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D&C position notes

  • the “Listing Act” Consultation of the European Commission
    the “Listing Act” Consultation of the European Commission

    by Arthur Adler, Adnen Gargouri, Paul Oudin

    25 february 2022

    Droit & Croissance responded to several sections of the “Listing Act” consultation conducted by the European Commission to assess the need for reform of European financial regulation. The topics covered by Droit & Croissance are the Prospectus Regulation’s liability regime, the Market Abuse Regulation, certain aspects of the regulation of SPACs and multiple voting rights.

  • 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…

Publications

  • Small Mistake, Big Consequences: Elliott’s Sanction by the Paris Court of Appeal for Declaring CFDs Instead of Equity Swaps
    Small Mistake, Big Consequences: Elliott’s Sanction by the Paris Court of Appeal for Declaring CFDs Instead of Equity Swaps

    By Paul Oudin

    3 may 2022

    On 24 March 2022, the Paris Court of Appeal handed down a judgment (N° RG 20/08390) confirming most provisions of the French Market Authority (AMF)’s unprecedented sanction decision against Elliott, which was sentenced on appeal to a fine of €14 million for violating applicable disclosure rules (in addition to a €4.5 million fine for obstructing the AMF’s investigations) for declaring the crossing of the 5% threshold of NDSA’s capital through the acquisition of CFDs rather than equity swaps and being tardy in declaring its intent to pursue…

  • The Defensive Capacity of Managers and the Guiding Principles of Takeover Law
    The Defensive Capacity of Managers and the Guiding Principles of Takeover Law

    by Arash Attar-Rezvani / Adnene Gargouri

    20 december 2021

    The article examines the coexistence of the defensive capacity of directors with the guiding principles of takeover law, as well as the articulation between stock exchange and corporate law rationales in the context of the application of anti-takeover defences.

  • 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.

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

  • The rise of protectionism on the economy and the development of financial markets
    The rise of protectionism on the economy and the development of financial markets

    Transcript of the conference D&C of 19 November 2021

    RTDF – 1 april 2022

    Transcript of the conference Droit & Croissance of 19 November 2021 – The rise of protectionism on the economy and the development of financial markets available in the first edition of the Corporate Finance and Capital Markets Law Review.

  • For true corporate governance in France
    For true corporate governance in France

    An interview by Jean-Philippe Denis

    Xerfi Canal – 12 march 2022

    Xerfi Canal received Sophie Vermeille, Founder of Droit et Croissance and corporate and restructuring lawyer at Vermeille & Co, to talk about corporate governance In France

  • Companies: why bankruptcies are necessary
    Companies: why bankruptcies are necessary

    An interview by Jean-Philippe Denis

    Xerfi Canal – 3 march 2022

    Xerfi Canal received Sophie Vermeille, Founder of Droit et Croissance and corporate and restructuring lawyer at Vermeille & Co, to talk about bankruptcy and the economy.

Events

  • Seminar on the Methods of Law & Finance
    Seminar on the Methods of Law & Finance

    The Rules for Growth Institute (Droit & Croissance) invites current PhD students and early-researchers to attend a seminar on the ‘Methods of Law & Finance’, to be held in person in Paris on 326 & 27 June 2023.

  • Crypto markets: the future of regulation conference
    Crypto markets: the future of regulation conference

    April 3, 2023
    Crypto markets: the future of regulation conference

  • Seminar on the Methods of Law & Economics
    Seminar on the Methods of Law & Economics

    The Rules for Growth Institute (Droit & Croissance) invites current PhD students from Europe and the UK to attend a seminar on the ‘Methods of Law & Economics’, to be held in person in Paris on 30 June & 1 July 2022.