AMF : Equity markets

The new Regulation (EU) n°2017/1129 on prospectuses amends the conditions to be obeyed for an issuer to be exempted from the obligation to produce an admission prospectus. A 20% threshold has now been introduced. The AMF présents these new provisions and their conditions.

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IFRS 9 - Financial instruments will apply as from 1 January 2018. To that end, ESMA has clarified the information it expects from listed companies by that date, to enable users to assess and understand the expected impacts on the financial statements at the time of initial application of this standard. The AMF has incorporated these clarifications into a recommendation (DOC-2016-12).

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The Autorité des Marchés Financiers (AMF) has published two guides. The first deals with ongoing information (DOC-2016-08) and aims to help listed companies and their executives carry out the new duties required by the European market abuse regulation (MAR). The second deals with periodic information (DOC-2016-05) and details companies’ key disclosure obligations, as well as the relevant positions and recommendations of the AMF and the ESMA.

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In addition to the priorities announced by the European Securities and Markets Authority (ESMA), the AMF is publishing its recommendations regarding financial statements for 2016 (DOC-2016-09). The themes addressed this year include financial performance measures, the consequences of the UK referendum and new accounting standards. The recommendations also contain information about the AMF's review of financial reporting.

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The transposition into French law of the measures of the revised Transparency Directive requiring transposition by 26 November 2015 has been completed. The transposition took place in several stages. Some provisions came into force on 1 January 2015, the first modifications to the General Regulation of the Autorité des Marchés Financiers (AMF) were published in the Official Journal on 16 September 2015 and Order of the 3 December 2015 was published on 4 December 2015. The second raft of modifications to the AMF’s General Regulation was submitted for public consultation up to 30 October 2015 and approved by the order of 4 December 2015. In particular, it concerned changes in major shareholdings and the language used for regulated information.

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In addition to the priorities announced by the European Securities and Markets Authority (ESMA), the Autorité des Marchés Financiers (AMF) is publishing its recommendations for 2015 financial statements (DOC-2015-08). The issues addressed this year concern the impact of the economic environment on financial statements, management of working capital requirements, and recently published standards. Furthermore, in accordance with an ESMA guideline, the AMF is also releasing information on its review of corporate reporting.

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The transposition into French law of the revised Transparency directive is currently being finalised. Certain provisions have already been in force since 1 January 2015, and the first changes to the AMF General Regulation were published in the Official Journal on 16 September. The last round of changes to the General Regulation has been submitted for public consultation through 30 October 2015. It addresses the major holdings regime in particular.

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Transposition of the revised Transparency Directive, provided for by the DDADUE law, is ongoing. Certain provisions have already entered into force and others will be transposed by 27 November 2015. Until 15 July 2015, the AMF will be consulting on the first amendments to be made to Book II of its General Regulation in order to ensure compliance with the DDADUE law. Another public consultation will be launched in the second half of the year, particularly regarding sanctions and notification and disclosure of major shareholdings.

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The AMF wishes to draw the public's attention to the modification, by decree, of the cut-off time and rules for establishing the list of persons authorised to participate in a general meeting (record date) as share- or bondholders of a French company whose securities are traded on a regulated market. The cut-off time for an investor to include a resolution on the agenda has also been modified.

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Further to the publication by ESMA of its priorities, the Autorité des Marchés Financiers is publishing its recommendations for financial statements 2014. The document is referenced DOC-2014-13.

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