The Paris Court of Appeals, section Commission des Operations de Bourse (COB), decided on January 23, 1995 that Regulation no. 90-05 relating to the abuse of powers-of-attorney or mandates, published in the Official Journal on July 20, 1990, applies to the agreements made after the Regulation came into effect, even though such agreements fit into a framework operation which was initiated in 1988. Furthermore, the court held that the elements of abuse of mandate may arise without there being any advantages which could be obtained from the clients.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances. For additional information contact Claire Acard or Joseph J. Smallhoover on 33/(1)/55 61 10 10. The members of ARCHIBALD ANDERSEN Association d'Avocats (S.G. Archibald and Arthur Andersen International) are registered with the Hauts-de-Seine Bar and the Lyon Bar.