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D&C position notes

  • Data Governance Act
    Data Governance Act

    by Fabien Lechevalier, Ph. D candidate in IT Law – joint degree Paris-Saclay University / Laval University (Canada)

    1 october 2021

    On February 19, 2020, at the same time as the publication of its “White Paper” on Artificial Intelligence, the European Commission published its data strategy, the objective of which is to enable the creation of a single data market. The desired new European framework aims to facilitate the sharing and reuse of data that European business entities need to face American or Chinese competition and develop innovative applications in key sectors of…

  • Commentary on the report of the Legal High Committee for Financial Markets of Paris on “classes of creditors for the transposition of the directive of June 20, 2019 on preventive restructuring frameworks”
    Commentary on the report of the Legal High Committee for Financial Markets of Paris on “classes of creditors for the transposition of the directive of June 20, 2019 on preventive restructuring frameworks”

    by Sophie Vermeille, Thibault Jauffret et Paul Oudin

    25 november 2020

    The High-Level Legal Committee of the Paris Financial Center has published, on September 25, 2020, a report entitled “Report on classes of creditors for the transposition of the Directive of June 20, 2019 on preventive restructuring frameworks.” Drawing on the lessons learned from the economic analysis of insolvency law, Droit & Croissance has decided to make a series of observations relating to this report in its new position paper. We highlight the need for a coherent articulation of the different procedures and…

  • Reusing magistrates’ identity data: what future for predictive justice? The French judge facing LegalTechs
    Reusing magistrates’ identity data: what future for predictive justice? The French judge facing LegalTechs

    by Eva Fourel and Youcef Rahmani

    15 january 2020

    The recent programming bill for 2019-222, adopted March 23, 2019, prohibits in particular the re-use of the magistrates’ identity data for purposes of statistical or predictive analysis. What are the reasons behind such a choice and what are its economic consequences? How can we take advantage of the positive economic consequences of a greater legal predictability and feed academic research, in a manner that is compatible with the specificities of French justice?

Publications

  • Sovereign debt restructurings : A Law & Economics perspective
    Sovereign debt restructurings : A Law & Economics perspective

    by Luidgy Belair

    27 july 2021

    IThe author examines the construction of sovereign debt as an object of law before analyzing the efficiency of the sovereign bankruptcy regime with respect to bankruptcy law principles. In this regard, he attempts to understand how these regimes could move from a paradigm sanctioning the inefficiency of public policies to a mechanism aiming to preserve the value of the economic and political entity in difficulty.

  • Corporate governance and takeovers in France
    Corporate governance and takeovers in France

    by Adnene Gargouri

    1 july 2021

    Corporate governance is at the heart of current debates. In his research paper for the Master 2 in financial law at the University of Paris 1 – Panthéon-Sorbonne, Adnene Gargouri, member of Rules For Growth Institute, proposes to study the tensions between corporate governance and takeover law in France. Based on the Florange act and the Veolia/Suez case, this research project aims to demonstrate the failures of French corporate governance based on the stakeholder model. Based on these failures, several lege ferenda proposals inspired by the shareholder…

  • Shareholder Activism: Don’t Shoot the Messenger
    Shareholder Activism: Don’t Shoot the Messenger

    by Vincent Maire

    19 march 2021

    Activist shareholders are often vilified for pushing companies to take short-term actions that come at the expense of the companies’ long-term health. Vincent Maire, member of D&c and LL.M. candidate at NYU School of Law, returns on these arguments, which are, to him, misconceived, but they overlook substantial benefits that outside-investor oversight produces.

D&C presentations

  • Presentation to France Stratégie on Secured Financing
    Presentation to France Stratégie on Secured Financing

    by Sophie Vermeille

    9 march 2021

    This presentation at France Stratégie presents the major ideas of Droit & Croissance with regard to the law of secured financing within the context of the French ordinance project launched on 18 December 2020 by the French Ministry of Justice.

  • GameStop Presentation – Queen Mary University
    GameStop Presentation – Queen Mary University

    by Paul Oudin

    1 march 2021

    The recent events surrounding GameStop have been seen by many as a battle between David and Goliath, and by others as a threat for the well-functioning of financial markets. Recent discussions about the applicability of market manipulation rules to this case have shown that the legal debate itself is far from being settled. This talk at Queen Mary University, by Paul Oudin, took the GameStop case as an opportunity to revisit the scope and purpose of these rules.

  • Presentation at the University of Oxford – MAR and Short Selling
    Presentation at the University of Oxford – MAR and Short Selling

    by Sophie Vermeille

    5 february 2021

    Short selling activism is, just as any other financial technique, subject to market abuse rules. However, the MAR regulation, from which European rules derive, subjects this peculiar form of activism to excessive constraints. In this presentation, Sophie Vermeille discusses the application of MAR to short selling activism and illustrates it with the Solutions 30 case.

Press reviews

  • Shareholder Activism – Interview with Anne-Sophie d’Andlau (CIAM)
    Shareholder Activism – Interview with Anne-Sophie d’Andlau (CIAM)

    by Vincent Maire

    31 july 2021

    Interview with Anne-Sophie d’Andlau, Co-Founder of the French Hedge Fund CIAM, on Shareholder Activism

  • French banks face the risk of zombie companies
    French banks face the risk of zombie companies

    by Anne Drif and Édouard Lederer

    Les Echos – 28 january 2021

    In this recent article from Les Echos, Sophie Vermeille discusses the pitfalls of the French draft transposition of the directive on preventive restructuring frameworks.

  • Sophie Vermeille,  the quest for general interest
    Sophie Vermeille, the quest for general interest

    by Hugo de Gerauvilliers, Souveraine Finance

    November, 10, 2020

    Even when it means defending counter-intuitive positions – when they are not frankly unpopular – Sophie Vermeille knows how to do it brilliantly.

    As a researcher and lawyer, Sophie has been berated for her heterodox ideas, which she may have acquired through her wandering into the shady worlds of the economics of distressed companies and short selling. Whatever; it’s in the ordeal that one forges one’s convictions.

Events