In France, other legal obligations to prevent the risk of insider trading include:

  • a general abstention obligation on all permanent and occasional insiders to directly or indirectly carry out, for themselves or on behalf of others, on-market or off-market, any transaction in listed securities, before such information has been made public;
  • a company must refrain from trading in its own shares:

    • during the period between the date on which this company becomes aware of inside information and the date on which this information is made public;
    • During the 15 calendar days preceding the dates on which its annual consolidated financial statements, or failing that, its annual corporate financial statements, as well as its interim financial statements (half-yearly and, where applicable, quarterly) are made public;

  • an abstention period for granting options to buy or subscribe shares (Art. L. 225-177 of the Commercial Code) and for the transfer of free shares (Art. L. 225-197 of the Commercial Code).
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