FranceAntitrust/Competition Law
The legal framework for tender offers is relatively recent, deriving for the most part from three basic texts adopted in 1989. The general principles are set out in Chapter II of Law No. 89-531 of August 2, 1989 on the security and transparency of financial markets. Two sets of implementing regulations were adopted on September 28, 1989 by the external regulatory authority, the Commission des Operations de Bourses ("COB") (COB Regulation No. 89-03) and by the self-regulating market authority, the Conseil des Bourses de Valeurs ("CBV"). The CBV significantly amended its general regulations on May 15, 1992 (CBV General Regulations).
As well as statute, case law is assuming an increasingly important role which legal practitioners cannot ignore. The courts have been asked to interpret new concepts and principles of stock exchange law and referral to the courts, as in the United States, is tending to become an element of strategy.
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