Thursday, December 8, 2016

Data of multinational corporations: the Sapin law II retoquée – The Point

The constitutional Council validated Thursday the bulk of the Sapin law II on the transparency of the economic life, but has postponed some of the provisions, including the obligation for multinational companies to publish their financial data by country.

The Council has censored the article 137 of the law that requires certain companies to make public the economic indicators and tax country-by-country, believing that it was “a disproportionate interference with the freedom of entrepreneurship”.

This obligation, much maligned by large companies, is of a nature to allow their competitors to “identify the essential elements of their industrial and commercial strategy,” according to their decision.

The Wise men had been seized on this act by the president of the Senate, as well as by more than sixty members, more than sixty senators and the Prime minister.

The minister of Economy and Finance, Michel Sapin, welcomed in a statement of the fact that most of the measures of the text had been approved by the Elders of the Royal Palace.

He ruled that it would “raise France to the highest international standards in the fight against corruption”.

about the article on the multinational, Bercy has pointed out that Michel Sapin had “reported in a public meeting during the first reading in the national Assembly of the legal difficulties posed by this measure is introduced in the text by parliamentary amendment”.

The constitutional judges have also rejected an article on the ineligibility to the functions of a member of the persons convicted for breaches of the probity, on the grounds that it could not be established in an organic law and not an ordinary law.

Here, too, Mr. Sapin had raised concerns to the national Assembly, argued Bercy.

Another measure rejected: the one who gave the High authority for transparency in public life (HATVP) the ability to control the departure of senior officials to the private, jurisdiction hitherto vested solely to the Commission of ethics of the public service.

To the Board, the legislature “had in the particular case adopted conflicting provisions which, in some cases, claimed a concurrent jurisdiction of the two authorities”.

The Sages of the Palais-Royal were also considered to be contrary to the Constitution article attributing exclusive competence to the public prosecutor of the national financial economic, fiscal, and financial.

He justified this censorship by the absence of transitional measures, “only of a nature to prevent procedural irregularities that may result from this transfer of jurisdiction”.

in addition, They have identified two dozen “riders legislative”, in other words, provisions having nothing to do with the spirit of the law.

- the definition of whistleblower, validated -

The Board has endorsed the definition of the whistleblower is enshrined in the law, considering it to be “sufficiently precise”, while several NGOS and some parliamentarians on the left believe that the regime protecting whistleblowers, like Antoine Deltour at the origin of the scandal LuxLeaks, is still insufficient.

The Wise men have also validated the essential provisions on the establishment of a digital repository of the “representatives of interest”, under the control of the HATVP.

The lobbyists (but also companies, NGOS, associations, etc.) will need to save to meet those who participate in the public decision-making and the making of the law : ministers and their offices, members of parliament and their staff, some senior civil servants and local elected officials.

The constitutional Council, however, proceeded to a censure partial pane on the penal of this article.

He felt that the legislature had “infringed the principle of legality of criminal offences and penalties”, not defined in the act, the obligations to which are subject to lobbyists and by referring this definition to the bureau of the parliamentary assembly.

Among the other measures approved, “the vote of the general assembly of listed companies on the remuneration policy for directors and the approval by this assembly of certain elements of compensation”, designed to avoid drift on the salaries of the big bosses, the protection of the property of foreign States to prosecute, or even the possibility granted to the High council for financial stability (HCSF) to limit withdrawals of life insurance for a maximum period of six months.

08/12/2016 21:36:44 – Paris (AFP) – © 2016 AFP


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