Listed companies: a dedicated chapter in the Commercial Code
Ordinance n2020-1142 of September 16, 2020, taken in application of the so-called PACTE law, creates a new chapter in the commercial code dedicated to listed companies.
It is inspired by the work carried out by the High Legal Committee of the Place Financire de Paris. The reform is based on the observation that the gradual insertion of provisions specific to listed companies within the common law of companies has made their reading particularly complex. The ordinance significantly improves the accessibility of French company law, which contributes to its attractiveness.
On the one hand, the general rules applicable to companies will no longer include specific provisions specific to listed companies. This will make these provisions more readable and more consistent. This will make it possible to avoid modifying the common law of companies each reform of the law of listed companies (numerous reforms often of European origin). On the other hand, the grouping of the special law of listed companies in a section with exemption makes it possible to understand more quickly the adaptations or the specific operating characteristics applicable to these companies. Here again, the accessibility and readability of the law are improved insofar as the actors can more quickly grasp the legal issues of companies linked to regulatory markets or to multilateral negotiation systems.
This present ordinance does not modify the substantive rules. It realizes a new constant law codification.
In order to ensure the correct application of this ordinance, and therefore to allow listed companies to take this new codification into account, it will not come into force until January 1, 2021. A decree will be issued before this date to carry out the same recodification in the regulatory provisions of the Commercial Code.
For professionals, the Minister of Justice provides a concordance table which makes it possible to clearly identify the textual source of each new provision, whether it is repealed or still in force.