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See detailLas operaciones con partes vinculadas en las sociedades anónimas en Francia tras la implementación de las modificaciones a la Directiva de Derechos de los Accionistas de 2017.
Conac, Pierre-Henri UL

in Revista de Derecho Bancario y Bursatil (2020)

As a consequence of the 2017 amendments to the Shareholders’ Rights Directive, the French regime on related parties transactions (RPTs) has been modified by the PACTE Act n°2019- 486 of 22nd May 2019 ... [more ▼]

As a consequence of the 2017 amendments to the Shareholders’ Rights Directive, the French regime on related parties transactions (RPTs) has been modified by the PACTE Act n°2019- 486 of 22nd May 2019 regarding the growth and transformation of businesses. The PACTE Act follows several reforms of the RPTs regime promoted by the French securities supervisor (Autorité des Marchés Financiers) which occurred in 2012 and 2014. Because the directive is essentially an “à la carte” system and many provisions were very close to the previous French regime, its impact has been limited to some useful but incremental changes. Unfortunately, the PACTE Act failed to build strongly on the 20012- 2014 reforms. Therefore, the French system still has weaknesses. Shareholders are essentially informed and not very well protected except if the RPT has a significant impact on the assets or if the transaction is so abusive that it is equivalent to a criminal abuse of corporate assets (abus de biens sociaux). [less ▲]

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