LexInter | April 16, 2002 | 0 Comments



The public CALL for savings is made up of:

– the admission of a financial instrument mentioned in article 1 of law n ° 96-597 of 2 July 1996 on the modernization of financial activities for trading on a regulated market;

– or by the issuance or sale of financial instruments to the public by resorting either to advertising, or door-to-door sales, or to credit institutions or investment service providers.

However, the issue or sale of financial instruments to qualified investors or to a restricted circle of investors does not constitute an operation by public offering, provided that these investors are acting for their own account.

II – A qualified investor is a legal person having the skills and means necessary to understand the risks inherent in transactions on financial instruments. The list of categories to which qualified investors must belong is defined by decree. Collective investment undertakings in transferable securities are deemed to act as qualified investors.

A restricted circle of investors is made up of people, other than qualified investors, linked to the directors of the issuer by personal, professional or family relationships. Those made up of a number of people below a threshold fixed by decree are deemed to constitute such circles.

III – Without prejudice to the other provisions applicable to them, persons who engage in a transaction by public offering must first publish and make available to any interested person a document intended for the information of the public, relating to the content and terms of this transaction, as well as to the organization, financial situation and development of the issuer’s activity, under the conditions provided for by a regulation of the Commission des Opérations de Bourse .


The public offering and private placement: Review of a reform, Pénichon, Christine, Revue de droit bank et de la Bourse, 01/11/1999, p. 203-207

Public call for savings – COB regulations numbers 98-01, 98-07, 98-08, 98-09, 98-10, JCP E Semaine Juridique (company edition), 05/20/1999, p. 833-834


Company savings plan and public offering, Bulletin of the National Association of Joint Stock Companies (ANSA), n ° 2999, 04/01/1999, pp 1-6

The qualified investor, Experton, Marie-Joseph, Bulletin Joly Bourse et produits financiers, n.2, 01/03/1999, pp 140-147

Qualified investor, Bernard, Éric; Peltier, Frédéric, Review of banking law and the Stock Exchange, 1998.156

Capital transactions law: Does the restricted circle of 100 people constitute a simple presumption of the public offering? Share buybacks and the main principles of company law, Germain, Michel; Frison-Roche, Marie-Anne, Review of banking and stock market law, n.71, 01/01/1999, pp. 31-34

Goyet, Charles-Rontchevsky, Nicolas-Storck, Michel, Quarterly Commercial Law Review (RTD Com), 1998.878

Improving the competitiveness of the Paris market at the time of the changeover to the Euro: Comments on law number 98-546 of July 2, 1998, Vauplane, Hubert de, Bulletin Joly Bourse and financial products, 07/01 /1998.412



CA Paris, January 15, 1999, 15th Chamber B, Pierrel ès qualities against bank Dumesnil Leblé, Revue de jurisprudence de droit des affaires (RJDA)
NUMBER 4, 04/01/1999, pp 343-344


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