If so, what is the legal standard that applies to justify an enforcement action? Interim measures may also be challenged before the First President of the PCA within 10 days following the notification of the interim measures. The PCA may suspend interim measures until the appeal is adjudicated on the merits when it finds that the interim measures are likely to have clearly excessive consequences should the ADLC decision be subsequently completely or partially reversed. Decisions to appeal are not suspensive.

However, upon specific request, the president of the PCA may suspend the implementation of a decision if it is likely that the decision of the ADLC will have manifestly excessive consequences or where new facts of excessive gravity are raised.

As mentioned in question 1. Appeals of hulk ride universal studios 2019 judgments are also dealt with by the PCA. Public entities the State and territorial authorities may also bring a case before the administrative court if they have the standing to do so. Most of these cases are brought against companies involved in bid-rigging.

A class action regime is also available under French law. Under Article L. Hard-core restrictions are not covered by the exemption. Leniency programmes are available to companies that have infringed Article L.

However, this procedure applies mainly to cartels between competitors involving hard-core restrictions such as price-fixing, market sharing, and bid-rigging. The ADLC does mention variation of enforcement between industries or businesses. In and earlythe sectors involved in a decision, commitments or ongoing proceedings are varied agriculture, publicity, the healthcare industry, wine and spirits, taxis, luxury watch retail, household appliance manufacture, etc.

The ADLC shall duly take into consideration regulatory constraints when assessing practices. In any event, in France, regulatory rules do not prevent the application of competition law. The ADLC is an independent administrative authority and its actions should not be influenced by the political environment or changes in government. Potentially all sectors and industries are under the scrutiny of the ADLC. However, in a press release dated January 11,the ADLC announced that it would particularly focus on the following sectors: digital economy; health; food retail; energy; regulated professions; as well as all anticompetitive practices occurring in French overseas departments.

Interestingly, the ADLC defined the market of search-related online advertising, holding that it differs significantly from other forms of online adverting. Also, the ADLC stated that the substantial investments and time required to develop a competing platform constitute barriers to entry into this market.

The ADLC found that requiring hand-delivery of this type of product by the distributor to the buyer removed any interest in online retail and was therefore anticompetitive. While an appeal decision on the merits is still awaited, the PCA decided to suspend the interim measures, as it found that implementing these measures would mean that Stihl would need to change its whole distribution network and incur substantial expenses.

Vertical agreements shall be actively scrutinised by the ADLC and competent jurisdictions. The ADLC has a strong knowledge of the distribution and retail sectors in France and shall monitor them regularly. Then, the ADLC identifies whether the parties to an agreement are active at different stages of the production chain of a product or a service by opposition to a competitor which competes at the same level of the chain to classify the agreement as vertical.

The law governing vertical agreements is covered by Article L. Article L. Specific regulations may exempt certain types of agreements. Finally, restrictions on competition must be limited to what is strictly indispensable to implement the agreement in the context of economic progress. As a rule of thumb, the ADLC follows the common practice of the European Commission for assessing vertical restraints.

After having defined the market s concerned, the ADLC uses — as guidance — the EU vertical block exemption to assess a vertical agreement. However, an agreement considered anticompetitive may benefit from an exemption see question 2.

The product market and the geographical market must be identified, in order to define the relevant market. The relevant product market is defined as any goods or service regarded by consumers as interchangeable, by reasons of characteristics, prices or intended uses.

The geographical market is defined as the area in which the companies are involved in the supply or demand of relevant goods or services, in which the conditions of competition are sufficiently homogeneous, and which can be distinguished from the neighbouring geographical area.

Are these treated as vertical or horizontal agreements? Following EU law, dual distribution is treated as a vertical agreement when: i the supplier is a manufacturer and a distributor of goods, while the buyer is a distributor and not a competing undertaking at the manufacturing level; and ii the supplier is a provider of services at several levels of trade, while the buyer provides its goods or services at the retail level and is not a competing undertaking at the level of trade where it purchases the contract services.

Under French law, the calculation of market share is crucial and indispensable when assessing a vertical agreement and determining whether it shall fall under the EU vertical block exemption regime. It also provides for the market power of the undertaking concerned, which is a key element in assessing an anticompetitive practice. Economic analysis may be used by the ADLC, notably to compare the effects of the vertical agreement with a scenario which would have arisen if the agreement had not been concluded.

