Press review – Week of 27 March 2023

In this week's press review, Navacelle piggybacks on the raids of several banks in Paris and La Défense as part of preliminary investigations into tax fraud and money laundering and the arrest of 21 people in Venezuela as part of a major anti-corruption investigation into the oil industry. In addition, at the European level, the European Securities and Markets Authority updated its guidelines on product governance. Several committees of the European Parliament adopted new measures against money laundering and terrorist financing. Moreover, the CNIL fined Cityscoot for excessive geolocation of its users. Furthermore, in the LIBOR case, the US Department of Justice withdrew its claims against former employees due to recent legal precedents challenging the extraterritorial applications of specific US laws. In the world of arbitration, the Versailles Court of Appeal affirmed a judicial order to enforce an arbitration award against Alstom. Finally, during the 2023 Paris Arbitration Week, Navacelle held a round table discussion on corruption and arbitration.

#Arbitration between Alstom & ABL: the Versailles Court of Appeal confirms the exequatur on 14 March 2023

Following a lengthy legal battle between Alstom and ABL, the Versailles Court of Appeal approved the 30 March 2016, order, which validated the arbtiral award dated 29 January 2016, and required Alstom to pay the legal fees and costs. > Read analysis

Will the recent French case law harm the position of Paris as preferred arbitral seat?

For Paris Arbitration Week 2023, Navacelle’s Arbitration team (Julie Zorrilla, Juliette Musso, Salomé Garnier & Gregory Arnoult) organized a round table on the following topic “Arbitration and corruption”. A panel composed of Ms. Laura Weiller, Ms Ina Popova and Mr Bernard Hanotiau will discuss the recent case law in this area and its impact on Paris as the preferred arbitral seat. > See webinar (In French)

#Criminal tax law: Allege tax fraud: several French banks raided

As part of several investigations opened by the PNF in December 2021, on charges of aggravated tax laundering and aggravated tax fraud, Société Générale, BNP Paribas, Exane, Natixis, and HSBC were raided on Tuesday, March 28 in Paris and La Défense. The investigations allegedly concern the so-called “CumCum” practices. > Read article

CumEx files, from tax optimization to tax fraud? [Archives]

A look back at the revelations of the “CumEx files” and key take aways on these practices of tax optimization by dividend arbitrage. > Read analysis

#Banking and Financial Criminal Law: US moves to dismiss Libor charges against ex-SocGen bankers

The DOJ applied to the District Court to dismiss the indictment against two former Société Générale employees in the LIBOR case. This decision was made in the context of recent legal developments challenging the extraterritorial application of certain US laws.> Read article

#White collar crime: Venezuela: 21 people arrested in a major anti-corruption investigation

As part of an anti-corruption investigation into the national oil company (PDVSA), a government entity responsible for overseeing crypto-currency trading and the judicial system in Venezuela, 21 people, including ten senior officials, have been detained. The investigation had already led to the resignation of the Minister of oil and gas. > Read article

“New European measures against money laundering and terrorist financing”

On Tuesday, March 28, MEPs of the European Parliament adopted the legislative package on the financing provisions of the EU’s anti-money laundering and terrorist financing policy. It includes a “single EU regulation” in this area, the Sixth Anti-Money Laundering Directive, and a regulation creating the European Anti-Money Laundering Authority. > Read article

MiFID II: The European Securities and Markets Authority updates its guidelines on products governance

On Monday, March 27, the European Securities and Markets Authority (ESMA) published its final report on the guidelines for products governance. It follows a public consultation that ran from 8 July to 7 October 2022. > Read article

Cityscoot sanctioned by the CNIL for having geolocated its users excessively

Cityscoot, a company specializing in self-service scooters, has been fined €125,000 by the French data protection authority (CNIL) for violating the privacy of its users by geolocating them excessively. > Read article