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THE EUROMONEY - EQUITY CAPITAL MARKETS HANDBOOK - 2012France: More Transparency Better Governance

November 29, 2011

Erwan Barre & Samia Sellam

Compared to previous years, which had seen the implementation of several European directives (Market Abuse, Prospectus, Transparency and Takeover Directives, Markets in Financial Instruments Directive (MiFID)) and the creation of a new securities market in Paris, fewer meaningful statutes or modifications to the General Regulation of the French securities regulator, Autorité des Marchés Financiers (AMF) took place in 2010. A notable exception to this was the October 22, 2010 Financial and Banking Reform Statute (FBRS), which was taken in the aftermath of the financial crisis and will have notable influence over listed companies and certain capital markets activities. In addition, some enforcement decisions by the AMF are worth noting, as they will have an impact on future equity capital markets (ECM) or public mergers and acquisitions (M&A) activity.

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