Management packages and securities held in PEAs: the latest developments

The ban on holding management package securities in PEAs (French equity savings plans), introduced by the 2025 reform, has created a real legal conundrum. In the absence of transitional measures and despite the publication of the BOFiP (French tax authority’s official bulletin), the fate of securities already held in PEAs remained largely uncertain. The adoption of the revenue section of the 2026 Finance Law, following the failure of the proposed amendments to the ban, provides some answers for taxpayers.

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