Arbitration analysis: In this decision, the Enforcement Judge of the Paris Judicial Court (JEX) clarifies the scope of the statutory protection against attachment established by Article L. 153-1 of the French Monetary and Financial Code for assets held or managed in France by foreign central banks or monetary authorities. It also delineates the burden of proof borne by award creditors seeking judicial authorization to enforce against assets falling within the statutory exception to that protection. The Enforcement Judge held that a creditor seeking authorisation to attach assets held or managed by a foreign central bank must establish, at the time authorisation is sought, that the statutory exception to immunity from attachment applies. To do so, the creditor bears the burden of proving each of the two cumulative requirements: first, that the central bank holds or manages the assets for its own account; and second, that the assets form part of a pool of assets allocated to the central bank’s principal activity governed by private law. The judgment further confirms that this burden cannot be discharged through generalised assertions, evidence merely that the assets generated investment returns, or material obtained only after the attachment has been carried out. None of those elements, without more, establishes that the assets were allocated to the central bank’s principal private-law activity at the time authorisation was sought. The judgment is therefore of particular significance to enforcement practitioners. It confirms that post attachment discovery cannot cure an evidential deficiency existing when the application was made. Creditors must accordingly obtain sufficiently concrete evidence, before seeking enforcement measures in France, of both conditions. Produced in partnership with Raphaël Kaminsky and Anzhela Torosyan of Teynier Pic.