French Legal And Regulatory Update – April 2019

Author:Ms Sophie Giono
Profession:Hogan Lovells

Banking France - Hong Kong cooperation on Undertakings for Collective Investment (UCI)

Publication in the French Official Journal of 16 April 2019 of the Memorandum of Agreement between the Hong Kong Securities and Futures Commission (SFC) and the Autorité des Marchés Financiers (AMF) on the mutual recognition of covered funds, management companies and associated cooperation dated 10 July 2017

This agreement between the AMF and the SFC, entered into on 10 July 2017 (AMF - SFC MoA, NOR : AMFP1910156X, JO 16 apr.), the first of its kind between a member of the European Union and Hong Kong, provides for:

a fast-track authorisation procedure for the marketing of eligible French or Hong Kong UCITS to retail investors on each of the French and Hong Kong markets; and cooperation between the AMF and the SFC in the supervision of covered entities that may offer, market and distribute shares of UCIs on a cross-border basis, including in particular consultation, exchange of information and cross-border on-site visits. Commercial France - Egalim Act : publication in the Official Journal of the five ordinances adopted by the Council of Ministers

Five ordinances related to the provisions of Act No. 2018-938 of 30 October 2018 on the balance of trade relations in the agricultural and food sector and healthy, sustainable and accessible food for all (the "Egalim" Act) were published on 25 April 2019 in the Official Journal.

The first three ordinances were submitted by the Minister of Agriculture and Food. The ordinance No 2019-361 concerns the independence of advisory activities on the use of plant protection products and the system of certificates for the saving of plant protection products. The ordinance 2019-362 concerns agricultural cooperation. Finally, the ordinance No. 2019-363 concerns the extension of the judicial police powers of the officers mentioned in Article L205-1 of the Rural and Maritime Fisheries Code and Article L511-3 of the Consumer Code.

The two other ordinances are specifically related to commercial relations. The ordinance 2019-359 is a recast of Title IV of Book IV of the French Commercial Code on transparency, restrictive practices and other prohibited practices. The ordinance No. 2019-358, on the other hand, deals with liability claims for abusively low prices.

The purpose of the ordinance No. 2019-359 is to redraft and simplify the thirteen restrictive business practices listed in Article L442-6 of the French Commercial Code on...

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