Droit & Croissance and its partners, the European Center in Law and Economy of ESSEC and CAPITALCOM, held a conference on the attractiveness of Paris as a financial center. Experts attended the event to analyze the evolution of the regulation and think about the future of Paris as a financial center around three panel discussions on the following topics :
– Panel discussion 1 : “Regulations governing public offerings in Comparative Law and potential negative impact of the “Florange” reform on the attractiveness of Paris financial center”
Viviane de Beaufort, professor at ESSEC, director of European Center in Law and Economy
This first round table gave the opportunity to discuss takeovers as well as the dynamic of financial markets and the economy. It was observed that it was challenging to achieve the balance between the regulatory framework and freedom of action provided in the EU Directive of 2004 and its transcription into national. The analysis of the new “Florange” law and the regulatory changes impacting IPOs (dropping of the neutrality principle by the board of directors, double voting rights, reinforced role of the works council) enabled panelists to draw some initial conclusions regarding this new law and to ask the underlying question: Is there a specificity of the French regulatory framework at the European level and, more broadly, in the context of globalization of financial centers ?
– Round table 2 : Benefits of the Stock Exchange for today’s company ?
Does the current regulation ensure flexibility in IPOs and RECs? Was the IPO regulatory reform of 2014 too shy? Does the acknowledgement of certain challenges for RECs in France introduces doubts about the renewed attractiveness of the financial markets for the financing of French companies ?
– Round table 3 : The attractiveness of publicly traded stock investments for new individual shareholders ?
This round table aimed at exchanging opinions of individual shareholders: From a shareholder’s point of view, is it better to invest in to a publicly traded stock or to invest in a private company? The limits of stock investments, especially for young generations (quest for meaning, disintermediation), the role of shareholders in the economic growth and the Stock Exchange’s image are all important parameters to create a relationship between individual shareholders and advocates of a company.