Assessing the Adequacy of Legal Frameworks for Privatization Operations: A Critical Analysis Report
Download
Read an extract
Themes
Privatization operations, legal framework, sufficiency, privatization laws, regulatory framework, public private partnership, state owned enterprises, economic policy
Reader
Abstract
Extract
of 3
Abstract
Unlock the intricacies of privatization law and discover if the current legal framework is equipped to handle modern privatization operations. Explore the complexities of privatization regulations and gain insight into the adequacy of today's legal structure in governing these transactions. Understand the nuances that shape the privatization landscape and learn how to navigate the existing framework effectively.
Extract
[...] The establishment of the regime - On the goods - The privatization may give rise to The competition on the exploitation of the privatized activity; e.g. of airports companies the the legislator has instituted on a case-by-case basis a protective regime aimed at ensuring the continuity of SP's activity to which the assets were assigned. This was the case for the change of status of ADP, which was a public company that became a SA, the the assets transferred to ADP in full ownership have been subject to a specific regime, law of 2005 which fixed this regime. [...]
[...] Is the legal framework that determines the conduct of privatization operations sufficient today? In France, there are three categories of operations: the transfer of operation of a SP activity to a private delegate, the transfer of ownership of a public sector enterprise to the private sector (art. 34C), or the modification of the legal form - status - of public law to private law. They can be cumulative. These three operations leading to privatization are legally framed, but it is necessary to see if this framework remains precise enough today, this being mainly realized from a constitutional point of view. [...]
[...] - On the choice of the shareholder: - As for the choice of the shareholder or shareholders : for example: In the case of FDJ, the procedure for choosing shareholders is not defined and the State may resort to stock market procedures or consider a procedure on a case-by-case basis without any public notice or competitive procedure being defined - The PACTE law of 2019 completes the device, but imposes no constraint on the choice of candidates (so it will be a negotiation opaque). So, always very very little delimitation of our days on the choice of the shareholder for privatization operations. For all that, the privatized activities following a privatization operation are subject to increased state control over the privatized activity, control reinforced by the PACTE law. II. An encadrement synonymous with judicial control - Pose a fundamental principle as to the evaluation of the value of the enterprise to be transferred A. [...]
[...] But evaluation not very precise. CE M. Bayrou: normal control of CE on CPT. The CPT's competences have been strengthened over the years. Law of 1993: requires the CPT's advisory opinion for arm's length transactions. Thus, the regulation of the evaluation of the transfer value appears to be subject to strengthened regulation, thanks to the CPT. Today the CPT is competent in cases of direct transfer of state participation and transfer of the majority of the capital in the case of indirect participation. [...]
[...] Examine whether it has indeed been purged of its characteristics of national public service 1986). In its decision CC May 2019, Law on the growth and transformation of companies, the constitutional judge was satisfied to note that no legislative provision in force qualified ADP as a national public service. The CC sanctions for EMA. = important constitutional framework The jurisprudence has clarified the nature of the obligations imposed on the Minister of the Economy in the process of selecting acquirers, and demands respect for the principle of equality, particularly when it is off-market. [...]
