Disclaimer: This translation is a working translation only and is not legally binding.
3. How does an application for authorisation get filed?
Investments must be at a sufficiently advanced stage before authorisation can be requested.
An investor is exempt from obtaining authorisation for certain specific investments covered
under Article R. 151-7 of the Monetary and Financial Code.
An application for authorisation must be filed by the foreign investor with the Directorate
General of the Treasury by (i) registered mail (Ministère de l’Economie et des Finances,
Direction générale du Trésor; M. Thomas Ernoult ; Bureau Multicom 4, Télédoc 233, 139, rue
de Bercy, 75572 Paris Cedex 12) or (ii) through the platform (Plateforme IEF). An electronic
acknowledgement of receipt is sent upon receipt of the application.
The application must be submitted in French and include information on the investor,
the target entity and the proposed investment, as specified in Article 1 of the Order of 31
December 2019. A form is available on the Directorate General of the Treasury’s website to
illustrate the type of information requested on the platform. The application must also include the
European notification form, completed in English (see Question 12).
Questions on screening procedures or pending applications can be emailed to
IEFautorisations@dgtresor.gouv.fr. The email must include the related file number, if
applicable.
4. How is an application for authorisation reviewed?
The foreign direct investment screening procedure is led by the Directorate General of
the Treasury and includes the Interministerial Committee on Foreign Investment in
France. The Interministerial Committee on Foreign Investment in France comprises officials
from different administrative institutions (ministries or agencies) with specific expertise in the
sectors that are subject to screening.
The procedure takes place in two phases (see Question 6) throughout which the Directorate
General of the Treasury cooperates closely with the investor and/or its legal counsel.
The review examines the three conditions that determine if an investment is subject to
screening. Particular emphasis is given to the impact on public order, public security and
national defence interests.
During the review, the Directorate General of the Treasury may approach the investor to
solicit additional information that was not provided in the application. It may also reach out to
the French target company to obtain specific information relating to its activities.
By law, the investor and the target company are required to provide the Directorate General
of the Treasury, at its request, all documents and information necessary to review the
application, and neither the investor nor the company may object on trade secret grounds
(Article L.151-5 of the Monetary and Financial Code).
5. How long does it take to reach a decision?
Pursuant to the regulation, the government must make a decision in 75 business days
(Article R.151-6 of the Monetary and Financial Code). This review period consists of a first
phase of 30 business days from the date a complete application has been filed followed by a
second phase of 45 business days.
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December 2022