Banking and finance: Bank regulatory in France

Allen & Overy LLP

Allen & Overy LLP‘s ‘undisputed expertise’ in bank regulatory affairs is evident through a stellar client list made up of some of the world’s largest financial institutions. Brice Henry heads the financial services and investment fund practice as well as the financial institutions group at the firm. Counsel Mia Dassas specialises in financial regulatory and asset management matters. The team has broad expertise in regulatory-driven loan funds, namely advising a group of major French banks on an €11bn equity loan scheme to stimulate the economy through investment in France under the Plan France Relance.

Practice head(s):

Brice Henry


‘The team covers a large number of our needs with recognised experts in each field (in France, Europe and also in the US). We know that we will find our answers with the team. Proactive team, force of proposals.’

‘Brice Henry has a very good knowledge of the fund environment and of financial and banking regulations. He is also very good at finding the right skills within the office and making them work together in the best interests of the client. Very good project coordinator and pleasant contact. Fabrice Faure-Dauphin is excellent and very clear, a very good teacher.’

‘Allen & Overy’s regulatory team is based on the vast experience of Brice Henry. They have unique knowledge of regulations and know how to be very pragmatic. Their advice is wise.’

‘The availability, experience and technicality of Brice Henry are unmatched in the market.’

‘Allen & Overy is a reference in the regulatory field. The team is able to assist us with the full range of regulatory matters, whether it is licensing-related or transactional-related. The team has a very deep market insight and it is able to take a pragmatic approach on the most challenging situations.’

‘Mia Dassas is very knowledgeable on regulatory matters, reactive and always available.’

‘Brice Henry has a good knowledge of regulatory matters and the practices of market authorities which gives him the best assets to help his clients.’

‘Brice Henry developed a practice within Allen & Overy which is today recognized by the entire market. The team has undisputed expertise in banking law and prudential regulation and knows how to manage the most complex and sensitive cases.’

‘Brice Henry is very available and a great help. Beyond unique technical expertise, its knowledge of regulators and supervisors enables it to support its clients to enable them, depending on the circumstances and its knowledge of the company, to find the best solutions.’

‘Mia Dassas – excellent knowledge of the banking industry and regulatory practice. Very good coordination and mastery of issues in cases involving a large number of foreign jurisdictions.’

Key clients

Altarea Cogedim


Blackstone, Refinitiv US LLC, Thomson Reuters

BNP Paribas/BNP Paribas Asset Management


Crédit Agricole Crédit/Crédit Agricole Corporate and Investment Bank



La Banque Postale


Mitsui Bussan Commodities


Société Générale

Walter Global Asset Management

Wells Fargo

Work highlights

  • Advised Société Générale sale of Lyxor ETF and structured fund business activities with a prior carve-out of other fund business activities to Amundi.
  • Assisted Blackstone, Thomson Reuters and Refinitiv with the indirect acquisition of a qualifying holding in LCH SA and MTS France in the context of a $27bn transaction between the London Stock Exchange Group, and a consortium including entities of The Blackstone Group, Thomson Reuters Corporation, to acquire Refinitiv Parent Limited.
  • Acted as counsel to BNP Paribas, Société Générale, Crédit Agricole, Crédit Mutuel, BPCE/Natixis and La Banque Postale networks (together the Arrangers), which raised an unprecedented €11bn for the implementation of the equity loan scheme, aimed at stimulating investment to boost the economy under the Plan France Relance.

Cleary Gottlieb Steen & Hamilton

Cleary Gottlieb Steen & Hamilton  stands out through its focus on highly strategic market-leading EU banking regulatory matters, for example acting for Le Crédit Lyonnais for whom the team secured an annulment of a decision rendered by the European Central Bank on the subject of certain leverage ratio requirements. Practice head Amélie Champsaur 'is remarkable both for her acute knowledge of regulation and for her knowledge of the financial sector'. A go-to firm for complex financial regulatory issues, the team has wide-ranging expertise in advisory, transactional, and litigation matters.

