French Legal and Regulatory Update – January 2026

France –  Bill aimed at protecting minors from risks associated with the use of social media

On 14 January 2026, Bill No. 2341-A0 was introduced, seeking to protect minors from risks associated with the use of social media. On 26 January, an amendment was adopted providing for a ban on access to online social networking services for minors under the age of fifteen.

The category of social media services covered by this prohibition is defined by reference to European Union law, in particular the Digital Services Act (DSA) and the Digital Markets Act (DMA). However, the DSA does not establish an autonomous legal definition of “social media”, with the result that the precise scope of the prohibition remains to be clarified. It may notably extend to certain online video games where their functionalities expose users to established risks in terms of contacts, content or interactions.

Authored by Iris Accary and Margaux Ternisien

France – New obligations applicable to the right of withdrawal for distance contracts concluded through an online interface

Ordinance No. 2026-2 of 5 January 2026 on distance marketing of consumer financial services (the “Ordinance”) transposes Directive (EU) 2023/2673 of 22 November 2023, and specifies the conditions governing the exercise of the right of withdrawal for distance contracts concluded through an online interface.

The Ordinance amends Article L.221-21 of the French Consumer Code by introducing two new paragraphs. These provisions require traders to provide consumers with a free-of-charge functionality enabling them to exercise their right of withdrawal. The Ordinance also modifies Article L.222-5 of the French Consumer Code, which is applicable for distance contracts, to specify that traders must inform consumers of the existence or absence of the right of withdrawal, its conditions of exercise, as well as, where the contract is concluded through an online interface, the existence and location of the withdrawal functionality.

The provisions of the Ordinance are supplemented by Decree No. 2026-3 of 5 January 2026 on distance marketing of consumer financial services (the “Decree”), which specifies the terms and conditions of their application. For the entire duration of the withdrawal period, the trader is required to provide a withdrawal functionality that is clearly visible, easily accessible, and identifiable by the label “Withdraw from the contract here” or using a similarly unambiguous expression.

The Decree specifies that the withdrawal functionality must enable the consumer to submit an online declaration by which he/she informs the trader of his/her decision to withdraw. This declaration must be designed so as to allow the consumer to provide or confirm his/her identity, the identification details of the relevant contract, as well as the electronic means chosen to receive the acknowledgement of receipt. The declaration is submitted using a confirmation button clearly labelled “Confirm withdrawal” or using a similarly unambiguous expression.

Finally, the trader must send the consumer an acknowledgement of receipt within a reasonable period, either on paper or another durable medium. The acknowledgement of receipt must indicate the content of the withdrawal declaration and the date and time it was sent.

Authored by Floriane Cadio de Kermainguy, Camille Raymond and Lise Guillard

France – Publication of decree No. 2026‑94 of 13 February 2026 relating to the modernisation of communication arrangements with shareholders of certain commercial companies

The decree amends certain rules governing how companies communicate with their shareholders, in particular those whose share capital is admitted to trading on a regulated market.

Theses new provisions have entered into force on the day following its publication, i.e. Monday, 16 February, with the exception of the provisions of Article 3, which apply to shareholders’ general meetings convened from 1 July 2026 onwards. In addition, a transitional mechanism allows existing registered shareholders, for a period of two years, to request that notices of meeting and related documentation again be sent by post.

As provided within the publication, “The decree allows notices convening shareholders’ general meetings and the transmission of the related preparatory documentation to be sent electronically to holders of registered shares in certain commercial companies. It also amends the record date, now set at the fifth business day prior to the date of the meeting for both listed and unlisted companies, and aligns with this date the deadline by which the authors of an item or a draft resolution added to the agenda must reiterate proof of their status as shareholders. The decree further enhances the information function of companies’ websites, which will no longer be required to send preparatory documents to shareholders holding registered shares if those documents are published online. Finally, the period during which intermediaries must retain powers of attorney and proxies is reduced to two years from the date of the meeting.”

The decree therefore introduces four significant changes:

1. Electronic communication and convening of meetings

   A new Article R. 225‑63 of the French Commercial Code provides that “companies may, in respect of their shareholders registered in their own name, fulfil by electronic means the obligations to convene and communicate”, such as convening of shareholders (Article R. 225‑67) or sending of information and documents relating to general meetings (Article R. 225‑83).

   As the entry into force of these provisions is set for 1 July 2026, this electronic communication, without any specific request from shareholders, will initially apply to general meetings (of listed or unlisted companies) with an off‑calendar financial year (e.g. 30 June).

2. From D‑2 to D‑5: a new record date

   The record date on which a shareholder must evidence its right to attend a general meeting, by an entry in an account or on a blockchain, and which also determines entitlement to dividends, has been amended.

   This date corresponds to the establishment, by the issuing company or its agent, of the list of shareholders eligible for a corporate action, such as the distribution of cash or share dividends.

3. For unlisted companies: the date remains, as a principle, the day of the general meeting (Commercial Code, Article R. 225‑86), but the company’s articles of association may now set this date at the fifth business day preceding the meeting, at midnight (Paris time).
4. For listed companies: the record date is now set at D‑5 (Commercial Code, Article R. 22‑10‑28).
5. Companies’ websites

   The decree provides for an enhanced information role for companies’ websites, allowing certain documents not to be attached to the postal voting form if that form states that they are available on a website whose address is specified, such as, for example, “the text of the proposed resolutions, together with an explanatory statement and the identification of their author”.

