Investing In... 2026

FRANCE

Belgium

Germany

Paris

France

Switzerland

Law and Practice Contributed by: Michael Doumet, François-Xavier Naime, Guillaume Nataf, Léna Sersiron, Eléonore d’Anthonay, Nella Picou, Pauline Celeyron and Magalie Dansac Le Clerc Baker McKenzie Paris

Italy

Spain

Contents 1. Legal System and Regulatory Framework p.214 1.1 Legal System p.214 1.2 Regulatory Framework for FDI p.214 2. Recent Developments and Market Trends p.215 2.1 Current Economic, Political and Business Climate p.215 3. Mergers and Acquisitions p.215 3.1 Transaction Structures p.215 3.2 Regulation of Domestic M&A Transactions p.216 4. Corporate Governance and Disclosure/Reporting p.216 4.1 Corporate Governance Framework p.216 4.2 Relationship Between Companies and Minority Investors p.217 4.3 Disclosure and Reporting Obligations p.217 5. Capital Markets p.218 5.1 Capital Markets Overview p.218 5.2 Securities Regulation p.218 5.3 Investment Funds p.218 6. Antitrust/Competition p.219 6.1 Applicable Regulator and Process Overview p.219 6.2 Criteria for Antitrust/Competition Review p.220 6.3 Remedies and Commitments p.220 6.4 Antitrust/Competition Enforcement p.220

7. Foreign Investment/National Security p.220 7.1 Applicable Regulator and Process Overview p.220 7.2 Criteria for National Security Review p.221 7.3 Remedies and Commitments p.221 7.4 National Security Review Enforcement p.221 8. Other Review/Approvals p.222 8.1 Other Regimes p.222 9. Tax p.222 9.1 Taxation of Business Activities p.222 9.2 Withholding Taxes on Dividends, Interest, Etc p.223 9.3 Tax Mitigation Strategies p.223 9.4 Tax on Sale or Other Dispositions of FDI p.224 9.5 Anti-Evasion Regimes p.225 10. Employment and Labour p.225 10.1 Employment and Labour Framework p.225

10.2 Employee Compensation p.226 10.3 Employment Protection p.227

11. Intellectual Property and Data Protection p.227 11.1 Intellectual Property Considerations for Approval of FDI p.227 11.2 Intellectual Property Protections p.227 11.3 Data Protection and Privacy Considerations p.228

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