{"id":9230,"date":"2019-07-03T08:00:31","date_gmt":"2019-07-03T06:00:31","guid":{"rendered":"https:\/\/droitetcroissance.fr\/?p=9230"},"modified":"2023-12-06T11:26:02","modified_gmt":"2023-12-06T10:26:02","slug":"theory-evidence-and-policy-on-dual-class-shares-a-country-specific-response-to-a-global-debate","status":"publish","type":"post","link":"https:\/\/droitetcroissance.fr\/en\/2019\/07\/theory-evidence-and-policy-on-dual-class-shares-a-country-specific-response-to-a-global-debate\/","title":{"rendered":"Theory, Evidence, and Policy on Dual-Class Shares: A Country-Specific Response to a Global Debate"},"content":{"rendered":"[spb_column width=&#8221;1\/3&#8243; el_position=&#8221;first&#8221;] [spb_single_image image=&#8221;9227&#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>L&#8217;usage des actions \u00e0 droit de vote multiple (\u00ab dual class shares \u00bb) par les soci\u00e9t\u00e9s entrant en bourse attire l\u2019attention des r\u00e9gulateurs du monde entier, r\u00e9v\u00e9lant un enjeu de comp\u00e9titivit\u00e9 des places boursi\u00e8res et d\u2019attractivit\u00e9 des march\u00e9s financiers.<br \/>\nTrois principaux mod\u00e8les de r\u00e9glementation ont \u00e9t\u00e9 identifi\u00e9s pour appr\u00e9hender les dual-class shares : (i) l\u2019approche prohibitive en vigueur dans des pays comme le Royaume-Uni, l&#8217;Allemagne, l&#8217;Espagne, la Colombie ou l&#8217;Argentine ; (ii) l\u2019approche permissive constat\u00e9e notamment au Canada, en Su\u00e8de, aux Pays-Bas et en particulier aux \u00c9tats-Unis ; et (iii) l&#8217;approche restrictive r\u00e9cemment adopt\u00e9e \u00e0 Hong Kong et \u00e0 Singapour.<\/p>\n<p>Le choix de prohiber, d\u2019autoriser ou d\u2019encadrer les dual-class shares doit tenir compte d&#8217;une vari\u00e9t\u00e9 de facteurs relatifs \u00e0 la soci\u00e9t\u00e9 souhaitant emprunter cette structure (e.g. l\u2019expertise du fondateur) ainsi qu\u2019\u00e0 son environnement l\u00e9gislatif (e.g. le niveau de protection des actionnaires minoritaires) et \u00e9conomique (e.g. le niveau de sophistication des investisseurs).<\/p>\n<p>Par cons\u00e9quent, il n\u2019existe pas de r\u00e9ponse unique. Le traitement l\u00e9gislatif et r\u00e9glementaire des dual class shares variera, notamment selon les caract\u00e9ristiques du pays concern\u00e9.<\/p>\n<p><a href=\"https:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=3397880&amp;dgcid=ejournal_htmlemail_corporate:law&amp;securities:law:ejournal_abstractlink\">&gt;&gt;&gt; Lire l&#8217;article en anglais<\/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;9227&#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;] L&#8217;usage des actions \u00e0 droit de vote multiple (\u00ab dual class shares \u00bb) par les soci\u00e9t\u00e9s entrant en bourse attire l\u2019attention des r\u00e9gulateurs du monde entier, r\u00e9v\u00e9lant un enjeu de comp\u00e9titivit\u00e9 des places boursi\u00e8res et d\u2019attractivit\u00e9 [&hellip;]<\/p>\n","protected":false},"author":1,"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":"Billets","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],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Theory, Evidence, and Policy on Dual-Class Shares: A Country-Specific Response to a Global Debate - Droit &amp; 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