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Spotlight : The Law on Simplifying Economic Life has been published – explore our teams' insights in the Corporate, Life Sciences and Public Law sections.
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On 6 May, ARCOM and Amazon adopted a second addendum to the agreement governing Amazon Prime Video's investment obligations.
Pursuant to the French Law of 30 September 1986 on Freedom of Communication, media service providers may enter into agreements with ARCOM to specify their obligations regarding the financing of audiovisual and cinematographic creation. On 9 December 2021, ARCOM and Amazon Digital UK Limited entered into an agreement relating to the Amazon Prime Video service. This second addendum sets out the provider's investment obligations for the 2026–2028 period.
Under the terms of the second amendment, the guaranteed minimum investment in French and European audiovisual and cinematographic works has been increased from €40 million to €90 million per year. Should Amazon make available at least one cinematographic work on its service within twelve months of its theatrical release, this amount may increase to €110 million per year. To that end, Amazon must conclude an agreement with the representative organizations of the film industry by the end of July 2026. Failing such agreement, the addendum will be automatically terminated on 31 July 2026.
Authored by Anaïs Le Coq and Margaux Ternisien.
Pursuant to order dated 11 May 2026, Book II of the General Regulation of the AMF has been amended regarding the procedures for submitting information (particularly concerning governance and compliance with gender balance rules) contained in the corporate governance report of certain listed companies. Such information must be submitted electronically to the AMF within thirty days following the annual general meeting, in a format specified in an AMF instruction.
Pursuant to order dated 11 May 2026, Book II of the General Regulation of the AMF has been amended regarding the procedures for submitting information (particularly concerning governance and compliance with gender balance rules) contained in the corporate governance report of certain listed companies. Such information must be submitted electronically to the AMF within thirty days following the annual general meeting, in a format specified in an AMF instruction.
Decree n°2026-420 of 29 May 2026, issued pursuant to the legislative provisions governing crypto-assets, sets forth the rules and procedures applicable to the transfer of ownership of crypto-assets, as well as the procedures for the pledging of crypto-assets.
In particular, it clarifies that a transfer of ownership of crypto-assets occurs at the moment the entry becomes irreversible in the relevant distributed ledger technology, in accordance with its consensus mechanism, it specifies the mandatory information to be included in the statement of pledge of digital assets and in the formal notice in the event of enforcement and it sets forth the required characteristics of the smart contract.
Authored by Charlotte Bonsch.
On 2 June 2026, the French National Assembly adopted at first reading the Emergency Bill on Agricultural Protection and Sovereignty (the “Bill”). Some of the provisions in the Bill aim to strengthen the framework governing agricultural sales contracts, as well as single agreements between suppliers and distributors.
The legislature’s objective in adopting these provisions is twofold: the Bill seeks both to strengthen farmers’ position in the economic chain and improve their income, and to combat abuses by large retailers by prohibiting a number of practices that weaken suppliers’ bargaining power in commercial negotiations.
With regard to the framework governing the conclusion of agricultural sales contracts, the following provisions of the Bill should be noted:
With regard to the framework governing the contractualisation of commercial relationships between suppliers and distributors, the following provisions of the Bill may be noted:
The Bill is still scheduled to be reviewed by the Senate Committee on Economic Affairs.
Authored by Floriane Cadio de Kermainguy and Lise Guillard.
Law on Simplifying Economic Life was published in the Official Journal on May 27 (Law No. 2026-403, May 26, 2026, on the Simplification of Economic Life), after the Constitutional Council ruled that it was partially unconstitutional (CC, Dec. No. 2026-903 DC, May 21, 2026).
With regard to corporate law provisions, the Constitutional Council struck down, in particular, Article 23 of the referred bill, which sought to extend to limited liability companies the option of holding general meetings of shareholders and meetings of decision-making bodies via electronic means. According to the court, “Introduced during the first reading, these provisions have no connection, even indirect, with those of Article 7 of the original bill amending the mandatory information to be included on pay stubs and the procedures for providing them to employees
The text introduces the following changes:
1‑month period: the text reduce to 1 month instead of 2 previously the timeframe allowing employees to submit an offer in the event of the sale of shares, stock or securities granting access to a majority stake in companies not required to set up a Works Council (CSE), and in the event of the sale of a business (fonds de commerce) in companies not required to set up a CSE.
