Recommendation 1 Recommendation 2 Recommendation 3 Recommendation 4

Recommendation 5 Recommendation 6 Recommendation 7 Recommendation 8

Market selection

Recommendation 7

Investor compliance with the laws and regulations in the home countries of their investments should be part of their regulators' due diligence process. They, in turn, should be treated equitably in the home country of their investments especially in respect to their rights to shareholder benefits and concessionary arrangements under double tax agreements.

1.	Do domestic regulators monitor the procedures in place at their locally based cross-border custodians to assure compliance with the laws and regulations of the home countries of their investments?	The domestic regulator (CMF, Commission des Marchés Financiers) monitors French and foreign participants' activity in France and, in some areas, foreign activity by French market participants.
2.	What are the areas (e.g. benefits, investor compensation) where foreign investors are not treated in the same way as local investors?	None.
3.	Can sales proceeds and income be repatriated without any restrictions?	Yes.
4.	Are double tax agreements simple to apply, and do foreign investors receive promptly their full entitlement to dividends and interest payments?	Big improvements have been made in the past four years in taxation and revenue payments. The delay between the submission of a completed tax refund form and the receipt of funds is short, even if some improvements are still to be made.