The undertaking concerned may also use economic studies to demonstrate the efficiencies of the vertical agreement or the absence of damage to the economy. Efficiencies are notably used to demonstrate that although a vertical botox areas of face restrains competition, it can benefit from an individual exemption.

The ADLC does not have to demonstrate anticompetitive effects of a restriction which is considered as having an anticompetitive object for example, retail price maintenance. Otherwise, the anticompetitive effects must be demonstrated.

As mentioned in question 2. Resale price maintenance is considered an anticompetitive restriction by object and, as such, is seen as a hard-core restriction preventing the application of the EU vertical block exemption and Article L. Exclusive dealing clauses in vertical agreements are not forbidden per se except for French overseas territories where those practices are regulated.

The market abuse directive disclosure regime in practice some margins for future actions

The ADLC and courts shall examine if those clauses have an anticompetitive effect, following several criteria: the market power of the parties; the nature and proportion of products involved in the agreement; the duration of the exclusivity; the presence or not of other similar contracts; the existence of justifications and the economic counterpart obtained by the party bound by the exclusivity, etc.

If a sale, transfer or lease agreement contains an exclusivity supply provision, the contract term shall be limited to 10 years, pursuant to Article L.

Tying obligations are only examined under the potential abuse of a dominant position, except in case of evidenced unfair trading practices. Price discrimination claims are mainly examined under the law regarding potential abuse of a dominant position. Loyalty discount claims are mainly examined under the prohibition of the abuse of a dominant position.

The ADLC closely scrutinises all vertical restraints which have as their object or effect the possibility of monitoring the consumer prices, the various channels of distribution resale including Internet of the distributor, the sharing of customers, etc. On May 25,TF1 a French television channel notified the ADLC of its acquisition of sole control of Newen a company which produces programmes broadcast on television. The ADLC dismissed the risk of vertical effects.

The ADLC held that any effect on the market for broadcast stock fiction, documentaries, etc.

The market abuse directive disclosure regime in practice some margins for future actions

In the first paragraph, it provides a non-exhaustive list of examples, such as: refusal to sell; tying practices; discriminatory terms of sale; or the termination of established commercial relationships for the sole reason that the partner refuses to accept unjustified commercial terms.

See question 2. This is a key requirement to improve transparency and facilitate the monitoring of systemic risks in the derivatives markets. On 16 Julythe Chambre des représentants de Belgique published a draft law imposing transparency with regard to the relations of financial institutions with tax havens. The draft law seeks to achieve more transparency on the relations between Belgian financial institutions and tax havens and formulates two measures for this purpose.

On the one hand, it aims to oblige credit institutions to transmit annually to the National Bank of Belgium relevant data concerning their activities. On the other hand, it prohibits any direct activity between a Belgian bank assisted by the Belgian State and an establishment located in a tax haven recognized by the OECD. The FSMA details which elements shall at least include the abovementioned policies, procedures and measures.

This Circular applies to all Belgian entities listed in Art. The implementation of MiFID 2 has altered the market economy of research and brings the issue of small caps and mid caps coverage by analysts more sharply into focus. In addition to these two ex-ante reporting regimes, Article On 12 Julythe Autorité des marchés financiers AMF published a summary of the practices for Socially Responsible Investments observed during its thematic checks. Its objective is to ensure that the SRI information provided to investors is clear, accurate and not misleading, and consistent with the investment and management process implemented.

The purpose of this document is to clarify the scope of investment services in relation to the marketing activities of financial instruments. It specifies to what extent persons seeking underwriters or acquirers of financial instruments, whether or not in conjunction with an investment service provider providing an investment service, provide an investment service to an issuer or a transferor of financial instruments.

This clarification is important for distributors whose activity leads them to market financial instruments: investment service providers including, where appropriate, their related agentsmanagement companies and financial investment advisors. Le 24 juilletl'Autorité de Contrôle Prudentiel et de Résolution ACPR a publié sa position sur le placement et la commercialisation des instruments financiers.

