French Legal And Regulatory Update - February 2019

Author:Ms Sophie Giono
Profession:Hogan Lovells
 
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CAPITAL MARKETS

France - Preparing for Hard Brexit: what are the measures provided for in the Ordinance of 6 February 2019

Pursuant to the Law of 19 January 2019 allowing the French Government to take by way of ordinance the necessary measures to prepare the withdrawal of the United Kingdom from the European Union, an ordinance on financial services which are applicable only in the event of Hard Brexit has been issued by the French Government on 6 February 2019.

This ordinance provides for several key measures, including:

the exclusion of the anatocism rule which prohibits the capitalisation of interests due over a period of less than one year for French law master agreements published by the International Swaps Derivatives Association (ISDA) in respect of derivatives; the introduction of a new mechanism for the replacement of derivative framework contracts with framework contracts governed by French law, subject to certain cumulative conditions as set by the Ordinance; facilitating access by French entities to British interbank and securities settlement systems, which will continue to benefit from the protective measures of the Finality Directive of 19 May 1998 and ensure that settlements within these systems are final; and the continuity of the Supervisory Authority's powers of sanction and supervision for acts committed by persons under its authority but also for successive performance contracts concluded on the basis of a European passport. For more details please click on the following link (Only a French version is available): https://www.hoganlovells.com/fr/publications/produits-derives-et-brexit-que-retenir-de-lordonnance-du-6-fevrier-2019

DATA PROTECTION

France - First ruling upon request of the CNIL's qualified person

When the administration considers that content published on the Internet constitutes a direct provocation or promotes acts of terrorism, it can order Internet service providers and search engines to block access to or stop indexing such content.

These measures are implemented under the control of a qualified person designated by the French Data Protection Authority (the "CNIL"). This person can submit a cancellation request to the administrative courts.

In this context, on February 4th, 2019, the administrative court of Cergy-Pontoise quashed several content withdrawal decisions made by the Anti Information Technology-Related Crime Central Office (Office central de lutte contre la criminalité liée aux...

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