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1、ToOurClientsandFriendsMemorandumfriedfrank.comFrenchDecreeRequiresGovernmentApprovalforForeignInvestmentsinStrategicBusinessSectorsOnDecember30,2005,theFrenchgovernmentissuedadecreelistingelevenbusinesssectorsinwhichtheFrenchMinistryofEconomy(“MINEFI”)hastherighttomonitorandre
2、strictforeigninvestmentsin1France(the“Decree”).TheDecreewasthefirstregulationtobeissuedinimplementationofaParliamentaryActdatedDecember9,2004whichsubstantiallyreformedFrenchforeigninvestment2regulations(the“ReformLaw”).TheDecreespecifieswhichbusinesssectorsaresubjecttoforeigni
3、nvestmentapprovalundertheReformLaw,andclarifiesthefunctioningoftheprocessforapprovalofforeigninvestmentsbyMINEFI.TheDecreealsointroducedadistinctionintheapplicationoftheReformLawbetweenEUinvestorsandnon-EUinvestors,withalessrestrictiveregimeapplicabletotheformer.OnMay7,2012,th
4、eFrenchgovernmentissuedaseconddecree(the“2012Decree”)whichclarifiesthedefinitionofinvestmentsconductedthroughFrenchvehiclescontrolledbyforeigninterestsandremovescasinosfromthelistofstrategicprotectedsectors.BackgroundDuringthedebatesleadinguptotheReformLawandtheDecree,memberso
5、ftheFrenchgovernmentandParliamentarguedthatFrenchforeigninvestmentcontrolsweremorelenientandlesseffectivethan3thoseinplaceinothercountries,particularlyintheUnitedStates.SponsorsoftheDecreereferredtotheresolutionpassedonJune30,2005bytheU.S.HouseofRepresentativesrequestingPresid
6、entBushtoconductareviewundertheExon-Florioprovisionofthe4DefenseProductionAct(the“Exon-FlorioAmendment”)ofthetakeoverbidlaunchedbytheChinaNationalOffshoreOilCompany(“CNOOC”)fortheCaliforniaenergyfirmUnocalCorp.AlthoughthisresolutionprovedsufficientinitselftodeterCNOOCfrompursu
7、ingitsbid,theExon-FlorioAmendment1DecreeNo2005-1739datedDecember30,2005regulatingforeignfinancialrelationships,codifiedunderArticlesR153-1etseq.oftheFrenchMonetaryandFinancialCode(the“CMF”)andimplementingArticleL.151-3oftheCMF.2Article30ofLawNo.2004-1343,datedDecember9,2004,co
8、ncerningsimplificationofthelaw,JONo.287,December10,2004,p.208
