ANNOUNCEMENT 07 May 2012In May 2012, the government of France announced changed rules for foreign investors.
NUMBER OF INTERVENTIONS
D?cret no. 2012-691 (in French): http://www.legifrance.gouv.fr/affichTexte.do?cidTexte=JORFTEXT000025823620&fastPos=1&fastReqId=770463982&categorieLien=id&oldAction=rechTexte
McDermot Will & Emery, May 23, 2012, 'Foreign Investments in France: New Decree Modifies Prior-Authorisation Standards for Indirect Investments': http://www.mwe.com/Paris-Hot-Topic-05-23-2012/
WTO-UNCTAD-OECD Eighth Report on G20 Trade and Investment Measures, mid-May to mid-October 2012: http://www.oecd.org/daf/internationalinvestment/8thG20report.pdf
Le Monde, 14 May 2014, "Alstom: l'Etat signe un d?cret de ? patriotisme ?conomique ?": http://www.lemonde.fr/economie/article/2014/05/14/l-etat-s-arme-pour-proteger-les-industries-strategiques_4418777_3234.html
Governmental Economy Portal press release: http://www.economie.gouv.fr/gouvernement-renforce-dispositif-controle-des-investissements-etrangers-en-france
On 7 May 2012, the French government issued Decree no. 2012-691 'relatif aux investissements étrangers soumis ŕ autorisation préalable', decreasing the scope of investments for which prior authorisation from the Ministry of Economy is required.
As a general rule, foreign investments on French territory are unrestricted. There are, however, exceptions that require prior government approval for investments that might affect the exercise of public authority, or that are likely to jeopardise public order, public safety or national defence interests. Under the new Decree, most indirect acquisitions in those 'sensitive' companies have been liberated from the requirement of prior authorisation.
In addition, casinos were struck from the list of 'sensitive' sectors. The measure entered into force on 9 May 2012.
In May 2014, the French government took measures increasing the number of sectors in which foreign investment is subject to state approval (see measure 6515).