--- title: "Securities Law" id: "2027" type: "expertise" slug: "securities-law" published_at: "2026-01-26T08:25:09+00:00" modified_at: "2026-07-28T12:32:48+00:00" url: "https://www.august-debouzy.com/en/expertise/securities-law/" markdown_url: "https://www.august-debouzy.com/en/expertise/securities-law.md" excerpt: "Protecting your interests in listed company transactions Securities law imposes a demanding regulatory framework that governs every transaction involving listed securities. Public offers, shareholder activism, and regulatory compliance each market move can affect a company’s reputation and requires precise anticipation..." taxonomy_language: - "English" taxonomy_post_translations: - "pll_697724e54059c" taxonomy_tax_expertise: - "Securities Law" taxonomy_tax_famille_expertise: - "Regulatory" - "Transactional" --- ## Protecting your interests *in listed company transactions* Securities law imposes a demanding regulatory framework that governs every transaction involving listed securities. Public offers, shareholder activism, and regulatory compliance each market move can affect a company’s reputation and requires precise anticipation of legal obligations and market practices. We advise and represent listed companies, major shareholders, bidders, and targets in all their interactions with regulated markets. Takeover strategies, defensive measures, corporate governance, and market abuse prevention reflect our deep command of AMF regulations and procedures, which enables us to build strong, defensible positions. Every matter benefits from our detailed understanding of market dynamics and our ability to mobilize the right expertise quickly. Listed companies, activist funds, executives, and boards of directors rely on us for all aspects of governance and securities regulation. We protect your interests and secure your strategic decisions. ## *our*Capabilities ### (01) Public Offers Tender offers, exchange offers, and squeeze-outs, whether friendly or hostile, we represent the interests of target companies, bidders, and white knights alike. Takeover strategies, anti-takeover defenses, and post-offer disputes draw on our deep understanding of regulatory mechanisms and the approaches of market participants. From tactical preparation through final negotiation, we anticipate issues and calibrate each step to maximize your chances of success. We turn strategic objectives into tangible results. ### (02) Governance and Compliance Listed companies face increasing regulatory demands in governance, executive compensation (say on pay), and financial and non-financial reporting. Universal registration documents, sustainability and non-financial performance statements, corporate governance reports, and threshold disclosures are all part of the documentation we prepare and structure. Shareholder relations, activism, market abuse prevention, general meeting preparation, and engagement with proxy advisors are handled with the same focus on aligning regulatory compliance with strategic performance. We secure your position on the markets. Collective excellence at the service of the *highest standards.* Team [Jean-Damien Boulanger ( Partner )](https://www.august-debouzy.com/en/collaborateur/jean-damien-boulanger/) [Jérôme Brosset ( Partner )](https://www.august-debouzy.com/en/collaborateur/jerome-brosset/) [Louise Bégué ( Associate )](https://www.august-debouzy.com/en/collaborateur/louise-begue/) [Hortense Coulon ( Associate )](https://www.august-debouzy.com/en/collaborateur/hortense-coulon/) [Albane Shehabi ( Associate )](https://www.august-debouzy.com/en/collaborateur/albane-shehabi/) Précédent Suivant ## Contact Us ## *our*References Securities Law #### IDSUD – Exchange Tender Offer Tender offer remunerated by FDJ shares Advised IDSUD (family group founded in 1850) on exchange tender offer for its own shares remunerated by delivery of Française des Jeux shares held in portfolio. Securities Law #### Qair – Fundraising with Bpifrance Bpifrance entry to accelerate development Advised Qair Group (independent renewable energy producer) on welcoming Bpifrance as new shareholder. Fundraising initiated by DIF Capital Partners to accelerate French and international development. Securities Law #### Trigano – Bio Habitat Acquisition Bio Habitat acquisition (Bénéteau subsidiary) Advised Trigano (European leisure equipment specialist) on acquisition of Bio Habitat, a Bénéteau subsidiary