Practice head(s):

Amélie Champsaur

Other key lawyers:

Aurèle Delors


‘The team is unique thanks to the competence and technicality of Amélie Champsaur, her intellectual agility and her strategic abilities. It is the best in prudential/dispute resolution matters.’

‘Amélie Champsaur and Aurèle Delors stand out through their openness, their accessibility and their ability to provide educational details on their legal reading of the most complex cases. Creativity is also a big plus, as is technicality and the constant updating of knowledge, in particular backed by a very good mastery of EU law.’

‘Very great national and international expertise.’

‘Availability and responsiveness. Amélie Champsaur is remarkable both for her acute knowledge of regulation and for her knowledge of the financial sector.’

Key clients

My Money Group

Cerberus Capital Management


Crédit Agricole

BNP Paribas




The Vatican


Work highlights

  • Represented Le Crédit Lyonnais in its proceedings against the European Central Bank, securing the annulment of a decision of the European Central Bank refusing to fully exempt Le Crédit Lyonnais from certain leverage ratio requirements.
  • Acting as counsel for My Money Group and its controlling shareholder, funds advised by Cerberus Capital Management, on the signing by My Money Group of a memorandum of understanding in view of the proposed acquisition of HSBC Continental Europe’s retail banking in France.
  • Assisting several bondholders of Monte dei Paschi di Siena in connection with the proposed €8.8bn recapitalisation of Monte dei Paschi di Siena and associated bail-in of bondholders in litigation currently pending before the EU General Court.

Clifford Chance

Clifford Chance‘s financial regulatory practice is led by Frédérick Lacroix and covers prudential supervision, dispute resolution, conduct of business questions as well as a wide range of licensing and regulatory perimeter issues. Lacroix is also involved in lobbying for the drafting of pieces of banking legislation. The team notably handled the ‘reverse merger’ of Bpifrance, involving the restructuring of the group and advisory services regarding the regulatory process and the prudential impact of the transaction.

Practice head(s):

Frédérick Lacroix

Other key lawyers:

Hélène Kouyaté

Key clients

Bank of America

Goldman Sachs

Watford Holdings

Société Générale



HSBC Continental Europe

Cathay Capital








Work highlights

  • Advised Goldman Sachs on setting up a new trading venue in Paris, the multilateral trading facility called SIGMA X Europe MTF, to avoid Brexit disruption.
  • Counsel to Amundi, a global leader in asset management, on the acquisition from Société Générale of another French asset manager, Lyxor, including its subsidiaries and branches, to create a European leader in the ETF market.
  • Assisting Bpifrance with the structuring and implementation of an intragroup ‘reverse merger’ for the purposes of facilitating the financing of the French economy in the specific Covid-19 context.

Gide Loyrette Nouel A.A.R.P.I.

Gide Loyrette Nouel A.A.R.P.I.‘s financial services team acts for French and foreign management companies, banks, financial institutions, investment funds, advising them on their structure, regulatory framework and activities. The innovation and fintech desk, led by Franck Guiader, is a valuable addition and focuses on legal and regulatory foresight, decision-making, and legal structuring in the field of digital innovation. Practice head Stéphane Puel and Guillaume Goffin stand out. Jean-Guillaume de Tocqueville left the firm for Jones Day in June 2021.

Practice head(s):

Stéphane Puel


‘Excellent banking and finance team: Gide’s team has all the skills to meet the needs of financial intermediaries, particularly in the field of asset management on behalf of third parties (UCITS, AIF). An available team that integrates the operational constraints of its customers. Billing remains moderate.’

‘Stéphane Puel: Essential in the field of asset management. One of the best in his field in Paris. Benjamin Delaunay: young partner, very available and very competent in banking and financial law.’

‘Best regulatory team in Paris, in particular for real estate funds in conjunction with Gide’s tax, corporate and real estate teams, thus offering a complete high-quality service.’

‘Stéphane Puel has been able to build one of the best regulatory teams in Paris and developed a practice that offers his clients business-oriented solutions while providing a reliable and secure legal framework.’

