Chapter IV: Investment research, financial analysis and voting advisory services

Articles in this section · 5

Article L544-4

French Monetary and Financial CodeIn force

Updated 7 Nov 2023

Voting advisers shall make public the code of conduct to which they refer and report on its application. Where a voting adviser does not refer to a code of conduct or where, in referring to such a code, it departs from some of its provisions, it shall state the reason and indicate the list of provisions thus departed from and, where applicable, the provisions taken in substitution.

In order to inform their clients of the exact content and reliability of their activities, voting advisors shall make public, at least annually, information concerning the preparation of their research, advice and voting recommendations.

Voting advisors shall prevent and manage any conflict of interest and any commercial relationship that may influence the preparation of their research, advice or voting recommendations. They shall make such conflicts and relationships known to their clients without delay. They shall make public and inform their clients of the measures taken to prevent and manage such conflicts and relationships.

A decree in the Conseil d'Etat shall specify the procedures for applying this article.

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

English · French · Russian

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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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