French Monetary and Financial Code
In forceI.-The investor is exempt from the authorisation requirement set out in this chapter:
1° Where the investment is made between entities all belonging to the same group, i.e. more than 50% of the capital or voting rights are held, directly or indirectly, by the same shareholder;
2° Where the investor crosses, directly or indirectly, alone or in concert, the threshold of 25% of the voting rights in the capital of an entity over which it has previously acquired control by virtue of an authorisation issued under 1° of Article R. 151-2 ;
3° When the investor acquires control, within the meaning of Article L. 233-3 of the French Commercial Code, of an entity in which it has previously directly or indirectly, alone or in concert, exceeded the threshold of 25% of the voting rights by virtue of an authorisation issued under 3° of Article R. 151-2, provided that the Minister responsible for the Economy has been notified in advance of this acquisition. Unless the Minister objects, this new authorisation comes into effect at the end of a period of thirty days from the date of notification, in accordance with the conditions laid down by order.
If an application for authorisation has nonetheless been submitted under the circumstances set out in this I, the acknowledgement of receipt issued will state that the application is without purpose.
II -I does not apply when :
1° The investment has the effect of preventing an investor from complying with the conditions for which he has been made responsible pursuant to II of article R. 151-8 on the occasion of an authorisation issued previously ;
2° The purpose of the investment is to transfer abroad all or part of a branch of one of the activities listed in article R. 151-3.
