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Banking & Finance

31 March 2017 | Soulier Avocats

A first demand guarantee is not transferrable when the beneficiary of such guarantee is split-up

In a decision dated January 31, 2017, the Commercial Chamber of the Cour de Cassation (French Supreme Court) held that “unless otherwise agreed upon between the parties, the first demand guarantee, that does not follow the guaranteed obligation, is not transferred in case of a split-up”. This position has already triggered many comments and conflicting […]

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31 March 2016 | Soulier Avocats

Guarantees: The guarantor’s commitment must not be grossly disproportionate to his/her assets

In a decision dated January 26, 2016, the Commercial Chamber of the Cour de Cassation (French Supreme Court) provided clarification on the conditions in which Article L.341-4 of the French Consumer Code should be applied. Specifically, it ruled that “the shares and the current account receivable held by the guarantor in the company that is […]

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1 February 2010 | Soulier Avocats

Creation of a prudential control authority for the bank and insurance industries

Ordinance no. 2010-76 of January 21, 2010 established a new administrative control authority for the banking and insurance industries, the Autorité de contrôle prudentiel (Prudential Control Authority or hereinafter “ACP”). The ACP was formed through the merger of existing licensing and supervisory authorities that supervised the bank and insurance industries (i.e. the Commission Bancaire (Banking […]

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