Book I: Money

Financial relations between France and other countries are free. This freedom shall be exercised in accordance with the procedures laid down in this chapter, in compliance with the international commitments entered into by France.

The Government may, in order to protect national interests and by decree issued on the report of the Minister for Economic Affairs : 1. Subject to declaration, prior authorisation or control: a) Foreign exchange transactions, capital movements and settlements of any kind between France and foreign countries; b) The creation, change in nature and liquidation of French assets abroad; c) The establishment and liquidation of foreign investments in France; d)…

I. – Prior authorisation from the Minister responsible for the economy is required for foreign investment in an activity in France which, even on an occasional basis, is involved in the exercise of public authority or falls within one of the following areas: a) Activities likely to undermine public order, public security or the interests of national defence; b) Activities relating to the research, production or marketing of weapons, munitions,…

I.-If a foreign investment has been made without prior authorisation, the Minister responsible for the economy shall take one or more of the following measures: 1° Injunction to the investor to file an authorisation application; 2° Injunction to the investor to re-establish the previous situation at its own expense; 3° Injunction to the investor to modify the investment. The injunctions mentioned in 1° to 3° may be accompanied by a…

If an investment is made without prior authorisation, if prior authorisation is obtained by fraud, if the requirements of II of article L. 151-3 are disregarded, if decisions or injunctions issued on the basis of article L. 151-3-1, the Minister for the Economy may, after giving the investor the opportunity to comment on the alleged facts within a minimum period of fifteen days, impose a financial penalty on the investor,…

Any commitment, agreement or contractual clause that directly or indirectly makes a foreign investment in one of the areas mentioned in I of article L. 151-3 is null and void when this investment has not been subject to the authorisation required on the basis of article L. 151-3.

The investor or company carrying out the activities referred to in article L. 151-3 must provide the administrative authority in charge of the foreign investment authorisation and control procedure, at its request, with all the documents and information required for the performance of its duties, without being able to invoke legally protected secrets.

Subject to the provisions relating to the protection of national defence secrets, the Minister for Economic Affairs shall publish annually, in a manner that guarantees the anonymity of the natural and legal persons concerned, the main statistical data relating to the Government’s control of foreign investment in France.