Friday October 27 2017

News Source: Global Disclosures

Focus: Major Shareholdings

Type: General

Country: France




In order to provide better support for legal and regulatory matters applicable to listed companies, particularly SME’s and mid-tier firms, the Autorite des Marches Financiers (AMF) has published a guide of the main provisions required to be complied with. Organised by topic and listed market, the guide is a practical, informative and easy-access resource for gaining a firmer grasp of the key obligations and recommendations issued by the regulator and Euronext.

Listed companies are governed by numerous rules, from flotation on a regulated market to the prevention of insider dealing and the supervision of financial information. These requirements can sometimes be difficult to understand for midcaps.

Included in the topics is guidance on shareholder disclosure:

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EURONEXT EURONEXT GROWTH
Short Positions Mandatory reporting of increases and decreases of net short positions equal to or greater than 0.2% and 0.1% increments.

Declarations must be made via electronic filing with the AMF within one trading day.
Statements to the AMF and Issuer for thresholds crossings Declaration must be made to the AMF within 4 days of crossing the following thresholds:

5%, 10%, 15%, 20%, 25%, 30%, 33.33%, 50%, 66.66%, 90 % and 95%

 

Declarations are made through declarationseuil@amffrance.org

 Declaration must be made to the AMF within 4 days of crossing the thresholds of 50% and 95%.

 

Filings are made through declarationseuil@amf-france.org

 

Companies that have transferred to Alternext are required to comply with the requirements for Euronext for 3 years from the date of transfer.
Declaration of intent for thresholds crossings of 10%, 15%, 20% and 25% Declaration must be filed with the AMF within 5 days.

 

declarationseuil@amffrance.org

 Not applicable unless the company transferred to Euronext growth within 3 years
Double Voting Rights In principle, shareholders registered for 2 years have double voting rights unless otherwise stated in the Articles of Association. No double voting rights in principle, except when specified in the articles of association.
Mandatory Bids Initial threshold of 30% or in the case of an annual increase of more than 1% between 30% and 50% Initial threshold of 50%

 

Companies that have transferred to Alternext are required to comply with the requirements for Euronext for 3 years from the date of transfer.

Click on the link above for further information.

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