FRANCE: AMF issues consultation on proposed changes to AMF General Regulations Book II

Tuesday July 7 2015

The AMF have issued a consultation document setting out proposals for changes to be made to Book II of the AMF General Regulations as part of the transposition of the revised directive Transparency (2013/50/EU).

According to the AMF, the proposals are based on a desire for greater convergence by reducing the number of cases in which a State Member may constrain an issuer or a shareholder with more stringent requirements.

The AMF’s proposed changes include:

• The current law sets out that an ‘issuer’ means a natural person or legal entity governed by private or public law. On this point, the proposed changes are that an ‘issuer’ would mean any entity or any corporation whose shares are traded on a regulated market;

• The current law sets out that issuers of shares or debt securities are required to publish half-yearly financial reports covering the first six months each year at the earlier possible opportunity after the end of the period. On this point, the proposed changes are that these half-yearly financial reports need to be filed within forty-five days after the end of either the first or third quarter of the year.

The AMF have asked for submissions from interested parties to be sent by electronic mail. The closing date for submissions is 15 July 2015.

Click on the above link for further details.