Part III Prospectus Liability and Litigation, 21 France

Subject(s):

Prospectus — Misleading impressions — Misleading statements

This chapter sets out the French law. Financial operations triggering the obligation to draw up a prospectus are common in France. By contrast, the chapter shows that there is no judicial decision holding people accountable for infringing the prospectus legislation. However, this does not mean that there are no decisions concerning prospectuses or, more generally, financial information. The chapter asserts that these decisions to in fact exist. However, in these decisions, either provisions other than provisions of the prospectus legislation are applied to prospectuses, or the document of information is other than the prospectus. More often than not, the decisions are about people who are accused of having spread false or misleading information. From this point of view, these decisions are relevant regardless of the context and the document used in order to disseminate such information. The solutions resulting from these decisions are applicable to difficulties concerning information included in a prospectus.