- Reduction of the civil fine: The maximum amount of the civil fine is reduced from 2% of the sale price to 0.5%.
These two changes will apply to sales concluded as from 27 July.
In order to “reduce the constraints weighing on business growth,” these thresholds are raised respectively from €150 million to €250 million and from €50 million to €80 million (Commercial Code, Art. L. 430‑2, I), and from €75 million to €100 million and from €15 million to €20 million (Commercial Code, Art. L. 430‑2, II).
These changes will enter into force on 1 September and will apply to merger transactions notified to the Competition Authority as from that date.
- Amendment of the offence relating to the declaration of beneficial owners
Commercial Code, Art. L. 574‑5: The text removes the 6‑month prison sentence. It also replaces the €7,500 fine with a €250,000 fine (which may be multiplied by five for legal entities, as is the case for all fines – Criminal Code, Art. 131‑38).
- Failure to submit corporate accounts (annual accounts and management report) to shareholders in public limited companies (SA) (Commercial Code, Art. L. 242‑10)
- Failure to mention in the annual report presented to shareholders any acquisition of a stake in a company headquartered in France (Commercial Code, Art. L. 247‑1)
These provisions entered into force the day after the text was published in the Official Journal.
These articles establish a “Council for Business Simplification,” which will be responsible for assessing the technical, administrative or financial impact of legislative and regulatory texts on businesses. Composed of representatives of companies of all sizes, the council will issue opinions including an impact analysis of the relevant provisions.
Authored by L.-N. Ricard.
On 25 April 2026, Decree n° 2026-310 of 24 April 2026 relating to access to the beneficial ownership register and the training obligation applicable to professionals subject to anti-money laundering and counter-terrorist financing requirements was published in the Official Journal.
The Decree introduces Article D. 561-38-1 into the French Monetary and Financial Code, supplementing Articles L. 561-34 and R. 561-38-1 thereof. It provides that training delivered to individuals involved in the implementation of anti-money laundering obligations must be more strictly regulated, including training upon recruitment and on a regular basis thereafter. Such training must enable staff to identify transactions that may be linked to money laundering or terrorist financing. It must cover the obligations set out in Chapters I and II of Title VI of Book V of the French Monetary and Financial Code (i.e., anti-money laundering obligations), as well as the sanctions applicable in the event of non-compliance with those obligations.
The new provision also requires obliged entities to maintain up-to-date records of the training completed by their staff throughout their period of employment and for five years following the end of their duties.
Lastly, this Decree notably amends Section 9 of Chapter I of Title VI of Book V of the French Monetary and Financial Code, relating to the filing of information concerning beneficial owners.
This Decree entered into force on 26 April 2026.
On 7 April 2026, the European Insurance and Occupational Pensions Authority (“EIOPA”) published a document setting out the technical specifications applicable to Small and Non-Complex Undertakings and Small and Non-Complex Groups, following the adoption of Directive 2025/2 of 27 November 2024 amending Directive 2009/138 of 25 November 2009 (“Revised Solvency II”).
Revised Solvency II strengthened the framework for implementing the principle of proportionality, in order to ensure that regulatory requirements are applied in a manner proportionate to the nature, size and complexity of the undertakings and groups concerned. These changes include the creation of a new category of undertakings and groups referred to as small and non-complex.
EIOPA recalls that these entities are identified on the basis of quantitative and qualitative criteria, in accordance with Articles 29a and 213a of Revised Solvency II, which must be met on an ongoing basis over two consecutive financial years.
The purpose of this technical document is to provide operational guidance to undertakings and supervisory authorities in order to facilitate the proper identification of eligible undertakings and groups and the consistent calculation of the applicable risk indicators.
The overall objective is to ensure a harmonised implementation of the new framework across all Member States as from the date of application of Revised Solvency II.
