By a decision on January 4, 1995, the French Conseil d'Etat, 6th and 2nd subsections, decided that the activity of portfolio manager necessitated the creation of a societe anonyme (corporation) that must be approved beforehand by the COB. This approval may be refused, however, to a company in the process of formation if the petitioner, who must be the president, does not prove to have used sufficient diligence in his prior activities.
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.
Copyright Mondaq Ltd 1995 Tel +44 171 820 7733.