‘Stéphane Puel has been able to create a real relationship of trust with his clients through his technical mastery and his ability to understand the needs of his clients. Stéphane Puel thus establishes himself as the essential reference for any regulatory issue due to his knowledge of fund regulation, market practices, and the regulator and his ability to deliver a clear, synthetic, and precise message on regulatory issues.’

‘Excellent knowledge of OPCIs and prudential regulations on the investments of insurance companies.’

‘Guillaume Goffin has very good knowledge of French real estate funds and has excellent market relations. Benjamin Delaunay has very fine knowledge of SCPI and AMF controls.’

‘Very strong responsiveness of the team. Ability to propose feasible regulatory changes. Huge credibility with supervisory authorities. Excellent teaching skills with non-specialist audiences.’

‘The involvement and seriousness of this team are remarkable. If we compare to other firms the vision is better and their advice very relevant. The cause of this excellence is two-fold: first of all the very regular contacts maintained by the team with the regulator and then the number of clients which allows the Gide firm to have a very good view of market practices.’

Key clients

BNP Paribas

Crédit Agricole Corporate and Investment Bank (CACIB)

Bank of Ireland

Société Générale



HSBC France



Morgan Stanley

Kepler Cheuvreux

Oddo BHF

Primonial REIM

La Banque Postale


Lombard Odier Europe

Crédit Suisse

French State


Westbrook Partners

Nuveen France

Younited Credit


Banque Centrale de Mauritanie

Agence française de développement


Herbert Smith Freehills LLP

Herbert Smith Freehills LLP‘s financial regulations practice covers all types of wholesale and retail financial institutions. Providing counsel on the regulatory aspects of a key transaction last year, the team handled BNP Paribas’ acquisition of Floa Bank from Casino group and Crédit Mutuel Alliance Fédérale. Vincent Hatton takes the lead on fintech financial regulatory issues in relation to the setting-up of their platforms and offerings in France and abroad. Régis Oréal is the go-to for transactional and regulatory matters whilst Antoine Juaristi is the key figure for regulatory finance disputes.


‘Expert, responsive team at the service of customers. Few market lawyers can boast of having carried out so many AMF and ACPR procedures and of being able to advise their clients with the regulator’s vision in their sights. Also excellent for cross-border issues. Good reputation also on the regulator side. Pragmatic approach to the subjects.’

‘Martin Le Touzé is a partner with an excellent regulatory background and a long litigation practice. He is also an expert in regulatory insurance issues and is highly regarded by clients. He is very attentive to his clients. The seniority and expertise of Antoine Juaristi are also highly appreciated by clients. Associate César Michel and the other associates are essential links in the good functioning of the team.’

‘The partner Louis de Longeaux, whom we have known for a long time, has extensive experience on the borrower side, which is rather rare. He is very competent and a contact that is as pleasant as it is easy.’

Key clients

BPCE/Natixis group



Western Union

UAE Exchange (Travelex Group)

Crédit Agricole

BNP Paribas


Société Générale



Euler Hermes

CNP Assurances

Work highlights

  • Advising BNP Paribas on the regulatory aspects related to the acquisition of Floa Bank from Casino group and Crédit Mutuel Alliance Fédérale.
  • Assisting Bpifrance with the drafting of general terms and conditions as well as on the drafting of the guarantee of the PGE in the context of the financial response of the French State to the Covid crisis.
  • Acting as counsel to Generali Vie in relation to a lawsuit regarding the execution of a life insurance contract.

Spitz Poulle Kannan

‘Highly recommended’ for regulatory litigation and pre-litigation, Spitz Poulle Kannan is a key player on the market for financial market regulatory matters. The team has developed particular expertise in the regulatory requirements of complex financial products such as derivatives and structured products. Arut Kannan has longstanding experience in advising on the full range of OTC derivatives products. Nicolas Spitz and Jean-Baptiste Poulle are specialists in acting for banks and financial institutions in regulatory investigations and enforcement proceedings. Associate Sibylle De Vareilles left for Crédit Mutuel in July 2021.

Other key lawyers:

Sandra Kahn


‘Very efficient, available team that always respects the deadlines. Relevant team in its legal analyses and in the arguments it develops in litigation or regulatory pre-litigation.’

