Dr D’Alvia contributes expert legal opinion to landmark decision by Paris Supreme Court in capital markets case
Dr Daniele D’Alvia was invited by the Haut Comité Juridique de la Place Financière de Paris (HCJP) to provide a comparative legal opinion on the regulation of Private Investments in Public Equity (PIPEs) and Standby Equity Distribution Agreements (SEDAs) in the UK and US.
The Haut Comité Juridique de la Place Financière de Paris (HCJP) is an independent advisory body created by the Banque de France and the Autorité des Marchés Financiers (AMF).
This work formed part of a major study requested by the French Supreme Court (Cour de cassation) in the context of the high-profile Biophytis v. Negma litigation, concerning controversial ‘equity line’ financing practices affecting distressed issuers in France.
Drawing on his internationally recognised expertise in non-bank financial intermediation, investment banking law, capital markets innovation, and SPACs, Dr D’Alvia analysed how these complex financing structures are treated under UK financial regulation, company law and FCA oversight.
The Supreme Court’s decision in July 2025 - in favour of Biophytis - marks a critical moment in the regulation of alternative equity financing tools across Europe, and highlights Queen Mary University of London’s thought leadership at the intersection of law, finance, and innovation.
Dr Daniele D’Alvia is a Lecturer in Banking and Finance Law and Deputy Director of the Institute of Banking and Finance Law at Queen Mary.
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