4.3.0 Introductie

In case of publication of false or misleading information in a prospectus, French law does not prohibit proceedings to be brought before administrative, civil and criminal courts simultaneously. The French Supreme Court (Cour de cassation) rejects in its case law the assertion that the ne bis in idem-principle excludes the possibility to impose administrative as well as criminal sanctions for the same facts. The court argues that this principle does not apply, because the French Republic made reservations with regard to the application of article 4 of Protocol No 7 of the European Convention on Human Rights.1 In most cases where false or misleading information is disseminated on the capital market, it is the AMF that initiates (administrative) proceedings against the issuer X S.A. and/or its directors for violation of their respective duty to provide fair information to investors.