‘Nicolas Spitz is remarkably calm and composed which allows him to manage complex situations with complete serenity. He has a great capacity for listening, allowing him to obtain all the information useful for the constitution of an effective defense. I highly recommend him for regulatory litigation and pre-litigation.’

‘Although it is a relatively small firm, the lawyers have an excellent understanding of industry developments and market practices. I have found the firm’s advice to be commercial, pragmatic and always clear in terms of identifying the key issues and suggesting potential courses of action.’

‘As well as being extremely competent lawyers, the individuals are proactive and always provide high-quality advice within the agreed timeframes.’

‘Extremely sharp and up-to-date knowledge of theory (even avant-garde), but also of the field and concrete actions.’

‘Accessibility and responsiveness. Spirit of initiative. Sympathy.’

‘Very good experience in the field. Relation of trust and discretion. Great added value. Excellent report/quality of services and fees.’

‘Nicolas Spitz: Responsive. Very pleasant contact. Very good understanding of business issues.’

Key clients

Deutsche Bank



Edmond de Rothschild

BNP Paribas


Morgan Stanley


Groupe BPCE


La Banque Postale

Perella Weinberg Partners

Crédit Mutuel Arkéa

Crédit Agricole


Siemens Financial Services

Itau Unibanco


Groupe Exane

Work highlights

  • Assisted Perella Weinberg Partners with preparing and filing the notification for an acquisition of a qualifying holding by a Special Purpose Acquisition Company (SPAC) in the French subsidiary of the PWP group.
  • Advised Finance Agri on relevant documentation following its registration with the AMF as a benchmark administrator.
  • Advising Checkout SAS, the French e-money institution of the Checkout group, on its establishment in France following Brexit and various aspects of its payment services and e-money activities.

Ashurst LLP

Ashurst LLP's regulatory team advises financial institutions and corporates on all aspects of their regulated business in France and overseas. The practice recently advised Citigroup on all French regulatory issues related to the first time inclusion of French law governed securities in its issuance programme, the development of its French desk on structured products and the planned expansion of its offer to include credit-linked notes. Hubert Blanc-Jouvan leads the department. Senior associates Maxime Gandibleux and Francesco Assi are also noteworthy members of the team.

Practice head(s):

Hubert Blanc-Jouvan

Key clients


Bank of America


Credit Suisse

Goldman Sachs

JP Morgan




Intesa San Paolo

Work highlights

  • Advised LCH SA on the finalisation of their new “sponsored clearing” model, where buy-side firms may access directly the CCP as clearing members under the sponsoring of banks, and the extension of its clearing activities to the Norwegian derivatives market.
  • Assisted Citigroup with the inclusion for the first time of French law governed securities in its issuance programme and the implementation of its distribution models.

Dartevelle Dubest Bellanca

Dartevelle Dubest Bellanca launched its regulatory practice in September 2021 with the arrival of Frédéric Bellanca who joined with his team from DS Avocats. Active in contentious and non-contentious matters, primarily for financial institutions and large corporates, the practice focuses on banking, financial, securities and stock market exchange matters on one side and on fintech and crypto-finance matters on the other. The firm also offers complementary expertise in compliance, investigations and criminal law.

Practice head(s):

Frédéric Bellanca

Key clients

BNP Securities Services (France)

Crédit Agricole Group

Crédit Agricole Titres

Crédit Lyonnais

Crédit Industriel et Commercial (CIC)

Crédit Mutuel Alliance Fédérale



Crédit Agricole

Indosuez France

Orange Bank

ING Bank N.V.


CA Consumer Finance


DLA Piper

DLA Piper is a go-to firm for cross-border banking and financial regulatory projects. The practice focuses on payment services and electronic money, including the contractual and procedural implementation of obligations arising from various recent European directives. Former practice head Sébastien Praicheux recently left the firm.

Other key lawyers:

Celestine Barthout


‘The DLA Piper France regulatory team is always available. The team is very responsive and provides pragmatic solutions. The team is committed and finds concrete and innovative solutions to defend our interests.’


