AMF reiterates to issuers their obligation to provide information

26 February 2013

The AMF wishes to reiterate to issuers their obligation to provide information when issuing equity securities or securities giving access to capital of the issuer without a prospectus.

Certain issues of equity securities or securities giving access to capital do not require a prospectus. Issuers, who are subject to permanent disclosure obligations must nevertheless ensure they provide the  market with all useful information about these operations.

Concerned that all investors have access to an equivalent level of information, the AMF reiterates, in position 2013-03, the minimum information that must be included in releases announcing these operations. This information includes the nature of the operation, the type of offer, its legal framework, the amount and the reasons for the issue.  This position applies to issues open to the public but that do not constitute public offers (of an amount less than €5 million and not representing more than 50 per cent of the capital). It also applies to private placement.

Press release

Full position

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