Charlotte GAUCHON
Non-regulated markets: Alternext and Marché Libre for IPOs
By Charlotte GAUCHON20 July 2025Going public is a decisive step in a company's growth, but the road to the financial markets can seem complex. For many small and medium-sized enterprises (SMEs), the requirements of regulated markets are a major obstacle. Fortunately, there are alternatives: multilateral trading facilities (MTFs), designed to offer greater flexibility. Among these, Alternext and the Marché Libre stand out as privileged access routes to financing. Understanding their respective mechanisms and conditions is essential for any manager considering this strategic move. This process is part of a complete legal guide to IPOs, but deserves special attention for its specific features. Alternext: an organised multilateral trading facility Launched in 2005, Alternext was specifically designed for SMEs seeking financing, by creating a bridge between private equity and the traditional regulated market. It is referred to as a "multilateral trading facility"....
Understanding the ACPR: Role, missions and supervision of the banking and insurance sector
Autorité de contrôle prudentiel et de résolution, Banking and securities lawThe Autorité de Contrôle Prudentiel et de Résolution, better known by its acronym ACPR, is a key institution in the French financial landscape. Whether you are a bank customer, an insurance policyholder or the director of a financial institution, understanding its role and missions is essential. This article summarises the key points concerning...Becoming a judicial commissioner: career path and prospects
Commissaire de justice, Guarantees, securities and enforcement lawA new legal profession created by the merger of bailiffs and auctioneers in 2022. The judicial commissioner carries out essential day-to-day tasks, such as serving documents, enforcing court rulings, taking statements of facts and conducting auctions. This demanding profession attracts determined candidates every year. But how do you get into...The professional organisation and discipline of judicial officers: understanding the workings of a regulated body
Commissaire de justice, Guarantees, securities and enforcement lawIn the shadows of our legal system work the judicial commissioners. These professionals wield considerable powers on a daily basis: they serve documents, enforce court rulings and carry out seizures. The question is: how can we be sure that they are honest and competent? The legislator...Disputes between factor and third parties: analysis of legal solutions
Factoring, Banking and stock exchange lawFactoring generates conflicts of rights between the factor and various third parties. In these situations, claims are made against the same receivables or their proceeds. The resolution of these conflicts depends on precise legal principles and nuanced case law. Conflicts with other creditors Chronological priority between creditors The conflict between the factor and...International factoring: legal framework and practical aspects
Factoring, Banking and stock exchange lawInternational factoring meets the growing needs of exporting companies. It secures their cross-border operations while optimising their cash flow. Its legal framework is more complex than that of domestic factoring, and requires in-depth analysis to master its subtleties and risks. The legal framework for international factoring The Ottawa Convention of...The enforceability of exceptions in factoring: risks and protection
Factoring, Banking and stock exchange lawFactoring exposes the factor to a major legal risk: the enforceability of defences. This mechanism allows the assigned debtor to raise defences against the factor that could have been raised against the original creditor. This legal reality complicates collection and can compromise the effectiveness of the financing. The principle and limits...Factoring and insolvency proceedings: protection of rights and obligations
Factoring, Banking and stock exchange lawThe opening of insolvency proceedings disrupts the legal relationships between the parties to a factoring contract. Protecting the rights of each party becomes a crucial issue. How can the effectiveness of the factoring mechanism be preserved in the face of the mandatory rules of insolvency proceedings? What strategies can the parties deploy to secure their position? To...Factoring framework agreement: legal analysis of obligations and guarantees
Factoring, Banking and stock exchange lawThe factoring agreement forms the contractual basis of the relationship between the company and the factor. This framework contract sets out the rights, obligations and guarantees of the parties. Its legal analysis reveals a sometimes delicate balance between the protection of the factor and the interests of the member company. Let's take a look at its key features. Legal features of the factoring agreement...The legal mechanisms of factoring: subrogation and cession Dailly
Factoring, Banking and stock exchange lawFactoring is a strategic financial lever for many companies. For a full understanding of the concept, including its limitations and potential disputes, see our guide to general factoring. This process is based on complex legal foundations that determine the rights and obligations of the parties involved. The security of this operation...Understanding bank discounting: a practical guide for French businesses
Banking and securities law, DiscountingCash management is a key concern for any business, whatever its size or sector of activity. Waiting for customers to pay can sometimes create significant financial stress. Bank discounting is one of the oldest and most common mechanisms used by companies...Banker's recourse for unpaid discounted bills: focus on reversal
Banking and securities law, DiscountingAlthough bank discounting is a valuable cash management tool for companies, it also involves a significant risk: the principal debtor (the drawee of the bill or the issuer of the cheque) fails to pay on the due date. When this happens, the bank that advanced the funds...Bills of exchange and cheques: which securities can be discounted by your bank?
