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Clifford Chance

Clifford Chance


Restrictions on the provision of M&A advice: The Montbéliard case law

3 October 2011

Montbéliard is a relatively small provincial city, best known for its tasty sausages and its  association with the Dukes of Wutemberg.

It is definitely less known for its tribunal de grande instance, the local court that has jurisdiction over civil matters, including contractual conflicts relating to the alleged provision of investment advice or the carrying out of solicitation activities.

The media coverage brought about by a recent decision rendered by the civil court of Montbéliard on merger and acquisition advice might not materially change the state of things, but it is still worth considering from a legal standpoint since it is one of the first decisions to nullify a service agreement on the basis that the service provider carried out solicitation activities in respect of M&A advice without being properly registered.

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