European Union – EIOPA – Public consultation on the treatment of proportional reinsurance treaties containing features that may jeopardise the commensurateness between SCR relief and effective risk transfer
On 15 April 2026, the European Insurance and Occupational Pensions Authority (“EIOPA”) launched a public consultation on the treatment of proportional reinsurance treaties containing features that may jeopardise the commensurateness between the reduction in the Solvency Capital Requirement (“SCR”) generated by the treaty and the effective transfer of risk it provides.
Previously, in July 2021, EIOPA published an Opinion on the use of risk mitigation techniques by insurance undertakings pursuant to Article 29(2) of Regulation n° 1094/2010, providing guidance on the assessment of such techniques, including the consistency between SCR relief and effective risk transfer.
EIOPA is proposing to publish an annex to this Opinion, based on Directive 2009/138 as amended by Directive 2025/2 of 27 November 2024 (“Revised Solvency II”), in particular Articles 134(1), 172(3) and 173 thereof, as well as Commission Delegated Regulation 2015/35, notably Articles 211(2)(b) and (c), 213 and 214.
The purpose of this annex is to provide further clarification regarding the specific case of proportional reinsurance treaties containing mechanisms that may reduce such commensurateness, including sliding-scale commissions, loss corridors and loss limits. EIOPA also reiterates that insurance and reinsurance undertakings remain free to incorporate such mechanisms into their reinsurance arrangements where they are consistent with their risk management policies.
EIOPA further explains that the annex reinforces the interpretation set out in Q&A 1898, submitted to EIOPA on 1 April 2019, according to which any reinsurance commission that constitutes a measure of the cedant’s risk exposure volume is equivalent to premiums and should therefore increase the premium risk calculated under the standard formula. The annex also supplements this Q&A by providing further clarification on the treatment of fixed and variable reinsurance commissions.
Stakeholders may submit their comments until 17 July 2026.
On 15 April 2026, the European Insurance and Occupational Pensions Authority (“EIOPA”) launched a public consultation aimed at contributing to the objective of regulatory simplification by reducing several guidelines, following the adoption of Directive 2025/2 of 27 November 2024 amending Directive 2009/138 of 25 November 2009 (“Revised Solvency II”).
This public consultation proposes shortening 13 guidelines, notably in relation to Pillars 1 and 2, through both “Type 1” deletions, covering guidelines that are redundant because they merely repeat Level 1 or Level 2 provisions, and “Type 2” deletions, covering guidelines considered to provide limited added value. Following this simplification exercise, national competent authorities will be required to review and update their national frameworks in order to remove the repealed guidelines, while continuing to ensure a level playing field and the application of a single rulebook.
EIOPA emphasises that these amendments are intended solely to clarify and simplify the existing framework and do not reduce supervisory expectations. They do not introduce any new interpretation or application of the existing legal framework.
Stakeholders may submit their comments until 8 July 2026. The revised guidelines will apply from 30 January 2027.
Source: EIOPA launched a public consultation on its proposal to shorten 13 Solvency II guidelines
On 24 April 2026, the European Insurance and Occupational Pensions Authority (“EIOPA”) submitted to the European Commission two draft technical standards intended to support the implementation of Directive 2025/1 establishing a framework for the recovery and resolution of insurance and reinsurance undertakings (the “IRRD”):
EIOPA is required to submit these draft technical standards to the European Commission by 29 July 2026 at the latest.
On 5 May 2026, the European Insurance and Occupational Pensions Authority (“EIOPA”) launched a public consultation on its draft technical advice concerning minimum common standards for insurance guarantee schemes (“IGS”) in the European Union, following the request for advice submitted by the European Commission in August 2025 and pursuant to Article 98 of Directive 2025/1 (the “IRRD”).
EIOPA aims to reduce divergences between national regimes in the event of an insurer's failure, enhance policyholder protection and ensure greater consistency between insurance guarantee schemes and the European insurance recovery and resolution framework established under the IRRD.
More specifically, EIOPA intends to examine four key areas: (i) general issues about the impact of insurance guarantee schemes harmonised on a minimum basis, (ii) the operational functioning of IGS, (iii) the conditions required for their effective funding, and (iv) the interaction between the IRRD and harmonised IGS.
