The Legal 500

The Kingdom of Morocco is supporting the ambition of becoming the leading financial place for Africa. In this context, a wave of draft laws is to be passed and implemented within the following months, amongst which, the Law No. 53.08, setting up a new financial authority, and the Law No. 54.08, reforming public offering rules, are of paramount importance to Moroccan and foreign issuers, and financial institutions.

The opportunities offered to foreign investors by the Chinese mergers and acquisitions market are increasing every year: in 2010, transactions involving foreign companies came to 60.1 billion euros, an increase of 21.2% compared with 2009. Seen from the West, where markets are declining, all sectors of the Chinese economy seem to be undergoing promising development and the statistics indicate that the Middle Empire will be a lasting springboard for growth.

Le dispositif

L’article 1er de la loi de financement rectificative de la Sécurité sociale pour 2011 oblige les sociétés commerciales de 50 salariés et plus, dont les dividendes par part sociale ou par action sont en augmentation par rapport à la moyenne des deux années précédentes, à verser une prime à l’ensemble de leurs salariés

Bonus Profit Sharing

the device

Article 1 of the supplementary budget for Social Security in 2011 requires commercial companies of 50 or more employees, including dividends per share or per share are 

June 2011
The forefront of Financial Services n°5

Le point sur la nouvelle régulation des Hedge Funds avec la directive Alternative Investment Fund Managers (AIFM) - Juridique

Offre publique obligatoire applicable aux sociétés cotées sur les systèmes multilatéraux de négociation organisée : les difficultés de la mise en œuvre du nouveau régime - Juridique

The financial crisis, which reveals the blatant imbalance in the lender‐borrower relationship and the financial and moral shortcomings of certain financial institutions, could be the ideal opportunity to reconsider certain banking practices. Syndicated loan agreements, where one borrower contracts with several lenders, are a notable example. Upon close inspection, these agreements entail big risks for banks.

Case dismissed by the Court of Appeals of Grenoble

In order to enter the Chinese market or rapidly develop there, it is becoming more and more common for companies to acquire a Chinese competitor or take over a subcontractor in China.

Draft reform of the Safeguard Law: creating a “fast-track financial safeguard procedure”

La crise financière, qui met en lumière à la fois le déséquilibre flagrant des relations prêteurs/emprunteurs et la défaillance financière et morale de certains établissements de crédit, pourrait être l’occasion rêvée de repenser certaines pratiques bancaires. A telle enseigne, les conventions de crédit syndiqué, conventions auxquelles sont parties un emprunteur et plusieurs prêteurs. A bien y regarder, ces conventions sont porteuses de risques importants pour les établissements bancaires.

Debtor protection or “safeguard” procedure: eligibility of the procedure

The inherently flexible model of independent law firms has granted them the chance to prosper despite the downturn. Sofia Lind finds Europe's leading firms in good spirits

After the shock of the global financial crisis, Europe's law firms must adapt or die, writes Charles-Henri de Pardieu

Please give a brief overview of the securitisation market in your jurisdiction. In particular: 1) How active and/or developed is the market and what notable transactions and new structures have taken place recently? 2) To what extent have central bank liquidity schemes assisted the securitisation market in your jurisdiction? Were retained securitisations common in the last 12 months? 3) Is securitisation particularly concentrated in certain industry sectors?

The reform of the conditions for compensation for senior corporate executives of companies receiving State aid or support because of the economic downturn ...

So as to make the French financial marketplace more attractive, Art. 152 of law no. 2008-776 dated August 4th, 2008 on the modernization of the economy (“LME”), authorized the government to take the measures necessary to modernize the legal framework of the financial marketplace by executive order.

Much ink will continue to be spilled on the biggest fraud ever to hit financial markets. US$50 billion reported to have gone up in smoke, investors cheated throughout the entire world, and one man, Bernard Madoff, placed in house arrest in his New York apartment by the US courts, while awaiting trial.

Following the summer holiday period, the Insurance Department of Lefèvre Pelletier & Associés has prepared a review of legal developments in second-half 2008 featuring decisions that were rendered during the summer. We hope you enjoy it.

A shareholders’ agreement entered into for a term during which the parties shall remain shareholders in the company is an open-term agreement

(French Court of Cassation (Commercial Chamber) ruling on
6 November 2007, Société Compagnie Générale de Tourisme et d’Hôtellerie v. Société Compagnie Méridionale de Participation)

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AMF (the French Financial Markets Authority) clarifies the terms governing increases in share capital through the free allocation of share subscription warrants.

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