Section 1: Definitions

Articles in this section · 1

Article L420-1

French Monetary and Financial CodeIn force

Updated 7 Nov 2023

I.-A trading venue is a regulated market within the meaning of Article L. 421-1, a multilateral trading facility within the meaning of Article L. 424-1 or an organised trading facility within the meaning of Article L. 425-1.

A trading platform manager is a market undertaking or an investment services provider other than a portfolio management company authorised to provide the investment services referred to in Articles 8 and 9 of Article L. 321-1.

A member of a trading venue is a member of a regulated market or a multilateral trading facility or a client of an organised trading facility.

Direct electronic access is a mechanism whereby a person, the user, transmits orders for a financial instrument electronically and directly to a trading venue using a member's trading code. This mechanism may consist of :

a) Direct market access using the member's infrastructure or any connection system provided by the member to transmit orders;

b) Sponsored access without using the member's infrastructure.

A multilateral system is a system or arrangement in which multiple third-party buying and selling interests in financial instruments can interact. A multilateral system operates in accordance with the provisions of Chapter I, Chapter IV or Chapter V of this Title.

II - For the purposes of this Title and the provisions relating to trading venues, the term "financial instrument" means financial instruments within the meaning of Article L. 211-1 of this Code and the units referred to in Article L. 229-7 of the Environmental Code.

Mariela Petrova

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Common Questions

Working with a corporate lawyer in France — Q&A

Any time a strategic decision changes how the company is owned, governed or contractually bound — incorporation, fundraising, M&A, restructuring, shareholder agreements, or major commercial contracts. Earlier engagement always costs less than later remediation.

A notary (notaire) is a public officer who authenticates specific deeds (mainly real-estate transfers and certain family-law acts). A corporate lawyer (avocat) advises on strategy, negotiates and drafts company documents, and represents you in disputes. The two roles complement rather than overlap.

Yes — most of our clients are foreign suppliers, investors or holding entities. We bridge the gap between French law and your home jurisdiction's expectations and deliver everything bilingually.

The SAS (Société par Actions Simplifiée) is the default choice for most international structures: flexible governance, single shareholder allowed, no minimum capital, and works cleanly with foreign holding entities. We assess SARL, SA, SCI on the merits when the situation calls for it.

Yes — communications with a French avocat are protected by the secret professionnel (Article 66-5 of the Law of 31 December 1971). This protection is broader than the common-law attorney-client privilege and applies to written and oral exchanges.

We work on fixed fees for clearly scoped engagements (incorporation, contract drafting, audits) and on monthly retainers for ongoing advisory. Hourly billing is the exception, not the default. You always know the cost before work starts.

Typical timeline is 2–3 weeks from KYC kick-off to RCS registration, assuming standard documentation. Holding-company structures, foreign-shareholder identification or in-kind contributions can extend this — we flag the gating items at the first meeting.

Absolutely. We routinely coordinate with your in-house counsel, expert-comptable or notaire — pragmatic collaboration is the norm, not the exception. We send them everything they need to do their part without duplicating work.

Mariela Petrova

Mariela Petrova

Avocate au Barreau de Paris

Toque #C2396

15+ Years In Corporate Practice

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Communications protected by professional secrecy — secret professionnel de l'avocat, Article 66-5 of the Law of 31 December 1971.

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