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See detailChronique de droit des marchés financiers
Conac, Pierre-Henri UL

in Revue des Sociétés (2021)

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See detailLe self-placement : un obstacle au bail-in qui doit être levé
Conac, Pierre-Henri UL

in Revue Banque (2021)

Si la protection des épargnants s’est peu à peu renforcée en Europe, elle demeure insuffisante face au risque de renflouement interne (bail-in) ce qui a incité à contourner la résolution. Afin de rendre ... [more ▼]

Si la protection des épargnants s’est peu à peu renforcée en Europe, elle demeure insuffisante face au risque de renflouement interne (bail-in) ce qui a incité à contourner la résolution. Afin de rendre celle-ci moins effrayante, le législateur européen et la Commission devraient exempter de bail-in les titres détenus par les clients « retail » de la banque en résolution ou en liquidation, vendus selon la technique du « self-placement ». [less ▲]

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See detailChronique de droit des marchés financiers
Conac, Pierre-Henri UL

in Revue des Sociétés (2021)

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See detailChronique de droit des marchés financiers
Conac, Pierre-Henri UL

in Revue des Sociétés (2021)

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See detailChronique de droit des marchés financiers
Conac, Pierre-Henri UL

in Revue des Sociétés (2021)

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See detailUniversalité et rétroactivité en droit des sociétés
Conac, Pierre-Henri UL

in Mélanges en l’honneur du Professeur Gilbert Parleani (2021)

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See detailAustrian Limited: Die Pläne zur flexiblen Kapitalgesellschaft und die Reform des Gesellschaftsrechts
Conac, Pierre-Henri UL

in Der Gesellschafter (2021)

Der vorliegende Beitrag widmet sich der von der Regierung geplanten neuen Kapitalgesellschaftsform einer Austrian Limited.

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See detailChronique de droit des marchés financiers
Conac, Pierre-Henri UL

in Revue des Sociétés (2020)

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See detailChronique de droit des marchés financiers
Conac, Pierre-Henri UL

in Revue des Sociétés (2020)

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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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See detailBrexit, Butterflies and the International Organization of Securities Commissions (IOSCO)
Conac, Pierre-Henri UL; Ruiz Fabri, Helene UL

in European Company and Financial Law Review (2020)

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See detailChronique de droit des marchés financiers
Conac, Pierre-Henri UL

in Revue des Sociétés (2020)

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See detailGlobal Investor Protection: Securities Law Enforcement Around the World
Conac, Pierre-Henri UL

in Fordham Journal of Corporate and Financial Law (2020), 25

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See detailThe International Organisation of Securities Commissions (IOSCO), Europe, Brexit, and Rethinking Cross-border Regulation: A Call for a World Finance Organisation
Conac, Pierre-Henri UL

in European Company and Financial Law Review (2020)

The need to promote cross-border regulation and cooperation between supervisors of financial markets has become acute ten years after the 2008 global financial crisis. This is due to a rise in extra ... [more ▼]

The need to promote cross-border regulation and cooperation between supervisors of financial markets has become acute ten years after the 2008 global financial crisis. This is due to a rise in extra-territorial legislation and cross-border access to foreign markets conditioned on “equiva- lence” and “deference” among jurisdictions. Brexit has made the issue more critical in Europe because the United Kingdom will rely on “equivalence” decisions on many aspects of its future cross-border financial relationships with the European Union. Equivalence decisions by the Eur- opean Commission are based on a technical assessment but also include a political dimension which can punish or reward the other party. It is not just a European issue since the financial world will be more connected in the next twenty years and will need to rely even more on cross-border cooperation and equivalence. In addition, the amount of bilateral equivalence assessments and decisions could very quickly become unmanageable with dozens of jurisdictions dealing with hundreds of various regimes. The global financial architecture needs to be adapted, market frag- mentation to be pre-empted, and international standards to become more granular. The Inter- national Organisation of Securities Commission (IOSCO), made up of all securities supervisors in the world, should play a leading role in cross-border regulation and deference. It is the interest of many Europeans countries, and not just the European Union, to be the driving force to strengthen IOSCO so that a more rule-based and cooperative system can prevail and prevent future market fragmentation. For this goal to be achieved, IOSCO should become a new treaty- based World Finance Organisation. [less ▲]

