The AMF launched a public consultation on its draft General Regulation concerning the opening of a segment of the regulated market for admissions with no prior public offering. With the growth in private placements followed by the admission of securities to trading on a regulated market, the AMF intends to amend its General Regulation to make it easier for foreign companies domiciled inside or outside the European Union to list in France, while ensuring an appropriate level of investor protection.
The amendment will consist in allowing a market operator to open a segment of a regulated market especially for admissions without a prior public offering. In this segment, a company's securities would be listed by "technical admission"1 or further to a private placement with qualified investors. The regulations applicable in such cases would therefore be suited to the investors' professional capacity.
All statutory and regulatory provisions, both European Union directives, particularly the Prospectus, Market Abuse2 and Transparency Directives3, and European accounting standards, that are applicable to issuers with financial instruments admitted to trading on a regulated market will naturally apply on this segment.
However, some of the special requirements in the AMF General Regulation will be waived, especially various aspects of the language regime, and will apply only to listed companies having previously made a public offering of securities. The new segment will be accessible both to French and to foreign companies.
Deadline for responses is 1 November 2007
Press release
Consultation document (French only)
© AMF - Autorité des Marchés Financiers
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