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The AMF issued a guide to help listed companies deemed to be small and mid caps to prepare their registration document. It contains the requirements set out at all levels for compiling the registration document and indicates which recommendations from CESR and the AMF apply to the drafting of certain sections.
The guide was prepared after a review of the statutory, regulatory and supervisory requirements applying to listed companies to determine which ones could be adjusted to meet the needs of small and mid caps for greater flexibility, while maintaining compliance with the European legislation in force, and the Prospectus Directive in particular.
A company must be deemed to be a small cap or a mid cap to be eligible to draft its registration document in accordance with this specific guide. A company shall be deemed to be a small cap or a mid cap for the purposes of compiling its registration document if its market capitalisation is EUR 750 million or less on the last day of the financial year covered by the registration document. If the company exceeds or falls short of this threshold, it must compile its registration document in accordance with the appropriate guide (the one published in January 2006 or this one, as the case may be) for the financial year following the year in which the threshold was crossed.
Report of the small and mid caps working group