Led by Arnaud Grünthaler, Fieldfisher‘s Paris financial services department has a strong reputation in banking and financial regulatory matters, with expertise including cross-border lending and wealth management for credit institutions from outside the EU. The firm is also a heavy-hitter in the fintech regulatory sector, advising companies on the establishment of their security token offerings in France. A notable example is the establishment of Logical Pictures’ €100m security token offering.

Practice head(s):

Arnaud Grünthaler


‘Very professional and rigorous work. Very precise.’

Key clients

Logical Pictures / Logical Content Ventures


Levantor Capital


Goodyields Capital

Global Soft


Smart Blockchain Innovation

Vivid Money

Vivid Invest

Currencies Direct

Havas Blockchain

Work highlights

  • Advised Logical Pictures on the legal and regulatory structuring of a €100m security token offering.
  • Assisted Vivid Money, one of the first banking applications set up in France through the BaaS concept, with the establishment of its activities in France.
  • Acted as counsel for SmartNode, a subsidiary of Smart-Chain, to establish its legal, regulatory and contractual relationship with the blockchain Tezos, as an institutional “baker” (or block validator) on the Tezos Blockchain on 1 December 2020.

Hogan Lovells (Paris) LLP

Hogan Lovells (Paris) LLP combines technical expertise and a deep understanding of the regulatory context in which its clients operate. Frequently advising on matters spanning multiple jurisdictions, the firm’s large financial services team provides an international one-stop-shop to banks and payment services clients. Partner Sébastien Gros leads the team. Senior associate Franck Dupret provides key support.

Practice head(s):

Sébastien Gros

Other key lawyers:

Franck Dupret


‘The team has a commercial outlook and a ‘can do’ attitude. They are able to advise on the full spectrum of financial regulatory, commercial and banking matters. They are well aware of market practices and are able to advise on how market participants interpret and view the law and the how the regulators have reacted.’

‘Franck Dupret is a stand-out senior associate in the team. Our legal and business teams view him as a valuable partner who is extremely responsive and unafraid to give a view or recommendation.’

‘A very competent, responsive team who understands the operational constraints. Billing is fair and transparent.’

‘The people of the team are very pleasant, understand  the legal issues and the operational consequences very quickly. Franck Dupret is particularly responsive and solution-driven in addition to the fact that he demonstrates a real understanding of the business. Sébastien Gros ensures that the expectations of his clients are taken into account.’

Key clients


BNP Paribas Group

Credit Agricole Group

Société Général

CNH Financial Service


La Banque Postale

Opel Bank

Work highlights

  • Advising HSBC, both the French and the UK authorised credit institution, in relation to several banking regulatory matters.
  • Assisting a number of Crédit Agricole Group entities with several banking regulatory issues such as the global reorganisation of its Spanish and Portuguese entities, which included advising CAL&F on the amalgamation of Eurofactor Hispania and Eurofactor Portugal into CAL&F, a French authorised credit institution.


Jeantet guides clients through the complex and ever-changing areas of banking and financial law, devising personalised solutions and ensuring compliance with stringent international standards governing finance transactions. Martine Samuelian is the head of the practice and is ‘perfectly familiar with the banking sector and banking and financial regulations’. Jean-François Adelle is another notable name; his regulatory expertise covers credit, security, cash management, collateral management, trusts, derivatives, and financial products. The team frequently guides clients through compliance investigations by French financial authorities.

Practice head(s):

Martine Samuelian

Other key lawyers:

Jean-François Adelle


‘The team, led by Martine Samuelian, has developed unique and remarkable expertise in banking and financial law and especially with regard to the controls, investigations and sanctions of supervisors and regulators. The team has a detailed knowledge of the expectations of supervisors and knows how to best defend the interests of its clients, especially in the event of litigation. The availability of Martine Samuelian and her teams is just as remarkable.’

‘Martine Samuelian is a professional recognised and praised both by her colleagues, but also by the companies she supports. She is very familiar with the banking sector, banking and financial regulations, which allows her in particular to defend and intelligently represent her clients in the context of administrative composition procedures or sanctions.’

