In contradiction withthe position of the Supreme Court, which recently held that themerging company in a merger could not be held responsible for thecriminal liabilities of the merged company (seewww.lawdepartment.net/global "Mergers and criminal liability",) the State Council held that theFinancial Market Council (Conseil des MarchésFinanciers) could apply a fine to the merging company for thebreach of securities regulations committed by the merged companybefore the merger took place.

GC, 2001, VI(1), 68Source: State Council, 22nd November, 2000. JacquesBuhart, Franck Menand, Coudert Frères