FRANCE Law and Practice Contributed by: Malik Idri and Mathieu Relange, FTPA Avocats
European Commission and among national competi - tion authorities (NCAs). Through the ECN, NCAs and the European Commission can exchange information about relevant markets, and cross-reference data to ensure comprehensive analysis. The FCA must obtain the authorisation of the undertakings to exchange information during pre-notification. The FCA also engages in international co-operation through organisations such as the International Com - petition Network (ICN) or the OECD, but this co-oper - ation is typically not in the context of specific transac - tions. 8. Appeals and Judicial Review 8.1 Access to Appeal and Judicial Review Any party may appeal the decision before the French Administrative Supreme Court ( Conseil d ’ Etat ), which has the authority to conduct a full review of the deci - sion. Following such an appeal, the parties may re- notify the transaction. Pursuant to Article L. 521-1 of the code of administra - tive justice, the interim relief judge ( juge des référés ) may suspend the execution of an administrative deci - sion if two conditions are met: • there is an urgency; and • there are serious doubts as to the legality of the decision. In practice, for example, in Order No 440949 ( GBH / La Réunion ) of 17 June 2020, competing third par - ties requested the interim relief judge to suspend the FCA’s decision. However, the Conseil d ’ Etat ruled that the urgency requirement had not been satisfied. 8.2 Typical Timeline for Appeals The parties have two months from notification of the FCA’s decision to file an appeal with the French Admin - istrative Supreme Court. If the decision is annulled, the parties must submit an updated notification to the FCA within two months of the annulment. In 2012, the FCA cleared Canal+’s acquisition of Direct 8 and Direct Star, subject to commitments. Competi -
tors, including Métropole Télévision (M6), appealed the decision. The French Administrative Supreme Court annulled the FCA’s clearance, ruling that the proposed remedies were insufficient to address the competition concerns identified in certain TV rights markets. As a result, Canal+ had to re notify the trans - action and propose stronger remedies. In 2014, the FCA reinforced the commitments package. This case is frequently cited as a successful appeal against a clearance decision, followed by a re notification. 8.3 Ability of Third Parties to Appeal Clearance Decisions Third parties can also appeal the decision, if they can demonstrate a direct and personal interest in the out - come of the case. For example, in the Valocîme case (Decision No 469494 of 17 April 2025), a competitor, acting as a third party, appealed two FCA merger control deci - sions. After full review of both cases, the Administra - tive Supreme Court denied the requests and upheld the FCA’s decisions. 9. Foreign Direct Investment/Subsidies Review 9.1 Legislation and Filing Requirements France has a standalone foreign direct investment (FDI) control regime, distinct from merger control, established under Articles L.151-3 and R.151-1 seq. of the French Monetary and Financial Code (CMF). Foreign investments in France are subject to prior authorisation by the Minister of the Economy when they involve sensitive sectors, including investments in activities likely to undermine public order, public security or national defence interests. In such cases, the investor must submit an FDI filing with the Minis - ter of the Economy, in addition to any merger control notification. If an investment is implemented without the required authorisation or in breach of the conditions attached to an authorisation, the Minister may:
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