Press Review - Week of 15 May 2026

Press Review – Week of 15 May 2026

This week’s press review covers the Public Prosecutor’s submissions against Nicolas Sarkozy in the Libyan financing case; a decision of the Court of Justice of the European Union (CJEU) clarifying the conditions under which inside information may be considered publicly disclosed under the MAR; arbitration proceedings initiated to recover frozen Russian assets; two rulings of the French Cour de cassation concerning dual nationality in investment arbitration; as well as the 2026 International Chamber of Commerce (ICC) Rules on arbitrator disclosure.

#White collar crime

Libyan Case: Prosecutors Again Seek Full Conviction of Nicolas Sarkozy

At the trial on appeal of Nicolas Sarkozy, prosecutors have sought early this week the conviction of former President of the French Republic on charges of conspiracy to commit a crime, corruption, illegal financing of his 2007 election campaign, and concealment of the embezzlement of Libyan public funds. At the trial court level, Nicolas Sarkozy had been acquitted of the charges of corruption, illegal financing and concealment, the trial judges ruling that the offences were not characterized. The trial on appeal will end on 27 May, and a decision is expected on 30 November. > Read the article.

#Dispute resolution & regulatory investigations

Disclosure of privileged information: practical guidance

In a judgment dated 16 April 2026, the Court of Justice of the European Union clarified the conditions under which privileged information may be considered to have been made public within the meaning of the Market Abuse Regulation (“MAR”). The Court held that information can lose its privileged nature when its disclosure complies with the requirements set out in Article 17 of the MAR, namely if there has been rapid, reliable, broad and non-discriminatory dissemination. In the present case, the communication of the results of a public tender to a limited group of recipients prior to the publication of an official press release was not sufficient to render the information public. The Court therefore considered that the mere circulation of information, even among several persons, is insufficient to render it public unless it has been genuinely disclosed to the market in accordance with the procedures laid down by MAR. The decision strengthens the conditions under which an information can be characterized as public, thus depriving it of a privileged nature, in the context of insider dealing proceedings. > Read the article.

#Arbitration and Mediation

Russian oligarchs are seeking to circumvent the courts to recover funds frozen in Brussels

Russian nationals are seeking to recover their assets held by Euroclear, an international securities depository and fund management company serving banks and financial institutions established in Brussels, in the context of the international sanctions taken due to the war in Ukraine. After several unsuccessful proceedings, those individuals are seeking to resort to arbitration, relying on the Belgian-Luxembourg Economic Union investment treaty concluded in 1989 with the USSR, to which Russia has succeeded. These individuals have filed notices of dispute which could lead to an arbitral proceeding against Belgium. > Read the article.

Top French court rules on dual national cases

In two decisions dated 6 May 2026, the French Cour de cassation clarified the treatment of dual nationals in investment arbitration. In a first case, the Court set aside the decision of the Paris Court of Appeal that had upheld the jurisdiction of an arbitral tribunal, on the ground that the appeal court had failed to take into account a US-Vietnam diplomatic note requiring the application of the “dominant and effective nationality” test in accordance with the Vienna Convention on the Law of Treaties. In a second case, the Court rejected the appeal and upheld an award in favour of Spanish-Venezuelan investors, holding that a bilateral investment treaty constitutes a lex specialis excluding recourse to the general rules of public international law to fill any blanks on the issue of dual nationality. >Read the article.

Unveiling the 2026 ICC Arbitration Rules, part 1: arbitrator disclosure

The updated International Chamber of Commerce (“ICC”) Arbitration Rules, which will enter into force on 1 June 2026, clarify and strengthen arbitrators’ disclosure obligations. While maintaining the requirement to disclose any circumstance likely to call into question an arbitrator’s independence or impartiality, the ICC Rules now expressly codify two principles derived from existing practice: in cases of doubt, disclosure should be favored; and disclosure does not constitute in itself acknowledgment of a lack of independence or impartiality. The ICC Rules also introduce a proactive role for the parties, who must, at the outset of the proceedings, provide a list of persons and entities that prospective arbitrators should consider in fulfilling their disclosure obligations. >Read the article.