On 1 Augustthe Autorité des marchés financiers AMF informs the public of its decision to restrict the marketing, distribution or sale of contracts for difference CFD. Le 1er aoûtl'Autorité des marchés financiers AMF informe le public de sa décision de restreindre la commercialisation, la distribution ou la vente de contrats pour différence CFD. Dans ce contexte, l'AMF a adopté la décision de restreindre, en France ou depuis la France, la commercialisation, la distribution ou la vente de contrats financiers avec paiement d'un différentiel à des investisseurs non professionnels.

On 4 Julythe ministerial service Tracfin Traitement du renseignement et action contre les circuits financiers clandestins in charge of combating money laundering ML and terrorism financing TF published its annual report for the year According to the report, the year was defined by a net augmentation of the activities of Tracfin. After a long process during which the concerned company improved its risk mapping from through the first semester ofthe AFA now decided that the deficiencies pursuant to Article 17 of the Law of 9 December that were reproached to the company in its last audit were successfully resolved and not present anymore at the time of the current hearing.

Recommendations addressed to the company and the perspective of a sanction have led the institution to improve its prevention of corruption measures. Le 10 juilletl'Agence Française Anticorruption AFA a publié sa première décision relative à une affaire d'anti-corruption.

On 9 Julythe AMF published amendments to the clearing house operating rules and the LCH SA financial instrument settlement-delivery system relating to i the introduction of the Settlement to Market scheme for variation margins, ii the new ability for Select Members to offer clearing services to customers, iii the new ability for members to attach multiple position accounts to a single margin account, and iv the introduction of the backloading service for options on CDS.

Le 25 juinl'AMF a publié les règles de fonctionnement mises à jour de la chambre de compensation. It amends and introduces a large number of provisions that concern the actors and activities that it regulates: issuers, markets and infrastructures, asset management, token issuers, digital asset service providers and savings pension schemes.

On 28 Junethe Decree No. The current decree concerns enterprises of third countries defined in Article L. The decree allows enterprises of third countries to perform certain transactions for their own account and without a mandatory physical presence or a subsidiary.

This decree aims at describing the conditions from which the ACPR is allowed to demand that a compensation chamber would be subject to the ECB's credit institution's authorization as defined in Article 4 of Regulation EU No.

On 1 Augustthe Autorité des marchés financiers AMF has approved the amendments to the rules of operation of the multilateral trading facility Euronext Access. On 1 Augustthe Autorité des marchés financiers AMF informs stakeholders of its decision to approve the amendments to the rules of operation of the multilateral trading system Nowcp.

On 29 JuneDecree No. It describes the information that intermediaries in crowdfunding will have to transmit to the administrative authorities during and after the piloting period of consumer loans. These articles lay down a list of UCITS admitted to trading on a multilateral trading facility according to their origin and destination marketed in France or foreign-based UCITSliquidity and objective.

Ces articles listent les organismes de placement collectif admis à la cotation sur un système multilatéral de négociation en fonction de leur origine et destination commercialisés en France ou organismes de placement collectif de droit étrangerleur liquidité et objectif.

Position DOC states that the search of subscribers or f1 hybride gentechnik of an investment product in the context of offering savings products UCITS, AIF and structured debt instruments falls under the definition of product placement and thus constitutes an investment service.

This clarification is of major importance for distributors who commercialize financial products, such as investment service providers and their related agents, management companies and companies offering investment advise. On 25 Julythe Order No. This order sets out the rules concerning corporate and individual pension savings plans.

It describes the system of social contributions applicable to pension savings products and the transitional provisions to facilitate the conversion of existing products into new pension savings plans.

Most of the provisions will enter into force on a date to be fixed in a supplementary ordinance or latest on 10 January Cette ordonnance détermine les règles relatives aux plans d'épargne retraite d'entreprise ainsi que celles applicables aux plans d'épargne retraite individuels. Elle précise le régime des prélèvements sociaux applicables aux produits d'épargne retraite ainsi que les dispositions transitoires facilitant la transformation des produits actuels en nouveaux plans d'épargne retraite.

La majeure partie des dispositions entreront en force une date définie dans une ordonnance additionnelle ou, au plus tard, le 10 janvier BaFin will directly apply these guidelines within its supervisory practice as from 1 July onward. It replaces the provisions under the previous Prospectus Directive and Commission Prospectus Regulation, and allows for utilization of several types of prospectuses alongside standard prospectuses, which addresses the need for different types of securities, issuers, offers and admissions.

