Editorial : Tightening the regulatory noose on the listed companies in France : a few recent examples

The regulatory requirements applying to the listed companies in France are particularly severe, especially regarding market information. The stakeholders, namely the AMF and Euronext, have been trying for some years to modify these requirements to make Paris more attractive to businesses.
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The deal : Alstom - OPRA

Alstom, who finalised the sale of its energy assets to General Electric, will be using a portion of the proceeds of sale to pay its shareholders. The Board of Directors has decided to issue a bid for the repurchase of shares, for a total amount of €3.2billion, or €35 per share.
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Mayer Brown Paris involved in 2 out of the 3 most important French IPOs

Mayer Brown Paris has assisted two of the three most important French IPOs during the first half of 2015.

Top 10 European IPOs during the first half of 2015

  Montant levé
Secteur Marché Pays d'origine
Aena 4 263 Logistique BME Espagne
Auto Trader 2 228 Services LES Royaume Uni
Sunrise Communications 2 148 Telecoms SIX Swiss Suisse
Cellnex Telecom 2 141 Telecoms BME Espagne
GrandVision 1 116 Santé Euronext Pays-Bas
Woodford Patient Capital Trust 1 108 Finance LES Royaume Uni
Spie 939 Industrie Euronext France
Europcar 879 Services Euronext France
Elis 854 Industrie Euronext France
INWIT 796 Telecoms Borsa Italiana Italie
Total 16 472      

Source : IPO Watch PWC
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The end of administrative and criminal proceedings and sanctions combination regarding offence and breach by an insider

The French Constitutional Court’s decision on 18 March 2015 has put an end to the combination of criminal and administrative proceedings for the sanction of offence ad breach by an insider.
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Comments regarding the main social provisions of the "Macron" law

Adopted on 10 July 2015 after a debate that lasted six months within Parliament, the Macron Law was published in the official gazette of the French Republic on 7 August 2015 following the French Constitutional Court’s decision on 5 August 2015 after the censorship of some provisions.
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Publication of the AMF’s doctrine on the sales and acquisitions of major assets

On 17 June 2015, the French Market Authority (AMF) published its doctrine regarding the sales and acquisitions of major assets in a position-recommendation DOC-2015-05.
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Publication of the 2nd annual report of the French Committee for Corporate Governance, created in September 2013 during the revision of the AFEP-MEDEF code.

This year, the Committee only issued 35 letters to companies in the SBF 120 to notify their deviations from the Afep-Medef code, compared to the 70 issued last year.
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Publication of Proxinvest’s 17th report "Executive remuneration for companies part of the SBF 120"

As the shareholders of large French groups proceed to the advisory vote regarding the Executives’ remuneration  "Say on Pay", Proxinvest, an advisory form to investors, issues its 17th report on the remuneration of executives in listed companies.
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United States toughen measures on "Say on Pay"

The Say on Pay implemented by the Dodd-Franck Act states that a listed company must request the advisory vote of the shareholders, at least once in three years, on the remuneration of executives.
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The Financial Market Authority issues its 2015 report on Corporate Governance and Executive Remuneration

The Financial Market Authority report covers several subjects including: termination arrangements for Executives; the independence of directors regarding business dealings; and the independence of the Chairman. As a result of its study of corporate practices, the AMF issued recommendations and invited trade associations to make changes to their governance code.
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