In-depth Listed companies & corporate financing: Equity markets

The AMF updates its position on profit estimates

Published on January 2, 2014

The AMF has updated Position-Recommendation DOC-2004-04 on profit estimates to reflect changes to European regulations, notably a revised definition of those estimates.

Delegated Regulation (EU) No 862/2012 of 4 June 2012 amended Regulation No 809/2004, adding a new definition of profit estimates. The AMF has amended its policy accordingly.

The reason for updating Position-Recommendation DOC-2004-04 is to allow issuers to undertake capital market transactions on the basis of figures for the last closed financial year without having to publish a report on profit estimates or an audit report. The waiver does not apply unless certain items of information are incorporated into the prospectus.

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Head of publications: The Executive Director of AMF Communication Directorate.
Contact: Communication Directorate – Autorité des marches financiers 17 place de la Bourse – 75082 Paris cedex 02