Paris Counsel Mathieu Taupin and Cécile Terret as well as Partner Rémy Blain authored an article published July 10 in Option Droit & Affaires on the impact of new anti-corruption obligations in M&A transactions. The French Anticorruption Agency (AFA), created by the Sapin II law, recently published draft guidance regarding mergers and acquisitions. Once finalized, this guide will be a reference framework for external growth operations, otherwise businesses could face administrative or criminal sanctions. Among the first recommendations, the buyer will be required to thoroughly verify the anti-corruption system allegedly set up by the seller, through parts audits and on-site audits for a satisfactory period of time (six months) to analyze the company, its customers and suppliers. This raises issues of timing and confidentiality, particularly at an early stage of the acquisition process when access to information may be difficult. Finally, it also raises the question of the decision to be taken by the buyer in the event of the discovery of corrupt practices during pre-acquisition audits. In its draft guide, the AFA invites buyers to come forward spontaneously to disclose acts of corruption to the authorities at the end of the acquisition transaction by suggesting that the public prosecutor negotiate a public interest judiciary agreement. Beyond this guide, practitioners will need to demonstrate innovative solutions to address these new legal constraints.