Week of 4 to 10 August 2026
I. Legislation
Foreign investment screening in France (IEF): foreign-listed companies explicitly targeted
Decree No. 2026-718 of 30 July 2026 and its implementing order, published in the Official Journal of 2 August 2026, close a grey area in France’s foreign investment screening mechanism (IEF). French companies listed exclusively abroad (London, Toronto, Tokyo, etc.) now explicitly fall within the scope of screening as soon as a non-European investor crosses the 10% voting rights threshold — a situation that had, until now, remained subject to legal uncertainty.
The text enters into force on the 11th business day following its publication, i.e. mid-August 2026, and does not apply to transactions carried out within the ten business days following its publication.
Practical impact: non-European investors considering acquiring a stake in a French company listed abroad must now factor in, from the 10% voting-rights threshold onward, a compliance analysis under the IEF regime and anticipate the prior-authorisation timeframes from the Directorate General of the Treasury.
For more details, contact us.