FRANCE: AMF Publishes Consultation on Amendments to its General Regulations due to incoming Prospectus Regulations

Thursday June 7 2018

On 6^th June 2018, the Financial Markets Regulator (AMF) published a consultation on proposed Amendments to its General Regulations and an Instruction for the application of the New Prospectus Regulations.

The amendments are designed to bring the French regulations into line with incoming European Prospectus Regulations which are due to be implemented on  21^st July 2018.

The proposed amendments concern:

• deletion of the definition concerning public offer of financial securities, which entails requirements to prospectus threshold of 50% of the capital and the requirement to raise 8 million euros over 12 months (Article 211-2);
• the creation of a chapter dedicated to synthetic information to be disseminated in the event of an offer of securities open to the public and not the subject of a prospectus approved by the AMF.

Following the consultation conducted at the beginning of the year, the AMF Board, subject to approval by the Minister for the Economy, had provided that:

• the new threshold below which a European prospectus previously reviewed by the AMF would not be required before a public offering of financial securities would be set at € 8 million;
• below this threshold of 8 million euros, a national ad hoc disclosure regime, without prior review by the AMF, should be respected if the offer relates to unlisted financial securities that are not presented on a financing website. participatory;
• for IPOs on organized multilateral trading facilities (in this case Euronext Growth) open to the public and with an amount of up to EUR 8 million raised, the prospectus requirement of EUR 2.5 million would be abolished, in favor of an information document provided for by the market rules and reviewed by the services of the market operator.

For additional information please click the link above.