Banking and securities law, DiscountingBank discounting, as we saw in our general presentation of this mechanism, is based on the mobilisation of a receivable before its maturity. However, to be eligible for this credit operation, the receivable must generally be materialised, incorporated in a specific security that the company gives to its bank. The nature...Bank discounting: definition, how it works and what's at stake for your company
Banking and securities law, DiscountingFinancial oxygen is essential to the smooth running of any business. It is a constant challenge to obtain liquidity quickly in order to cope with cash flow shortfalls, finance the operating cycle or seize a development opportunity. Among the tools available to companies to mobilise their trade receivables before they are paid off are...The liability of the commissaire de justice: what recourse is available in the event of misconduct?
Commissaire de justice, Guarantees, securities and enforcement lawA lost document of service. An irregular auction sale. A seizure of the wrong assets. To better understand the scope of his liability, it is useful to look at his professional status following the merger. Even the judicial commissioner, a sworn ministerial officer, is not...The prerogatives of the commissaire de justice: limited but extensive powers
Commissaire de justice, Guarantees, securities and enforcement law"Open up, it's the Commissioner of Justice! This summons can be bloodcurdling. But what can this official really do? From the right to enter a home to access to bank details, his prerogatives are impressive. These powers are essential to his monopolistic missions. However, they remain...Monopolistic missions of the judicial commissioner
Commissaire de justice, Guarantees, securities and enforcement lawBehind their official title, judicial commissioners hold a power that no one else can exercise. This legal professional alone has the authority to perform certain acts that are essential to the smooth operation of our legal system. But what exactly are these exclusive prerogatives? And how do they differ from the competitive activities of...The pricing of acts of the judicial commissioner: understanding for better anticipation
Commissaire de justice, Guarantees, securities and enforcement law"How much will it cost me? This is a legitimate question to ask yourself before appointing a judicial commissioner. This new entity was created by the merger of the professions of bailiff and auctioneer, and has inherited a specific fee structure, particularly for acts subject to a regulated fee. The...The creation of the commissaire de justice: a profession born of merger
Commissaire de justice, Guarantees, securities and enforcement lawThe Macron Law shook up the French legal world in 2015. Among its upheavals was the birth of a new profession. Since 1 July 2022, bailiffs and auctioneers have merged. Their heir? The judicial commissioner. This transformation is changing access to legal services...Disclosure requirements for loan insurance
Credit insurance, Credit and consumer lawThe relationship between a borrower and his bank turns into an obstacle course when a dispute arises over borrower's insurance. This protection, which is often required in practice when taking out a mortgage, suffers from a chronic lack of information. This complex mechanism involves three players: the insurer who draws up the contract, the bank that issues the policy and the insurer...Loan insurance: legal analysis of a complex package
Credit insurance, Credit and consumer lawLoan insurance is an essential part of taking out a property loan, but it raises a number of legal questions. Between protection for the lender, guarantees for the borrower and contractual entanglements, this insurance deserves an in-depth examination. The legal basis and anatomy of an atypical contract Loan insurance belongs to the category of insurance that protects the...
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