CELEX: 32017M8429
Language: en
Date: 2017-06-30 00:00:00
Title: Commission Decision of 30/06/2017 declaring a concentration to be compatible with the common market (Case No COMP/M.8429 - BNP PARIBAS / CAISSE DES DEPOTS ET CONSIGNATIONS / SOCIETE GENERALE / EURONEXT / EUROCLEAR / S2IEM / CACEIS / JV) according to Council Regulation (EC) No 139/2004 (Only the English text is authentic)

EUROPEAN COMMISSION
                                                                Brussels, 30.6.2017
                                                                C(2017) 4666 final
                                                                        PUBLIC VERSION
                                                                To the Notifying parties:
Subject:        Case M.8429 - BNP PARIBAS / CAISSE DES DEPOTS ET
                CONSIGNATIONS / SOCIETE GENERALE / EURONEXT / EUROCLEAR /
                S2IEM / CACEIS / JV
                Commission decision pursuant to Article 6(1)(b) of Council Regulation (EC)
                                1                                                                             2
                No 139/2004 and Article 57 of the Agreement on the European Economic Area
Dear Sir or Madam,
1.      On 30 May 2017, the European Commission received notification of a proposed
        concentration pursuant to Article 4 of the Merger Regulation by which BNP Paribas
        Securities Services (“BP2S”, France), CACEIS Investor Services (“CACEIS”, France),
        Caisse des Dépôts et Consignations (“CDC”, France), Euroclear SA/NV (“ESA”, United
        Kingdom), Euronext NV (“Euronext”, the Netherlands), S2IEM - Société
        d’Investissements en Infrastructures Européennes de Marchés (“S2IEM”, France), and
        Société Générale SA (“Société Générale”, France) will acquire, within the meaning of
        Article 3(4) of the Merger Regulation, joint control over a newly created joint venture in
        France (the “JV”).3 The JV will provide certain post-trade services to small and medium
        enterprises for their listed and unlisted equities, namely Distributed Ledger Technology
        ("DLT")-based registrar services and DLT-based settlement services.
2.      The business activities of the undertakings concerned are:
             − BP2S a French based subsidiary of BNP Paribas SA, the parent company of the
                 BNP Paribas Group, a worldwide provider of banking and financial services to
                 retail, corporate and institutional clients, provides custody and administration
                 services for the assets of BNP Paribas Group's clients.
1       OJ L 24, 29.1.2004, p. 1 (the 'Merger Regulation'). With effect from 1 December 2009, the Treaty on the
        Functioning of the European Union ('TFEU') has introduced certain changes, such as the replacement of
        'Community' by 'Union' and 'common market' by 'internal market'. The terminology of the TFEU will be used
        throughout this decision.
2       OJ L 1, 3.1.1994, p. 3 (the 'EEA Agreement').
3       Publication in the Official Journal of the European Union No C 179, 7.6.2017, p. 6.
Commission européenne, DG COMP MERGER REGISTRY, 1049 Bruxelles, BELGIQUE
Europese Commissie, DG COMP MERGER REGISTRY, 1049 Brussel, BELGIË
Tel: +32 229-91111. Fax: +32 229-64301. E-mail: COMP-MERGER-REGISTRY@ec.europa.eu.
 ---pagebreak---        − CACEIS, a company belonging to French banking group Crédit Agricole Group,
           active in retail and investment banking as well as insurance and asset management,
           provides insurance and asset management services to corporate clients, institutional
           investors, banks and brokers.
       − CDC, a French institutional investor, is active in public service and general interest
           activities (including banking services and management and centralisation of saving
           funds) as well in other areas such as real estate, environment, regional development
           services and capital investment.
       − ESA, a subsidiary of Euroclear plc, the ultimate parent company of the Euroclear
           Group, a provider of safekeeping, settlement and related services for domestic and
           international securities including bonds, equities and investment funds. ESA itself
           is the parent company of the Group's operating entities, which include central
           security depositories and Euroclear Bank, an International Central Security
           Depositary which handles the safekeeping and settlement of Eurobonds and other
           securities.
       − Euronext is the parent company of the Euronext Group, which is active in i)
           listing, ii) cash trading, iii) derivatives trading, iv) market data and indices, v) post-
           trade and vi) market solutions.
       − S2IEM is an alternative investment fund managed by OFI Asset Management, an
           asset manager providing a wide range of services in asset management, which is
           primarily owned by Mutuelle Assurance des Commerçants et Industriels de France
           et des cadres et des salaries de l'industrie et du Commerce ("Macif"), an insurance
           and banking services provider.
       − Société Générale is the parent company of the Société Générale Group, which is a
           financial institution active in French and international retail banking, international
           financial services and insurance, and corporate and investment banking.
3. After examination of the notification, the European Commission has concluded that the
   notified operation falls within the scope of the Merger Regulation and of paragraph 5(a) of
   the Commission Notice on a simplified procedure for treatment of certain concentrations
   under Council Regulation (EC) No 139/2004.4
4. For the reasons set out in the Notice on a simplified procedure, the European Commission
   has decided not to oppose the notified operation and to declare it compatible with the
   internal market and with the EEA Agreement. This decision is adopted in application of
   Article 6(1)(b) of the Merger Regulation and Article 57 of the EEA Agreement.
                                                        For the Commission
                                                        (signed)
                                                        Johannes LAITENBERGER
                                                        Director-General
4  OJ C 366, 14.12.2013, p. 5.
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