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The transposition into French law of the revised Transparency directive should gather speed in the coming weeks via a government ordinance that will integrate legislative provisions relating to sanctions and major holdings regimes.
The AMF is also consulting on the last changes to make to its General Regulation in order to finalise the regulatory transposition of the directive into French law. The proposals submitted for consultation address:
New provisions on major holdings taking into account the draft ordinance, as well as ESMA's technical standards and the list of financial instruments published by ESMA;
Other topics such as the deletion of the obligation to produce pro forma financial information, possible flexibility concerning the language of the regulated information and the choice of the original Member State, which would now be considered as regulated information.
Policy texts will also be updated, by early 2016 at the latest, in order to integrate the changes made by the directive and the updated ESMA questions and answers.