E-newsletter  -  June 2017

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Labor & Employment
The Labor Law reform announced by the Government: The wind of hope and positivism is blowing again on French social partners

Emilie Ducorps-Prouvost

Since the election of Emmanuel Macron as President of the French Republic, the whole world has its eyes on our country and one of the issues for which Emmanuel Macron and his Government will be under much scrutiny is of course French labor and employment law. The Government’s ambition is to find innovative solutions very quickly, by relying on consultations between social partners (i.e. employees’ and employers’ representative bodies) in order to articulate social and economic performance.

While it is still too early to tell whether the “work program to renew our social model” submitted to the social partners on June 6 will be the launch pad for ambitious and efficient major labor reforms, one thing is certain: The wind of hope and positivism is blowing again on French social partners and actors.

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Corporate Law
Effective as of August 1, 2017, companies and other entities incorporated with the Register of Trade and Companies will have the obligation to disclose their beneficial owner(s)

Chems Idrissi

Unlisted companies and legal entities required to be incorporated with the Register of Trade and Companies and headquartered in France (in particular branches of foreign corporations) will very soon have the obligation to file with the clerk of the Commercial Court a document that sets forth identification data on their beneficial owner(s), his/her/their personal place of residence as well as the way in which he/she/they exercise(s) control over the relevant company or entity.

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Criminal Law
Statute of limitation reform in criminal matters

Justine Cheytion

Since March 1, 2017, new provisions govern the statutes of limitations for the prosecution of criminal offenses (i.e. the time-line during which an offense must be prosecuted) and the statutes of limitations for the enforcement of penalties.

What are the consequences of these changes?

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Docks Lyonnais case: Soulier AARPI wins 11,700,000 euros in damages for an asset manager

In the so-called “Docks Lyonnais” case echoed in the press, the company Shaftesbury Asset Management France was defended by André Soulier, Flore Foyatier and Stéphanie Yavordios, in cooperation with the DE PARDIEU BROCAS MAFFEI law firm.

After several years of many court proceedings tirelessly pursued by our firm, the Court of Appeals of Lyon ordered the company Les Docks Lyonnais, a subsidiary of the global financial services company UBS, to pay 11,700,000 euros in damages to our client, in compensation for the loss it had suffered as a result of the wrongful premature termination of an asset management agreement.

Read more on the decision of the Court of Appeals

Experts’ contributions
Enforcing judgments in the U.K. and France after Brexit

We are pleased to publish this month a contribution entitled Enforcing judgments in the U.K. and France after Brexit, authored by our colleagues Robert Campbell, Jonathon A. Gunn, Stephen Llewellyn and James Wagner from Faegre Baker Daniels LLP and Laure Marolleau from our firm.

Enforcing judgments expeditiously across borders is critical for multinational businesses. Accordingly, it is important to understand whether cross-border enforcement is practicable before pursuing proceedings.

As is widely known, the EU has legislation facilitating the reciprocal recognition of member state judgments as well as providing a streamlined procedure for cross-border enforcement. These rules have established certainty and predictability when it comes to enforcement.

But, in the context of the U.K.’s impending departure from the EU, we wish to revisit the practicalities of enforcing French and English judgments in the other’s jurisdiction and discuss how a “hard” Brexit may affect the present state of affairs.

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