‘We work with the regulatory team on technical, complex subjects where the answers are never obvious. The team is responsive, very pragmatic and knows our group well.’

‘Martine Samuelian, who is always very available, offers solutions adapted to our needs and knows our business perfectly. Martine is a wonderful lawyer, very experienced and always knows how to best solve our difficulties.’

Key clients











Work highlights

  • Representing the French leading for-profit crowdfunding platform Leetchi before the Paris Civil Court against the ‘yellow vest boxer’ Christophe Dettinger regarding the allocation of collected funds dedicated to help him to pay legal fees after being brought to justice for a fight with police officers during a protest march.

Kramer Levin Naftalis & Frankel LLP

Kramer Levin Naftalis & Frankel LLP‘s financial regulatory expertise is sought after by some of France’s largest financial institutions, notably UBS France and BNP Paribas. Hubert De Vauplane is an expert on European and French financial and banking regulation. Hugues Bouchetemble assists banks, investment firms, and life insurers regarding questions related to the creation of regulated institutions, internal organisation, compliance, distribution of financial products, and cross-border banking and financing.


‘In the context of disciplinary proceedings before the AMF, the advice and assistance provided to employees supported by the Kramer firm were very relevant. Excellent analytical and editorial skills.’

‘Very strong and noticed involvement of Hugues Bouchetemble. Very technical and rigorous approach to the subjects. Fine analysis and particularly informed. Excellent writing and interpersonal skills. Clear and accessible speech.’

‘Excellent legal and commercial knowledge delivering value via practical advice on real-world problems. Flexible, open to collaboration, highly responsive. Hard to imagine what more they could have done.’

‘Hugues Bouchetemble and his team work in “business unit ” mode, with good complementarity between lawyers and cases followed up together. Their organization is particularly efficient. Hugues Bouchetemble supports us on strategic issues, with a high level of availability. He knows how to adapt with great flexibility to our changing needs and recommends pragmatic solutions.’

‘Kramer is very sharp on regulatory aspects’

‘Hugues Bouchetemble is remarkable!’

‘Hugues Bouchetemble, who stands out with an always very global vision of the subjects and above all a particularly operational approach, is always a force of proposal. Its proposals are pragmatic, very concrete, making its support on complex subjects very valuable.’

‘The Kramer Levin, specifically Hugues Bouchetemble and his teams, demonstrate great responsiveness and expertise. Beyond the legal aspect, our contacts are extremely pragmatic and quickly grasp the operational aspects of regulatory development. Finally, Bouchetemble and his teams have a perfect knowledge of our company.’

Key clients


Banque Delubac

Hi Pay










Muddy Waters



Oney Bank

Aurel BGC

Tylia Invest

Market Pay

Solaris Bank

Citibank Luxembourg

Solution 30





Banque Lazard


Total Energy/Sofax


UBS Suisse & Luxembourg

JP Morgan

Work highlights

  • Advised La Banque Postale Asset Management on the reorganisation of its full range of pan-European UCIs.
  • Advised BNP Paribas on the redesign of its relationship entry process for retail customers to adapt it to digitalisation.
  • Assisted OTC EX with the creation of a new product as an actively managed certificate (AMC) with an international benchmark of the location of the SPV, an EU and Swiss review of the legal distribution framework, and with drafting and negotiating various contracts with multiple parties.

Lacourte Raquin Tatar

Lacourte Raquin Tatar’s banking and finance team is co-led by Damien Luqué and specialises in asset management, financial regulatory matters and fintech-related regulatory work. Credit institutions, MiFID firms, portfolio management companies, and other regulated entities seek out the firm's expertise. Damien Luqué  is the head of the practice.

Practice head(s):

Damien Luqué 


‘The key strength of the advice provided by Lacourte is that it is pragmatic, practical and tailored to our particular business model and risk appetite.’

‘Damien Luque at Lacourte not only applies French law and regulation, but he also takes into account the nuances of the business so that his advice is commercial rather than purely academic and theoretical.’

