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.

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