The French Anti-Corruption Agency, created by Law No. 2016-1691 of December 9, 2016 on transparency, fight against corruption and modernization of the economy, commonly referred to as the “Sapin II Law”, has recently supplemented its recommendations by issuing a best practice guide for M&A transactions.
On January 30, 2020, the Court of Appeals of Lyon acquitted Cardinal Philippe Barbarin, defended in particular by Mr. André Soulier, of the charge of failing to report abuses with regard to the sexual assaults and rapes committed by Mr. Father Bernard Preynat on boy scouts he supervised between 1972 and 1991.
In this high-profile case, the judges of the Court of Appeals decided to overturn the first-instance judgement handed down by the Criminal Court of Lyon which had convicted Philippe Barbarin. Probably less receptive to the emotional turmoil legitimately created by this case, the appellate judges based their decision primarily on the strict application of the rule of law.
Private equity involves the association of one or more entrepreneurs and one or more financial investors who provide financing to unlisted companies and even sometimes listed companies.
In private equity transactions, investors are expected to exit in the short or medium term. Several exit routes are available to capital investors: trade sale, transfer to the management team, sale to another investment fund or initial public offering.
In today’s increasingly information dominated society, the National Assembly’s Law Committee has asked MPs Xavier Breton and Didier Paris to carry out a fact-finding mission on the secrecy of pre-trial investigations and inquiries.
In their report published in December 2019, they rightly point out the inconsistencies that surround this principle, which is fundamental, but which is undermined by the legitimate need for information. Beyond this observation, the rapporteurs draw up a list of recommendations in order to adapt the secrecy of pre-trial investigations and inquiries to the evolutions of today’s society.
In a decision issued on September 18 2019, the Cour de Cassation (French Supreme Court) recalled that while disparagement which constitutes an act of unfair competition necessarily results in a business disruption, a claim for compensation must be dismissed wherever the existence of the alleged damage is not duly established.
The so-called PACTE Law No. 2019-486 of May 22, 2019 has streamlined the terms and conditions governing current account advances (i) by lifting the requirement under which the shareholders had to hold at least 5% of the company’s share capital on the one hand, and (ii) by legally recognizing the validity of current account advances made by Presidents of simplified joint stock companies and by general managers and deputy general managers of joint stock companies and simplified joint stock companies on the other hand.
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