Concerted Actions

At the instigation of EC law (see Council Directive of 12 December 1988 on "the information to be published when a major holding in a listed company is acquired or disposed of" which introduced and generalised this notion), French securities law as amended since 1989 emphasises the concept of "action in concert". The law defines action in concert as "an agreement to acquire or dispose of voting rights or to exercise voting rights in order to implement a common policy with regard to a company" (Art. 356-1-3, para. 1 of the law of July 24, 1966 as amended). The law also sets out certain presumptions of action in concert between certain persons (e.g., companies controlled by the same people). However, these presumptions are not irrefutable and proof to the contrary may be produced.