Legislative part

I.-It is punishable by two years’ imprisonment and a fine of 9,000 euros for the chairmen, directors, managing directors or managers of any company: 1° Failing to mention in the annual report presented to the shareholders on the operations of the financial year, an acquisition of a holding in a company having its registered office in the territory of the French Republic representing more than one twentieth, one tenth, one…

I.-It is punishable by a fine of 18,000 euros for the chairmen, directors, members of the management board, managers or managing directors of legal entities, as well as for natural persons, to refrain from fulfilling the information obligations to which that person is bound, pursuant to Article L. 233-7, as a result of the shareholdings it holds. II.The same penalty shall apply if the chairmen, directors, members of the management…

A fine of 18,000 euros shall be imposed on the chairmen, directors, members of the management board, managing directors or managers of companies for contravening the provisions of articles L. 233-29 to L. 233-31. For companies whose shares are admitted to trading on a regulated market, proceedings for infringement of the provisions of Article L. 233-31 are instituted after the opinion of the Autorité des marchés financiers has been sought.