France

Compulsory use of the French language in prospectuses

Xavier Gallet, Clifford Chance, Paris

The Conseil d’Etat (the French supreme court for administrative matters) decided on 20 December 2000 to rescind provisions of the Commission des Opérations de Bourse (COB) Regulations on foreign language prospectuses. The decision follows an appeal from Alain Genitteau, an avocat known as a staunch defender of the national language. The provisions rescinded are COB Regulations nos. 98-01 and 98-08 dated 22 January 1999 authorising foreign issuers and/or issuers using the private placement route to use “a usual language in the field of finance” (i.e. English) for their public offering and/or listing prospectuses lodged with the COB.