Key clients

Lucky Oldstone

Russell Investments

LaSalle Investment Management

Sogelym Dixence

Crédit Mutuel Arkéa – Federal Finance Gestion

BNP Paribas


Aviva Investors

Work highlights

  • Advised Korian on the restructuration of its investment portfolio and the entry of new institutional investors within the portfolio (EDF Invest and BNP Paribas Cardif).

Pwc Société d'Avocats

The team at Pwc Société d'Avocats has an in-depth understanding of the laws and regulations that apply to all types of financial and credit activities in France, as well as of approval procedures before supervisory bodies. In the context of Brexit, the firm has been handling various significant relocation projects from international institutions. Practice head Nicolas Mordaunt-Crook has also been developing expertise regarding the regulatory considerations of fintech-driven projects such as online banking, payment services and crypto-assets.

Practice head(s):

Nicolas Mordaunt-Crook


‘A team with a lot of expertise, experience and insights, that immediately gives you the feeling to be in good hands. The team is very much used to working with other PwC departments (legal, finance, etc), offering the client a very smooth experience. I strongly recommend them.’

‘They always have an expert.’

‘The team takes a very pragmatic and practical approach to solve problems. They aim for efficiency and solutions that are easy to implement.’

Key clients



Work highlights

  • Assisting a French insurer in the context of disciplinary litigation proceedings launched by the French Insurance Regulator (ACPR) as a result of alleged shortcomings identified in the course of an earlier regulatory investigation.
  • Assisted Novaxia Investissement with a major reorganisation of its existing range of funds involving the merger of three funds (with AUM in excess of €100m) into a new investment vehicle, Novaxia One, which itself has launched a new public offering for a target amount of €25m.
  • Assisting Corum Life & Corum Butler with the structuring of a new retail finance business for extending loans to investors, in conjunction with an application for authorisation extension in respect of the Group’s insurance company, Corum Life, to allow for the offering of new products.


With ‘excellent legal expertise on French and EU banking law matters’, CMS is well equipped to advise on cross-border regulatory matters. Jérôme Sutour ‘s team is well known for setting up investment firms, French management companies, banking institutions, payment institutions, linked agents, and French branches of foreign financial institutions. Fintech-related regulatory matters are another area of expertise. Counsel Karima Lachgar left the firm in September 2021.

Practice head(s):

Jérôme Sutour


‘Excellent legal expertise on French and EU banking law matters and a good knowledge of authorities’ expectations.’

Key clients










Work highlights

  • Assisting N26 with its procedures and contractual relationships with its new French-based clients.
  • Advising Stellium Invest on the creation of new financial products and the implementation of new regulations.
  • Assisting IMGP with the regulatory aspects of the acquisition of a Luxembourg AIFM, such as the transition, maintenance of the AIFM approval and management of the relationship with the French and Luxembourg regulators.

White & Case LLP

White & Case LLP's regulatory offering was consolidated with the arrival of Emilie Rogey in 2019 who has extensive experience advising clients ranging from small French fintechs to major US investment banks. Rogey's team works with regulated entities on a broad range of financial regulatory and compliance matters, including regulation of investment services, banking activities, fund management and payment services, market abuse, anti-money laundering and prudential and governance requirements.

Practice head(s):

Emilie Rogey

Key clients

Jefferries Finance LLC

Macquarie Capital Ltd

JP Morgan

Goldman Sachs




Trade Republic




BNP Paribas Personal Finance

Wilmington Trust, Paris

Edmond de Rothschild

Groupe Casino


Mérieux Equity Partners

Caisse des Dépôts et Consignations

Candriam Investors Group

Credit Mutuel Alliance Fédérale (CIC)

Work highlights

  • Advising Aéma Group on the €3.2bn acquisition of Aviva France, including on the audit, negotiation of the SPAs and specific indemnities, and on obtaining the prior approval of the French regulators on over a dozen change of control files.
  • Assisted Groupe Casino with the regulatory aspects of its long-term partnership with BNPP with respect to FLOA Bank, a French fintech company.
  • Advising the German Fintech Trade Republic with respect to the launch of its mobile app in France.