EIOPA considers that targeted harmonisation, consistent with the principle of minimum harmonisation, would make it possible to address the most essential aspects of insurance guarantee schemes (scope of coverage, triggering events, funding and coordination) while preserving national flexibility where justified, particularly with regard to institutional structures.
Stakeholders may submit their comments until 26 June 2026.
The Authority for Anti-Money Laundering and Countering the Financing of Terrorism (“AMLA”) has published several documents relating to anti-money laundering and counter-terrorist financing (“AML/CFT”):
Stakeholders may submit comments until 15 June 2026 for the draft RTS and until 15 July 2026 for the draft guidelines.
Stakeholders may submit comments until 15 August 2026.
Source: AMLA publications, including two public consultations published on 16 April 2026, a public hearing held on 11 May 2026, publication issued on 12 and another publication on 13 May 2026
Authored by Ghina Farah and Maxime Kaya.
On 2 June, the French National Assembly Committee on Cultural Affairs examined the bill establishing a presumption of exploitation of cultural content by artificial intelligence providers. Prior to the committee's review, sixteen amendments had been tabled, primarily seeking to challenge or modify the mechanism previously adopted by the Senate. All of these amendments were rejected, allowing the bill to proceed through the legislative process without any substantial modification at this stage.
Authored by Anaïs Le Coq and Margaux Ternisien.
The CNIL has adopted new versions of reference methodologies MR‑001 and MR‑003, together with two common annexes relating to the security and quality of data processing carried out in the context of health research. These texts significantly raise the level of requirements attached to the use of the declaratory regime, against a backdrop of a sharp increase in health data breaches and the widespread use of digital tools in clinical research. These new versions, published in the Official Journal on 23 May 2026, entered into force on 24 May 2026.
The scope of MR‑001 and MR‑003 has been expanded, in particular to cover research conducted abroad by a controller established in France, and joint controllership is expressly taken into account. Stakeholders must therefore review the allocation of roles between the sponsor, healthcare institutions, scientific partners and service providers, in order to ensure consistency between legal basis, internal documentation and contractual provisions. At the same time, the list of data that may be processed has been extended (geographical origin, certain social determinants, sexual orientation, vital status and date of death, etc.), while reiterating that each category must remain scientifically justified and strictly necessary.
The CNIL is tightening its oversight of the internal organisation of projects where the same entities or individuals intervene in several capacities (participant follow‑up, provision of information, administrative tasks). It requires strengthened segregation of duties: physical or logical separation of functions, separate databases or applications and management of access rights strictly on a need‑to‑know basis. As regards information provided to data subjects, the new versions formalise the possibility of electronic delivery and allow, for certain research involving human subjects, information to be given to only one parent, without lowering the expected level of evidence as to the effectiveness, clarity and security of such information.
The two binding annexes form the operational core of the reform. The security annex sets out the measures expected (pseudonymisation using non‑significant codes, rules governing data sharing for proofreading and publication, security of exchanges) and provides for the phased rollout of multi-factor authentication for access to research data: from 1 January 2027 for internet-accessible tools, then from 1 January 2028 for other systems. The quality annex, for its part, in particular regulates the use of remote quality control, recalling the limits placed on access to source documents and the safeguards expected.
The requirements applicable to processors have also been strengthened. Controllers must ensure that sufficient safeguards are in place, carry out or arrange for audits to be carried out, including of investigation sites, and monitor downstream processors, adherence to a code of conduct potentially constituting evidence of such safeguards. As regards transfers outside the European Union, the principles of necessity, data minimisation and compliance with Chapter V of the GDPR are reaffirmed. Previous declarations of compliance remain valid, but require a reassessment of practices, data governance, access schemes and contracts in light of this new level of requirements.
A more detailed article on this topic is available online; you can access it by clicking on this link.
Law No. 2026‑403 of 26 May2026 on the simplification of economic life aims to enhance France's attractiveness for clinical research by easing certain administrative constraints and adapting the legal framework to new research models. It forms part of a context of increased competition between European States and responds to recurring criticism from the pharmaceutical and medical device industries regarding the burdensome nature of French procedures.
