 October 2020 relating to European crowdfunding service providers for entrepreneurs .

An increasingly widespread form of alternative financing for startups and small and medium-sized enterprises (SMEs), crowdfunding generally relies on small-scale investments. It constitutes a type of intermediation in which a crowdfunding service provider, without taking on risks themselves, operates a publicly accessible digital platform to facilitate or realize the connection between potential investors or lenders and entrepreneurs seeking funding.

By way of derogation from Articles L. 227-1 and L. 227-9 of the Commercial Code, when a simplified joint-stock company proceeds with the offering of financial securities and instruments admitted for crowdfunding purposes proposed by a crowdfunding service provider mentioned in 2° of Article L. 411-2 of the Monetary and Financial Code concerning its equity securities, Article L. 227-2-1 of the Commercial Code specifies that:

- Articles L. 225-96 to L. 225-98 relating to the competence of shareholders' meetings and the rules of quorum and majority are applicable;

- the third paragraph of Article L. 225-105, which specifies that the assembly cannot deliberate on a matter not included in the agenda, is applicable, even though it may, in all circumstances, revoke one or more directors or members of the supervisory board and proceed with their replacement;

- the convening of the partners is carried out in the forms and within the time limits set by Article R. 225-66 of the Commercial Code.

Finally, when the company making the offer has the purpose of holding and managing equity interests in another company, these provisions also apply to the company in which it holds equity interests .

O. No 2014-559 of 30 May 2014 on crowdfunding, JO of 31 May 2014.

Decree No 2014-1053 of 16 September 2014, OJ of 17 September 2014.

GUINCHARD S. and DEBARD T., Lexicon of Legal Terms 2022-2023, Dalloz, 2022, 496.

L. 2021-1308 of 8 October 2021 on various provisions for adapting to European Union law in the fields of transport, environment, economy, and finance, JO of 9 October 2021.

Regulation No 2020/1503 of the European Parliament and of the Council of 7 October 2020 on European crowdfunding service providers for business, and amending Regulation No 2017/1129 and Directive No 2019/1937.

Company Law (en cours)

573. Crowdfunding(1)

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Les notions juridiques connexes

573. Crowdfunding(1)

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