France Expands 10% FDI Threshold to Foreign Listings

France has reformed its FDI regime, with the changes entering into force on August 17, 2026. The reform extends the scope of the 10% voting-rights threshold, so that it now applies to French entities listed on almost all regulated markets.

The current rule already requires non-European investors to consider a French FDI application when they cross 10% of the voting rights of a French company whose shares are admitted to trading on a French or European regulated market. The new texts broaden that reference point. In addition to EU and European Economic Area ("EEA") regulated markets identified on the European Securities and Markets Authority's ("ESMA") list, the regime now captures third-country markets covered by an EU equivalence decision and six markets expressly named in the order: the London Stock Exchange, SIX Swiss Exchange, Toronto Stock Exchange, Singapore Exchange, Japan Exchange, and Korea Exchange. As a result, major U.S. venues such as Nasdaq and the New York Stock Exchange should now fall within the equivalence limb.

The 10% trigger remains limited to non-EU/non-EEA investors, and the threshold is assessed by reference to voting rights held alone or in concert, directly or indirectly, including relevant instruments and arrangements that may give access to shares or voting rights.

The procedural consequence also remains important. Crossing the 10% threshold does not automatically require a full ordinary authorization filing. It triggers the specific fast-track notification procedure: the investor notifies the Minister of Economy, who has 10 business days to decide whether to require a full authorization application. The new rules apply from August 17, 2026.