{"id":10758,"date":"2022-05-03T08:00:23","date_gmt":"2022-05-03T06:00:23","guid":{"rendered":"https:\/\/droitetcroissance.fr\/2022\/05\/erreur-mineure-consequences-majeures-elliott-sanctionne-par-la-cour-dappel-de-paris-pour-declaration-erronee-de-cfd\/"},"modified":"2023-12-06T11:23:47","modified_gmt":"2023-12-06T10:23:47","slug":"erreur-mineure-consequences-majeures-elliott-sanctionne-par-la-cour-dappel-de-paris-pour-declaration-erronee-de-cfd","status":"publish","type":"post","link":"https:\/\/droitetcroissance.fr\/en\/2022\/05\/erreur-mineure-consequences-majeures-elliott-sanctionne-par-la-cour-dappel-de-paris-pour-declaration-erronee-de-cfd\/","title":{"rendered":"Small Mistake, Big Consequences: Elliott\u2019s Sanction by the Paris Court of Appeal for Declaring CFDs Instead of Equity Swaps"},"content":{"rendered":"[spb_column width=&#8221;1\/3&#8243; el_position=&#8221;first&#8221;] [spb_single_image image=&#8221;10755&#8243; image_size=&#8221;full&#8221; frame=&#8221;noframe&#8221; intro_animation=&#8221;none&#8221; full_width=&#8221;no&#8221; lightbox=&#8221;yes&#8221; link_target=&#8221;_self&#8221; width=&#8221;1\/1&#8243; el_position=&#8221;first last&#8221;] [\/spb_column] [spb_column width=&#8221;2\/3&#8243; el_position=&#8221;last&#8221;] [spb_text_block pb_margin_bottom=&#8221;no&#8221; pb_border_bottom=&#8221;no&#8221; width=&#8221;1\/1&#8243; el_position=&#8221;first last&#8221;]\n<p>On 24 March 2022, the Paris Court of Appeal handed down a judgment (N\u00b0 RG 20\/08390) confirming most provisions of the French Market Authority (AMF)\u2019s unprecedented sanction decision against Elliott, which was sentenced on appeal to a fine of \u20ac14 million for violating applicable disclosure rules (in addition to a \u20ac4.5 million fine for obstructing the AMF\u2019s investigations).<\/p>\n<p>In 2015, Elliott acquired shares and derivatives relating to financial instruments issued by French listed company Norbert Dentressangle (NDSA), which at the time was targeted by a takeover bid from US company XPO Logistics Inc. These acquisitions gave rise to several declarations of thresholds crossings and intention to the AMF. Elliott notably declared the crossing of the 5% capital and voting rights threshold of NDSA as a result of its acquisition of \u2018contracts for difference\u2019 on NDSA shares and that it wasn\u2019t sure yet whether it would participate in XPO\u2019s offer. Two weeks later, Elliott made a new declaration stating that it (i) intended to pursue its acquisitions of NDSA shares and related derivative instruments and (ii) didn\u2019t intend to contribute to XPO\u2019s offer. XPO eventually acquired 86.25% of NDSA\u2019s capital and Elliott a bit more than 9%. This allowed Elliott to block the squeeze-out of NDSA\u2019s minority shareholders by XPO, as French law provided at the time for a squeeze-out threshold of 95% (lowered to 90% since then).<\/p>\n<p>The AMF decided to impose on Elliott a fine of \u20ac20 million for declaring the crossing of the 5% threshold of NDSA\u2019s capital through the acquisition of CFDs rather than equity swaps and being tardy in declaring its intent to pursue acquisitions of NDSA shares and not to contribute to XPO\u2019s takeover bid. Both counts were confirmed by the Court of Appeal, which simply lowered Elliott\u2019s fine from \u20ac15 to \u20ac14 million. This blog post specifically discusses the declaration by Elliott of CFDs instead of equity swaps.<\/p>\n<p><a href=\"https:\/\/www.law.ox.ac.uk\/business-law-blog\/blog\/2022\/05\/small-mistake-big-consequences-elliotts-sanction-paris-court-appeal\">&gt;&gt;&gt; Read the article<\/a><\/p>\n[\/spb_text_block] [\/spb_column]\n","protected":false},"excerpt":{"rendered":"<p>[spb_column width=&#8221;1\/3&#8243; el_position=&#8221;first&#8221;] [spb_single_image image=&#8221;10755&#8243; image_size=&#8221;full&#8221; frame=&#8221;noframe&#8221; intro_animation=&#8221;none&#8221; full_width=&#8221;no&#8221; lightbox=&#8221;yes&#8221; link_target=&#8221;_self&#8221; width=&#8221;1\/1&#8243; el_position=&#8221;first last&#8221;] [\/spb_column] [spb_column width=&#8221;2\/3&#8243; el_position=&#8221;last&#8221;] [spb_text_block pb_margin_bottom=&#8221;no&#8221; pb_border_bottom=&#8221;no&#8221; width=&#8221;1\/1&#8243; el_position=&#8221;first last&#8221;] On 24 March 2022, the Paris Court of Appeal handed down a judgment (N\u00b0 RG 20\/08390) confirming most provisions of the French Market Authority (AMF)\u2019s unprecedented sanction decision against Elliott, which was sentenced on appeal to [&hellip;]<\/p>\n","protected":false},"author":10,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_rsvp_to":"","_rsvp_max":"","_rsvp_show_attendees":"","_rsvp_instructions":"","simple_price":"","simple_price_label":"","venue":"","_template_start_hour":"","_template_start_minutes":"","_sked_minutes":"","_sked_stop":"","_sked_duration":"","_payment_gateway":"Cash or Custom","_rsvp_currency":"USD","_sked_hour":"12","_sked_end":"13:00","rsvp_tx_template":0,"_rsvp_start":0,"_rsvp_deadline":0,"_rsvp_deadline_daysbefore":"0","_rsvp_deadline_hours":"0","_rsvp_reg_daysbefore":"0","_rsvp_reg_hours":"0","_rsvp_count_party":"1","_timezone":"Europe\/Paris","_rsvp_on":false,"_add_timezone":false,"_convert_timezone":false,"_calendar_icons":true,"_rsvp_end_display":false,"_rsvp_rsvpmaker_send_confirmation_email":false,"_rsvp_confirmation_after_payment":false,"_rsvp_confirmation_include_event":false,"_rsvp_count":true,"_rsvp_yesno":true,"_rsvp_captcha":false,"_rsvp_login_required":false,"_rsvp_form_show_date":false,"_show_rsvpmaker_options":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"footnotes":"","_jetpack_memberships_contains_paid_content":false},"categories":[837,839,869],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Small Mistake, Big Consequences: Elliott\u2019s Sanction by the Paris Court of Appeal for Declaring CFDs Instead of Equity Swaps - Droit &amp; Croissance<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/droitetcroissance.fr\/en\/2022\/05\/erreur-mineure-consequences-majeures-elliott-sanctionne-par-la-cour-dappel-de-paris-pour-declaration-erronee-de-cfd\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Droit &amp; Croissance\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/droitetcroissance.fr\/en\/2022\/05\/erreur-mineure-consequences-majeures-elliott-sanctionne-par-la-cour-dappel-de-paris-pour-declaration-erronee-de-cfd\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/droitetcroissance.fr\/en\/2022\/05\/erreur-mineure-consequences-majeures-elliott-sanctionne-par-la-cour-dappel-de-paris-pour-declaration-erronee-de-cfd\/\"},\"author\":{\"name\":\"Droit &amp; 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