   In such a configuration, the publication of certain documents online may therefore be sufficient to satisfy the communication requirements.

6. Reduction of the retention period for mandates and proxies held by registered intermediaries

Article R. 228‑6 now provides that mandates and proxies are to be retained for a period of two years (instead of three) from the general meeting at which the voting rights were exercised.

Authored by L.-N. Ricard

France - Update of the ACPR Q&A on the DORA Regulation and Directive

The Autorité de Contrôle Prudentiel et de Résolution (“ACPR”) published on 15 January 2026, an update of its Q&A regarding Regulation 2022/2554 of 14 December 2022, on the digital operational resilience of the financial sector ("DORA Regulation"), and Directive 2022/2556 of 14 December 2022 ("DORA Directive").

This updates amends section Q-A3, in particular the paragraph relating to the exemption from the application of the DORA requirements pending the adoption of the draft law implementing DORA Directive in France (loi relatif à la résilience des infrastructures critiques et au renforcement de la cybersécurité). Branches of third-country investment firms have been removed from this paragraph, and a new paragraph has been inserted. This new paragraph specifies that the application of the DORA Regulation to third-country branches of credit institutions, as well as to third-country branches of Class 1 and Class 2 investment firms has been confirmed by the European Commission in DORA Q&A 102-3097 of the European Insurance and Occupational Pensions Authority (“EIOPA”).

The updated Q&A also modifies section Q-A4, relating to the types of services that must be considered information and communication technology (“ICT”) services, by referring to EIOPA DORA Q&A 2024-7290.

Source:  Update of the ACPR Q&A on the DORA Regulation and Directive

France – Publication of Ordinance n° 2026-2 and Decree n° 2026-3 on the distance commercialisation of financial services to consumers

On 6 January 2026, Ordinance n° 2026-2 and Decree n° 2026-3 relating to the distance commercialisation of financial services to consumers were published in the Official Journal. They transpose Directive 2023/2673 of 22 November 2023 on financial services contracts concluded at a distance (“CCD2”).

Their purpose is, in particular, to strengthen pre-contractual information obligations for the benefit of consumers of financial services and to introduce various additional protective measures.

These two publications amend and repeal several provisions of the French Insurance Code relating to the conclusion of insurance contracts concluded online or by telephone. They notably introduce an obligation relating to the right of withdrawal aimed at facilitating its exercise. Insurers will now be required to provide policyholders or members with an online specific functionality enabling them to exercise their right of withdrawal free of charge when the contract is concluded via an online interface. This functionality must be easily accessible, direct, and permanently available, in accordance with the updated Article L. 112-2-1, II, 4° of the French Insurance Code, and must in particular be clearly identified by the words “withdraw from the contract here” or a similar wording.

The insurance-related amendments introduced by Ordinance n° 2026-2 will enter into force on 19 June 2026. Decree n° 2026-3 will also enter into force, in part, on 19 June 2026, with the exception of its Article 11 (amending Article R. 112-7 of the French Insurance Code), which will enter into force on 11 August 2026.

Source : Publication of Ordinance n° 2026-2 and Decree n° 2026-3 on the distance commercialisation of financial services to consumers

European union - Publication of a Memorandum of Understanding between the ESAs and UK regulatory authorities

The European Supervisory Authorities (ESMA, EBA et EIOPA) (« ESAs ») signed, on 14 January 2026, a Memorandum of Understanding with the United Kingdom regulatory authorities, namely the Bank of England (“BoE”), the Prudential Regulation Authority (“PRA”), and the Financial Conduct Authority (“FCA”), in order to strengthen cooperation between these authorities and the European Union in the supervision of critical third-party providers of information and communication technology (“ICT”) services, in accordance with Regulation 2022/2554 on digital operational resilience in the financial sector (“DORA Regulation”).

This Memorandum of Understanding notably establishes principles and procedures for cooperation, as well as arrangements for the exchange of information relating to supervisory activities between the competent authorities responsible for the supervision of critical ICT third-party service providers in the United Kingdom, in accordance with Articles 36, 44, and 3 of the DORA Regulation.

This cooperation notably includes coordination where critical ICT third-party service providers use premises in the United Kingdom to provide services to financial entities in the European Union, or premises in the European Union to provide services to financial entities located in the United Kingdom.

Source : Publication of a Memorandum of Understanding between the ESAs and UK regulatory authorities  

European union - Publication of three EIOPA Q&As concerning DORA

On 17 December 2025, the European Commission responded to three questions submitted to the European Insurance and Occupational Pensions Authority (“EIOPA”) regarding Regulation (EU) 2022/2554 on digital operational resilience in the financial sector (“DORA Regulation”).

