France

French reform securities law and regulation

On 24 June 2004, the French government passed an order ( Ordonnance portant réforme du régime des valeurs mobiliéres émises par les sociétés commerciales ) aimed at reforming laws and regulations relating to securities. The long awaited Ordonnance covers a number of issues but primarily focuses on simplifying the rules that currently apply to the issue of debt or equity securities by French corporate entities or any foreign corporate entities which would chose French law for their issues of securities. The new order specifically contains several amendments regarding increases in capital of joint stock companies and the types of securities that those companies may issue.