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In-depth Listed companies & corporate financing: Equity markets

Abolition of the requirement to produce quarterly financial information: the AMF publishes a draft recommendation

Published on November 4, 2014

In order to allow issuers to prepare for the abolition of the obligation to produce quarterly financial information, planned for 2015, the AMF is publishing a draft recommendation on the subject. This new measure is included in the revised Transparency Directive, which is being transposed into national law via the draft law bringing a number of provisions into line with European Union economic and financial law, currently being examined by the Senate.

Background

The revised Transparency Directive (2013/50/EU) stipulates that Member States may no longer require listed companies to publish quarterly financial information, and amends the deadline for publishing half-yearly reports. In France the measures for transposing this directive feature in the draft law bringing a number of provisions into line with European Union economic and financial law (known as the “DDADUE” law) and are currently being examined by the Senate.
These measures are as follows:

  • the abolition of the requirement to produce quarterly financial information (currently published within 45 days from the end of Q1 and Q3 of companies’ financial year); and
  • an extension from 2 to 3 months of the deadline imposed on issuers listed on a regulated market for publishing their half-yearly financial reports.

The AMF’s recommendations

In anticipation of the transposition of the revised Transparency Directive into national law, and in order to allow issuers to prepare for this change in the regulations, the AMF is publishing a draft recommendation (which can be downloaded via the link in the “Find out more” paragraph below). The final version of this recommendation will be published once the DDADUE law has been published.
 

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Legal information
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