Subsection 1: Provisions common to investment services providers other than portfolio management companies

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Article L533-18-2

French Monetary and Financial CodeIn force

Updated 7 Nov 2023

Investment service providers other than asset management companies that execute client orders shall monitor the effectiveness of their order execution arrangements and execution policy in order to identify and address any weaknesses. In particular, they shall regularly check whether the execution venues provided for in their order execution policy make it possible to obtain the best possible result for clients or whether they need to make changes to their execution arrangements in the light of the information available pursuant to Articles L. 420-17, L. 533-18-1, L. 533-19 and L. 533-33.

Each investment service provider other than an asset management company recognised as an execution venue by Article 1 of Commission Delegated Regulation (EU) 2017/575 of 8 June 2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council on markets in financial instruments with regulatory technical standards relating to the data to be published by execution platforms on the quality of execution of transactions shall make available to the public at least once a year, free of charge, the data relating to the quality of execution of transactions executed there. These periodic reports shall include detailed information on the price, costs, speed and likelihood of execution for the various financial instruments.

The obligations mentioned in the previous paragraph apply from 28 February 2023.

Investment services providers other than portfolio management companies shall notify clients with whom they have an ongoing relationship of any material change in their order execution arrangements or execution policy.

Mariela Petrova

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Common Questions

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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