In addition, the risk factors section in prospectuses will become more focused on the specificity and materiality of risk factors to the particular issuer. Also, the length of prospectuses summaries will be limited in order to encourage issuers to select the information which is essential for investors. At the same time, issuers have more freedom to choose which information to present in the summary compared to the previous regime.

Although being directly applicable in the Member States, the Prospectus Regulation provides for certain provisions which require transposition into national law, and in this regard, there is also to a certain extent flexibility for the Member States. On 15 Julya new Law on the implementation of the EU Prospectus Regulation in Germany and the corresponding amendments to financial market laws has been published in the German Official Journal.

The law establishes third-country rules for the UK in case of Brexit as well as simplifications for SMEs and an adjustment of applicable fines for the case of non-compliance with the rules. As far as the EU Prospectus Regulation is concerned, it is stipulated that the German Federal Financial Supervisory Authority BaFin is designated as the competent authority within the meaning of the EU Prospectus Regulation and thus remains responsible for the prospectus approval.

The fines defined in the Securities Prospectus Act and the Securities Trading Act have been adjusted to enable that the violations of both the EU Prospectus Regulation and the relevant national wild mountain rides will be sanctioned.

In addition, the law introduces adjustments to the numbering, the German designation of delegated acts and the references to those delegated acts in the Official Journal of the European Union in the Securities Prospectus Act. Certain provisions with respect to the fee schedule for investment assets, as specified by the regulation on fees of prospectuses, will only become applicable twelve months after publication of the law, i.

The circular provides investment services companies with an overview of the regulatory requirements for behavioral and organizational duties in custody business.

In addition, BaFin explains its administrative practice and supervisory interpretation by answering selected questions. The Normenkontrollrat draws the conclusion that the costs of the new law were fairly represented by the government and that there should be thus no impediments against implementing the law.

On 16 Augustthe Bundesanstalt für Finanzdienstleistungsaufsicht BaFin published a leaflet, informing the public about prospectus and permit requirements in relation with the issuance of crypto-tokens Initial Coin Offerings, ICOs.

In the leaflet, BaFin explains which information and documents should be submitted by the issuer, so that BaFin can answer inquiries in advance of the ICO in a targeted and timely manner.

The leaflet deals intensively with the nature of crypto-tokens and provides information about the securities properties according to the Prospectus Regulation or the Securities Prospectus Act WpPG and the investment property pursuant to the Investment Act VermAnlG. The SFC will be guided by this Code of Conduct in considering whether a licensed or registered person satisfies the requirement that it is fit and proper to remain licensed or registered, and in that context, will have regard to the general principles, as well as the letter, of the Code.

The Code has been published in the Gazette. On 8 Julythe Securities and Futures Commission SFC has reminded intermediaries of their obligations to comply with the requirements under the Code of Conduct when they are in possession or control of client assets.

To strengthen the safeguarding of client assets, a standardised acknowledgement letter in the form of the template is to be adopted and duly signed by both intermediaries and Authorized Institutions AIs.

To comply with this requirement, intermediaries shall prepare and sign client asset acknowledgement letters in accordance with the provided template, and then obtain countersignatures from the appropriate AI. Intermediaries are required to have the countersigned letters in place before depositing any client money or securities into any new Client Asset Accounts.

The transition period for implementing this requirement ends on 31 Julywhere the SFC expects the countersigned letters are in place for all applicable Client Asset Accounts. This piece of legislation establishes provisions requiring non-Hong Kong companies to disclose their company's name, place of incorporation and liability arrangements in every communication document and transaction instrument of the company in Hong Kong.

If a non-Hong Kong company contravenes this requirement, the company, every responsible person of the company, and every agent of the company who authorizes or permits the contravention, commits an offence and is liable to a fine. On 23 Augustthe Securities and Futures Commission SFC published a new circular to licensed corporations on managing the liquidity risks of funds.

The SFC surveyed selected fund managers which are licensed by the SFC and manage SFC-authorized funds to understand their liquidity risk management processes and conducted inspections on some of these fund managers to assess their compliance with the July circular on liquidity risk management as well as their implementation of enhanced requirements under the Fund Manager Code of Conduct FMCC.