A first set of measures concerns the flows of human biological material. The law introduces a one‑stop shop enabling sponsors to import and export blood, organs, tissues, cells and derivatives where such flows are directly linked to research authorised by the ANSM, thereby abolishing the previous double authorisation procedure before the ANSM and the Ministry in charge of research. It also extends the scope of declarations relating to the storage of human biological samples to cover import and export activities carried out by entities that have already made such declarations, thus avoiding the need to submit an additional authorisation for the same projects.
A second strand relates to the recognition of decentralised clinical trials and the creation of “research territories”. The law allows certain activities to be carried out at participants' homes or in suitable local facilities, and provides for the possibility for several stakeholders to come together under a common contractual framework to coordinate research activities. These provisions give legal recognition to practices that are already widespread (decentralised or hybrid models) and are presented as a lever to improve participant recruitment, reduce the burden of travel and promote access to trials, including in less well‑served areas.
The reform also strengthens the role of hospital pharmacies (pharmacies à usage intérieur). Subject to certain conditions, they may supply investigational medicinal products to non‑commercial research sites and ensure the dispensing of medicines at participants' homes where this is provided for in the protocol. This development is intended to secure supply and dispensing circuits while offering greater organisational flexibility, which is particularly relevant for trials using telemedicine or involving participants located far from investigation sites.
Lastly, the law amends the framework applicable to health data used for research, study or evaluation purposes. It assigns a central role to the referentials adopted by the data protection authority, with the use of an authorisation regime tending to become an exception. It paves the way for more broadly regulated re‑use of data already collected in the context of care or previous studies, favouring, in certain scenarios, a regime based on information provided to data subjects and their right to object rather than on the collection of fresh consent. These adjustments are particularly well‑suited to real‑world evidence studies, registries and retrospective studies, but their impact will depend on the implementing measures and on the practice of the competent authorities.
A more detailed article on this topic is available online; you can access it by clicking on this link.
Authored by Joséphine Pour and Gauthier Zimmer.
Law n° 2026-403 of 26 May 2026 on the simplification of economic life (“SEL”), published in the OJFR on 27 May 2026, contains several provisions aiming at facilitating companies' access to public procurement.
First, it requires certain public legal entities and social security bodies to use an electronic procurement platform made available free of charge by the State, from a date to be set by decree for each category of public purchasers, and no later than 31 December 2030.
Secondly, the SEL law raises the threshold below which a works contract may be awarded without prior publication or competitive tendering procedure, by reference to the threshold applicable to supply and service contracts awarded by central government authorities, i.e. EUR 140,000 (compared to EUR 100,000 previously). This rule also applies to works contracts divided into lots, provided that the aggregate amount of those lots does not exceed 20% of the total estimated contract value. This measure applies to public procurement contracts for which a consultation is initiated, or a contract notice is sent for publication from 1 January 2027.
The same threshold applies in the field of innovation. On the one hand, since 28 May 2026, for contracts divided into lots relating to innovative works, supplies or services with a value below this threshold, the public purchaser may reserve lots representing up to 15% of the total contract value for young innovative companies, including in the case of defence or security contracts. On the other hand, this threshold constitutes the threshold below which no competitive tendering procedure is required for innovative works, supplies and services awarded under an innovation partnership, for public procurement contracts for which a consultation is initiated or a contract notice is sent for publication from 1 July 2026.
Furthermore, variants are now permitted in the absence of any contrary indication in the contract notice or in the invitation to confirm interest (in the case of formal procedures) or in the procurement documents (in the case of simplified procedures).
The SEL law also provides for the possibility of awarding a public procurement contract or a concession contract to a company already formed or in the process of being formed between the public purchaser, one or more successful bidders and, where applicable, a third-party investor, provided that this possibility was provided for in the consultation documents.
Finally, clarifications are introduced in the areas of subcontracting and real estate transactions. In particular, the SEL law extends the list of acquisitions or rental services failing within the rules applicable to "other public procurement contracts".
Authored by Bruno Cantier, Astrid Layrisse and Jennifer Nsatou.