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The AMF published the new regulations on the equivalence of third country legislation. Under the new regulations, the AMF can grant recognition to the legislation of a state that is not party to the European Economic Area agreement as being equivalent to the French legislation enacted to implement the Transparency Directive1.
These provisions supplement Book II of the AMF General Regulation on issuers and disclosure.
Equivalence applies to the following items:
- the annual financial report;
- the half-yearly financial report;
- quarterly reporting.
These items can be declared equivalent provided that the standards laid down by the directive are respected. It should be noted in particular that issuers benefiting from these provisions are still required to disseminate and retain equivalent information and to file it with the AMF.
The information must also:
- be disseminated effectively and in full;
- be filed with the AMF at the same time as it is disseminated, unless the issuer uses a primary information provider;
- be stored for a period of five years from the time it is posted on the issuer's website.
The AMF will draw up a list of the third countries whose legal provisions it will consider equivalent. With the transposition of the Transparency Directive, the General Regulation abolished the requirement for companies implementing a share buy-back programme to publish a monthly summary of the shares repurchased over the previous month.
The ministerial order of