Fund managers are reminded to review their current policies, procedures, systems and processes in light of the regulatory requirements and the observations noted by the SFC and take immediate action to rectify any inadequacies or deficiencies. The guidance assists users on the following topics:. The Central Bank Investment Market Conduct Rules consolidate all Central Bank imposed primary market requirements into a single statutory instrument and are issued under Part 23 of the Companies Act The review is the largest data driven thematic review of the funds industry to date.

This review has highlighted broader issues around the effectiveness of investor disclosure and the legitimate expectations of investors in respect of the service provided by fund managers. Key findings of the review include:. The guidance amends the certification process initially introduced in Octoberincluding providing for circumstances where an index certification is not required. The purpose of this guidance is to clarify Central Bank requirements where a UCITS intends to use airplane rides for toddlers financial index for investment or efficient portfolio management purposes.

It also clarifies other related areas such as the use of indices composed of ineligible assets and prospectus disclosure requirements. The Central Bank recognises that financial markets continually evolve and it is therefore expected that this guidance will be updated as necessary to reflect such developments. The guidance assists the users with the following topics:. On 7 Augustthe Central Bank of Ireland issued an industry letter regarding the importance of ongoing, effective liquidity management and ensuring compliance with relevant legislation and regulatory obligations for UCITS and AIFs.

The Industry Letter highlights the importance of the execution of an appropriately calibrated liquidity risk management framework by Fund Management Companies for each fund under management, taking into account on an ongoing basis:.

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On 5 Julythe Decree of 7 May implementing the tax incentives for investments in innovative SMEs and start-ups was published in the "Gazzetta Ufficiale". These Operational Guidelines intend to offer, following the requests of the operators received during the MiFID II implementation, some detailed operational indications useful for the better implementation of the European legislation, having regard to the specificity of the national institutional and operational framework.

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The first operational guide on systematic internalizers is aimed at Italian investment firms that fall under the definition of a systematic internalizer as per by Art. It may be useful to:. The second operational guide provides guidelines for the limits on positions in derivatives on commodities and may be useful for:. These operational guidelines intend to offer, following the requests of the operators received during the MiFID II implementation, some detailed operational indications useful for the better implementation of the European legislation, having regard to the specificity of the national institutional and operational framework.

The purpose of this circular is to inform stakeholders of the implementation of the eDesk portal which must be used for certain specified requests to the CSSF in accordance with the applicable legal and regulatory provisions. Hence, some requests to the CSSF can from now on only be made via the eDesk portal; for each dematerialised request additional information and guidance are available online. On 2 Julythe Luxembourg parliament adopted the bill of law no. The Prospectus Regulation will become fully applicable on 21 July The New Prospectus Law therefore contains, for example, provisions designating the Luxembourg financial supervisory authority Commission de Surveillance du Secteur Financier, CSSF as the competent authority, defining certain exemptions from the obligation to publish a prospectus according to the Prospectus Regulation and, in addition, provisions regarding the national prospectus law regime for offers of securities to the public falling outside the scope of the Prospectus Regulation.

The New Prospectus Law will be applicable as from the same date as the Prospectus Regulation and will replace the Law of Nevertheless, it should be noted that prospectuses approved by the CSSF in accordance with the Law of before 21 July shall continue to be governed by such law until the end of their validity, or until 12 months have elapsed after 21 Julywhichever occurs first.

According to the New Prospectus Law, the Luxembourg legislator has decided to make use of the option of exempting offers of securities to the public and determined the maximum possible threshold, i.

EUR 8 Main provisions will be applied from 21 Julyexcept Article 4 2 h of Article 5 2 e. It should be noted however that prospectuses approved by the CSSF in accordance with the Law before 21 July will continue to be governed by such law until the end of their validity, or until 12 months have elapsed after 21 Julywhichever occurs first.

Although the Prospectus Regulation is directly applicable in the Member States, it provides for certain provisions, which require transposition into national law, and in this regard, New Prospectus Law has introduced the following changes to the existing prospectus regime in Luxembourg:.

Inthe European Parliament and the European Council adopted the Shareholder Rights Directive SRD to ensure a better protection of the exercise of rights of shareholders in listed companies.

To achieve this long-term investment objective, the SRD II describes new obligations for EU listed companies, intermediaries, institutional investors, asset managers and proxy advisors. On 20 Augustthe final law transposing the SRD II into Luxembourgish law and amending the Law of 24 May on the exercise of certain shareholder rights in general meetings of listed companies was published in the Official Journal of Luxembourg.

