Section 1: Infringements of market transparency

Articles in this section · 9

L465-1L465-2L465-3L465-3-1L465-3-2L465-3-3L465-3-4L465-3-5L465-3-6

Article L465-3-4

French Monetary and Financial CodeIn force
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Updated 7 Nov 2023

I. - This section applies to

1° to financial instruments traded on a trading venue or for which a request for admission to trading on a trading venue has been submitted ;

2° Financial instruments other than those referred to in 1° whose price or value depends on the price or value of a financial instrument referred to in 1° or whose price or value has an effect on the price or value of a financial instrument referred to in 1°;

3° The units mentioned inarticle L. 229-7 of the Environmental Code.

II. - Articles L. 465-3-1 and L. 465-3-2 of this Code also apply to:

1° Spot commodity contracts, within the meaning of Article 3(1)(15) of Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (Market Abuse Regulation) and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC, which are not wholesale energy products, within the meaning of Article 2(4) of Regulation (EU) No 1227/2011 of the European Parliament and of the Council of 25 October 2011 concerning the integrity and transparency of the wholesale energy market, where the transaction, behaviour or dissemination has or is likely to have an effect on the price or value of a financial instrument mentioned in I of this Article ;

2° To financial instruments whose price or value has an effect on the price or value of a spot commodity contract, within the meaning of Article 3(1)(15) of the aforementioned Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014, where the transaction, behaviour or dissemination has or is likely to have an effect on the price or value of the spot commodity contract.

III. - This section does not apply:

1° To buyback transactions by companies of their own shares, within the meaning of Articles L. 225-206 to L. 225-216 of the French Commercial Code, where such transactions are carried out in accordance with 1 to 3 of Article 5 of the aforementioned Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 ;

2° Stabilisation transactions, within the meaning of Article 3(2)(d) of the same Regulation, involving the financial instruments referred to in a and b of the same 2, when these transactions are carried out in accordance with Article 5(4) and (5) of the said Regulation ;

3° Transactions or behaviour mentioned in 1 to 4 of Article 6 of the same Regulation.

Mariela Petrova

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Working with a corporate lawyer in France — Q&A

Any time a strategic decision changes how the company is owned, governed or contractually bound — incorporation, fundraising, M&A, restructuring, shareholder agreements, or major commercial contracts. Earlier engagement always costs less than later remediation.

A notary (notaire) is a public officer who authenticates specific deeds (mainly real-estate transfers and certain family-law acts). A corporate lawyer (avocat) advises on strategy, negotiates and drafts company documents, and represents you in disputes. The two roles complement rather than overlap.

Yes — most of our clients are foreign suppliers, investors or holding entities. We bridge the gap between French law and your home jurisdiction's expectations and deliver everything bilingually.

The SAS (Société par Actions Simplifiée) is the default choice for most international structures: flexible governance, single shareholder allowed, no minimum capital, and works cleanly with foreign holding entities. We assess SARL, SA, SCI on the merits when the situation calls for it.

Yes — communications with a French avocat are protected by the secret professionnel (Article 66-5 of the Law of 31 December 1971). This protection is broader than the common-law attorney-client privilege and applies to written and oral exchanges.

We work on fixed fees for clearly scoped engagements (incorporation, contract drafting, audits) and on monthly retainers for ongoing advisory. Hourly billing is the exception, not the default. You always know the cost before work starts.

Typical timeline is 2–3 weeks from KYC kick-off to RCS registration, assuming standard documentation. Holding-company structures, foreign-shareholder identification or in-kind contributions can extend this — we flag the gating items at the first meeting.

Absolutely. We routinely coordinate with your in-house counsel, expert-comptable or notaire — pragmatic collaboration is the norm, not the exception. We send them everything they need to do their part without duplicating work.

Mariela Petrova

Mariela Petrova

Avocate au Barreau de Paris

Toque #C2396

15+ Years In Corporate Practice

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Communications protected by professional secrecy — secret professionnel de l'avocat, Article 66-5 of the Law of 31 December 1971.

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