France

New French regime lifts restrictions on non-OECD issuers

Arnauld Achard, Ludovic Timbal Duclaux de Martin and Andrew McCabe, Clifford Chance, Paris

The requirement for prior authorisation by the French Treasury for the placing of securities that are not issued by an OECD (Organisation for Economic Cooperation and Development) issuer has recently been abolished (except in relation to OPCVMs (collective investment schemes)).The removal of this requirement, considered obsolete by the French Finance Minister, Francis Mer, is important as it makes the Paris market more attractive, having been handicapped until now by a needless formality that lengthened the issue process for non-OECD issuers.