Book I: Money

The application for authorisation of a foreign investment is filed by the investor. However, where the proposed investment involves one or more investors belonging to a chain of control, the application may be filed by one of the members of that chain on behalf of all the investors who are members of that chain.

Within thirty working days from the date of receipt of an application for authorisation, the Minister responsible for the economy will inform the investor who submitted the application either that the investment does not fall within the scope of I of article L. 151-3, or that it does and is authorised unconditionally, or that it does but that further examination is required to determine whether the preservation of the national…

I.-The investor is exempt from the authorisation requirement set out in this chapter: 1° Where the investment is made between entities all belonging to the same group, i.e. more than 50% of the capital or voting rights are held, directly or indirectly, by the same shareholder; 2° Where the investor crosses, directly or indirectly, alone or in concert, the threshold of 25% of the voting rights in the capital of…

I.-The conditions mentioned in II of article L. 151-3 are primarily intended, in accordance with the principle of proportionality, to : 1° Ensure the continuity and security, on national territory, of the activities listed in Article R. 151-3 carried out by the entity that is the subject of the investment, in particular by ensuring that these activities are not subject to the legislation of a foreign State likely to hinder…

I.-The conditions set may be revised, at the investor’s request: 1° In the event of changes, unforeseeable on the date of completion of the authorised operation, in the economic and regulatory conditions under which the activities listed in article R. 151-3 by the entity that is the subject of the investment; 2° In the event of a change in the shareholding of the entity that is the subject of the…

The Minister responsible for the economy shall refuse, by reasoned decision, the investment authorisation requested, if the implementation of the conditions provided for in article R. 151-8 is not sufficient on its own to ensure the preservation of the national interests defined by article L. 151-3. The Minister may take into consideration the fact that the investor has links with a foreign government or public body. He may also refuse,…

The implementation of an investment operation authorised on the basis of this chapter gives rise to a declaration under the conditions laid down by order of the Minister for the Economy.