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See detailNational Report on France on Groups of Companies
Conac, Pierre-Henri UL

in Mariano Manovil, Rafael (Ed.) Groups of Companies A Comparative Law Overview (2020)

This Book provides a comparative law analysis of the phenomenon of groups of companies, through an overview and summary of the information contained in the more than twenty National Reports presented to ... [more ▼]

This Book provides a comparative law analysis of the phenomenon of groups of companies, through an overview and summary of the information contained in the more than twenty National Reports presented to the International Congress on Comparative Law held in Fukuoka, Japan, in 2018, which make up this book. The General Report begins by surveying the manner in which the different legislations define and describe groups of companies, then goes on to study the varied approaches and solutions found in and offered by the legal systems analysed in the book, mainly for the protection of minority shareholders and that of creditors and other third parties, also mentioning some regulations pertaining to different areas of the law (such as labour, tax and competition law). As such, it provides an overall, but altogether detailed view of the phenomenon in legislations from various parts of the world, organized around the most relevant topics surrounding groups of companies. [less ▲]

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See detailEU Financial Market Governance and the Covid-19 Crisis: ESMA’s Nimble, Responsive, and Speedy Response in Coordinating National Authorities through Soft-Law Instruments
Conac, Pierre-Henri UL; Moloney, Niamh

in European Company and Financial Law Review (2020)

The initial evidence indicates that EU financial market governance has performed well in its response to the Covid-19 crisis. In the European Union (EU), the need for coordination and cooperation over ... [more ▼]

The initial evidence indicates that EU financial market governance has performed well in its response to the Covid-19 crisis. In the European Union (EU), the need for coordination and cooperation over this crisis has been a particular concern given that national competent autho- rities (NCAs) operate under the single rulebook and supervisory action must, accordingly, be consistent. The European Securities and Markets Authority (ESMA) has, however, shown itself to be nimble, responsive, and speedy in deploying its supervisory powers, including those additional powers it has recently been granted under the 2019 ESA Reform Regulation. This has particularly been the case as regards the application by NCAs of ‘supervisory forbearance’ and as regards the application of market disclosures rules, notably the financial reporting standard IFRS 9. ESMA has also been successful in coordinating the few NCAs which decided to impose restrictions on short selling. ESMA’s actions during the Covid-19 crisis underline the de facto power it wields through its soft supervisory convergence powers and the entrepreneurial but effective approach it deploys in their use. [less ▲]

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See detailLe fonds de pérennité : the French Privatstiftung?
Conac, Pierre-Henri UL

in Revue Trimestrielle de Droit Financier (2019)

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See detailLe nouvel article 1833 du Code civil français et l’intégration de l’intérêt social et de la responsa-bilité sociale d’entreprise: constat ou révolution?
Conac, Pierre-Henri UL

in Rivista Orizzonti del Diritto Commerciale (2019)

The article comments on the modification of Article 1833 of the French civil Code created by the recent law (Law No. 2019-486 of 22 May 2019, the so-called “Loi-PACTE”), relating to the growth and ... [more ▼]

The article comments on the modification of Article 1833 of the French civil Code created by the recent law (Law No. 2019-486 of 22 May 2019, the so-called “Loi-PACTE”), relating to the growth and transformation of businesses. This rule provides that directors in managing a company shall pursue the interest of the company, while taking into due consideration social and environmental issues in company activities. The present article focuses on the possible meaning of enlarging the notion of company’s interest, and analyzes the scope of the new rule and its effects. [less ▲]

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See detailNational Report for Luxembourg
Cuniberti, Gilles UL; Conac, Pierre-Henri UL

in Gerner-Beuerle, Carsten (Ed.) The Private International Law of Companies in Europe (2019)

Detailed reference viewed: 95 (12 UL)