• In its response to question n° DORA001-2622, the European Commission clarified that there is no official list of critical or important functions. Financial entities must therefore carry out a case-by-case assessment to determine whether a function is critical or important, taking into account, in particular, the nature and complexity of the activity, as well as criteria such as the essential nature of the function, the potential impact of a disruption on financial stability or the real economy, and the possibility of replacing it with other service providers
• In its response to question n° DORA102-3097, the European Commission clarified that the DORA Regulation applies to third-country branches located in a Member State of the European Union. More specifically:
  • Branches in the EU of third country Class 1 and Class 2 credit institutions, as defined in the CRD IV Directive, must in particular have robust governance arrangements in accordance with Article 74(1) of the CRD IV Directive, including networks and information systems established and managed in accordance with the DORA Regulation.
  • Branches in the EU of third country insurance and reinsurance undertakings, as defined in Article 13 of the Solvency II Directive, must in particular comply with the governance requirements set out in Chapter IV of that Directive, including those relating to information and communication technology (“ICT”) governance provided for in Article 41(4), which refers to the DORA Regulation.
  • Third-country insurance or reinsurance intermediaries, as well as third-country ancillary insurance intermediaries, must comply with the provisions of the national law applicable to insurance distribution in the Member State where they intend to carry out their activities. The DORA Regulation therefore applies to them only if such national law expressly provides for it.
• In its response to question n° DORA237-3350, the European Commission clarified that, in order to benefit from the exclusion applicable to certain intermediaries qualified as microenterprises or small or medium-sized enterprises, these entities must meet the applicable thresholds (notably in terms of number of employees, annual turnover, and annual balance sheet total). However, the European Commission also clarified that where these entities devote only a very limited portion of their activities and resources to insurance activities, the thresholds must be calculated by taking into account only the activities and resources actually dedicated to insurance activities.

Source : Publication of Q&As (DORA001-2622, DORA102-3097 et DORA237-3350) by the EIOPA regarding DORA

Authored by Ghina Farah and Maxime Kaya

France – Introduction of a new tax in cases of unjustified maintenance of exclusivity over a pharmaceutical product

Article 29 of the Social Security Financing Act of 30 December 2025(Act No. 2025-1403), which entered into force on 31 December 2025, introduces a new tax under Article L. 138-10-1 of the French Social Security Code, applicable to companies marketing a pharmaceutical specialty.

This tax applies where the maintenance of commercial exclusivity over such specialty unjustifiably delays the effective market entry of a generic medicine beyond one year after the expiry of the original patent or the supplementary protection certificate (SPC).

The tax rate is set at 3% of the net turnover generated in France from sales of the relevant specialty during the financial year in which the delay is established

European Union – European initiative to strengthen the protection of contents used by generative AI

On 28 January, Members of the Committee on Legal Affairs of the European Parliament adopted several proposals relating to the interaction between generative artificial intelligence (AI) and copyright law.

These proposals primarily address transparency obligations incumbent upon AI providers and developers when using protected content. They also seek to strengthen the consent of rights holders, through licensing mechanisms and the possibility for rights holders to refuse the use of their works by AI systems. Furthermore, the introduction of fair remuneration for creators and rights holders is envisaged where their protected works are used in the production, dissemination and distribution of AI-generated content or products.

This own-initiative report will be submitted to a vote of the European Parliament during the March plenary session.

Authored by Iris Accary and Margaux Ternisien

France – Medical cannabis in France: continued access, but uncertainty over the post‑trial regulatory framework.

First approved in 2019 and launched in March 2021, the French experimentation on the medical use of cannabis, initially planned for two years, has been extended several times. The last experimentation period officially ended on 31 December 2024, without any permanent legal regime having been adopted. This immediately raised concerns among healthcare professionals and members of the temporary scientific committee, who warned public authorities about the risk of treatment disruption for patients already enrolled. The Minister of Health therefore confirmed continued access for existing patients, first secured until 30 June 2025 and then extended until 31 March 2026, the experimentation should therefore continue beyond this date. In parallel, the Government notified the European Commission in March 2025 of three draft texts: a decree setting the authorization framework for cannabis-based medicinal products, and two ministerial orders covering pharmaceutical specifications and authorized indications, and cultivation and traceability for medical use. However, as of January 2026, none has been adopted. The Ministry also referred the matter to the HAS on 17 March 2025 to assess therapeutic value. While the HAS has published its evaluation methodology, its final opinion is still pending and expected before March 2026, in order to establish a more stable framework that is open to patients who are not part of the current trial.

Authored by Joséphine Pour and Gauthier Zimmer

European Union – Modernisation of alternative dispute resolution for consumer disputes regarding digital challenges

The EU directive (EU) 2025/2647 of the European Parliament and of the Council of the European Union of 16 December 2025, published in the OJEU of 30 December 2025, revises the framework for alternative dispute resolution ("ADR") for consumer disputes. This text extends the scope of ADR procedures to pre-contractual obligations as well as to disputes involving traders from third countries targeting the Union market. It also formalizes the discontinuation of the European online dispute resolution ("ODR") platform. Member States have until 20 March 2028 to implement these provisions, which notably require traders to respond to ADR entities within twenty working days.

Source :Directive (EU) 2025/2647 of the European Parliament and of the Council of 16 December 2025

Authored by Nicolas Rohfritsch and Guillaume Vermersch