The Law of 1 August has entered into force on 24 August and is thus already applicable in Luxembourg. This Level 2 act will apply from 3 September Certain aspects of the following EU Regulations have been implemented into Luxembourg by means of the Law:.

Although these Regulations are directly applicable to the Member States, they do enable certain provisions to be regulated on a national level. Therefore, the Law introduces the following:. Furthermore, the law of July 23 relating to reserved alternative investment funds the RAIF Law is amended by introduction of this new Law.

Precisely, Article 8 is revised to provide that fonds commun de placement may be managed by Luxembourg management companies authorized pursuant to chapters 15, 16 or 18 of the law of 17 December relating to undertakings for collective investment. Sincethe European Parliament and Council have adopted several regulations introducing rules for different types of investment funds and securitizations.

Concretely, the legislative framework comprises. However, they provide options so that certain provisions are to be regulated on a national level. In this context, the Luxembourg Parliament adopted a new law Law of 16 Julywhich implements specific aspects of the above-mentioned regulations in the Luxembourgish legislative framework.

It entered into force on 22 July and is thus already applicable. Accordingly, in order to keep serving clients in Luxembourg, UK firms must:.

On 29 Augustthe Luxembourg Business Registers LBR announced that the deadline for entities to file the relevant information on their beneficial owners to the Register of Beneficial Owners is postponed from 31 August to 30 November Registrations made until that date will remain free of charge.

The Draft Law was approved by the Council of Luxembourg in the government meeting held on 26 Julywhere the Council announced that the transposition of AMLD V is one of the government's priorities. The purpose of this Draft Law is to make necessary adaptations in the amended Law of 12 November on the fight against money laundering and the financing of terrorism, as well as other laws transposing the main provisions of AMLD V at national level. Hence, for the purposes of anti-money laundering and countering the financing of terrorism, competent authorities should be able, through obliged entities, to monitor the use of virtual currencies.

The amendments also intend to limit the use of prepaid cards. Therefore, when dealing with such high-risk cases where business relationships or transactions exist, the Draft Law requires obliged entities to apply enhanced due diligence measures vitamines pour avoir cheveux longs manage and mitigate those risks.

Furthermore, the Draft Law requires obliged entities to apply additional mitigating measures regarding high-risk third countries by taking into account recommendations expressed by the FATF, especially in cases where these recommendations are not the subject of equivalent provisions in the EU Directives. Considering the importance of cross-border activities in Luxembourg, the Draft Law aims to strengthen the international cooperation between supervised authorities by proposing a legal framework in accordance with the principles established by the AMLD V and the FATF Recommendations in this regard.

The purpose is to align the professional obligations and the powers of the competent authorities. The draft law now will be debated in the Luxembourg parliament. On 29 Augustthe Commission de Surveillance du Secteur Financier CSSF issued a communication to supervised entities, stressing the relevance of assessing money laundering and terrorist financing risks in the prudential supervision. The communication is addressed to credit institutions, CRR investment firms, payment institutions and e-money institutions, including Luxembourg branches of regulated entities having their head office in the EEA or in a third country, as well as the other professionals of the financial sector supervised entities.

DAC 6 introduces an obligation to disclose to the tax authorities information on cross-border arrangements that meet certain criteria. It also regulates the subsequent exchange of the information by and between tax administrations of EU member states on a regular basis.

The purpose of DAC 6 is to allow EU member states to react more rapidly to potentially aggressive tax arrangements and to address potential loopholes through conducting appropriate risk assessments and tax audits, or involving legislative reforms aimed at closing such loopholes. The draft law follows the text of DAC 6 by introducing the same definitions, hallmarks and retaining its scope of application covering cross-border arrangements as well as taxes covered by the amended Directive on administrative cooperation in the field of taxation as transposed under Luxembourg law.

Key elements of the draft law concern, among others, its scope of application, persons who would have to report, reporting deadlines, content of the reporting and the potential penalty amounts to be imposed on intermediaries and taxpayers that do not comply with the transparency measures. Hallmarks thereby refer to the characteristics of an arrangement which was identified as potentially indicative of aggressive tax planning.

Intermediaries e.