specialized in mobile homes. *Rankings*& Recognitions m - (01)Legal 500 2026 – France Capital markets: Equity capital markets - (02)Legal 500 2025 – Global Capital markets: Equity capital markets - (03)Décideurs 2025 – France Capital Markets [More distinctions](https://www.august-debouzy.com/en/distinctions/?search_tax-expertise%5B%5D=securities-law) ## *Latest* News [20/11/24 Legal Article 6 min Listing Act: Publication of Texts Designed to Make EU Capital Markets More Attractive The Listing Act, which aims to make the European Union’s capital markets more attractive to companies and to facilitate the listing of SMEs on European stock exchanges, was published in the Official Journal of the European Union on 14 November 2024.](https://www.august-debouzy.com/en/legal-article/listing-act-publication-of-texts-designed-to-make-eu-capital-markets-more-attractive/) [04/11/24 Deal 1 min August Debouzy Assists Arverne Group in Its Successful Move to Euronext Paris’ Main Market August Debouzy has advised Arverne Group on its offer to the public of existing shares, enabling the transfer of listing of the company’s securities from the professional segment to the general segment of Euronext Paris.](https://www.august-debouzy.com/en/deal/august-debouzy-assists-arverne-group-in-its-successful-move-to-euronext-paris-main-market/) [19/07/23 Deal 1 min August Debouzy assisted Grenadier Holdings Limited in filing a simplified cash tender offer August Debouzy assisted Grenadier Holdings Limited in filing a simplified cash tender offer for the stock of its subsidiary Paragon ID, a company listed on](https://www.august-debouzy.com/en/deal/august-debouzy-assisted-grenadier-holdings-limited-in-filing-a-simplified-cash-tender-offer/) 01 03 Précédent Suivant [Find our latest news](https://www.august-debouzy.com/en/le-hub/) News ## *FAQ* ### (01) At what threshold does securities law require a mandatory tender offer? Article L. 433-3 of the French Monetary and Financial Code requires any person who comes to hold, directly or indirectly, more than 30% of the share capital or voting rights of a company listed on a regulated market to file a mandatory tender offer. A second mechanism, known as the creeping acquisition rule, requires any shareholder holding between 30% and 50% to file an offer if they acquire at least an additional 1% over a twelve-month period. We advise both bidders and targets throughout the process: acquisition strategy, offer structuring, defence measures, AMF negotiations and preparation of regulatory documentation. ### (02) How does securities law regulate market abuse prevention for listed companies? Regulation (EU) No 596/2014 on market abuse (MAR), applicable since 3 July 2016, imposes enhanced obligations on issuers: disclosure of inside information, maintenance of insider lists, notification of managers’ transactions (above EUR 20,000 per calendar year). We support listed companies in implementing MAR-compliant internal procedures: qualification of inside information, management of closed periods, drafting of compliance policies and training of management bodies and staff with access to sensitive information. ### (03) How can you anticipate and manage shareholder activism or threshold crossings? Shareholder activism exposes listed companies to public campaigns and governance pressure. Article L. 233-7 of the French Commercial Code requires every shareholder to disclose the crossing, upward or downward, of each of the thresholds of 5%, 10%, 15%, 20%, 25%, 30%, one third, 50%, two thirds, 90% and 95% of the capital or voting rights. We advise listed companies and reference shareholders on anticipating activist campaigns: shareholder monitoring, preparation of counter-measures, dialogue with proxy advisors and institutional investors, and governance strengthening. ### (04) Why choose August Debouzy as your law firm for securities law in France? Listed companies, reference shareholders, activist funds, directors and boards entrust us with their most strategic issues on regulated markets. We cover the full spectrum: public offers (takeover bids, exchange offers, squeeze-outs, mandatory buyouts), market abuse prevention, regulatory compliance, listed company governance, shareholder activism and AMF relations. Each transaction benefits from a strategy integrating legal, financial and reputational dimensions to protect our clients’ interests and secure their decisions.