To facilitate implementation of the new set of General Regulation rules on trading in securities involved in a takeover bid1, which come into force on 1 October 2009, the Autorité des marchés financiers is publishing instruction 2009-08 of 22 September 2009 on disclosure of dealings and interests in securities concerned by a public offer.
This instruction2 sets out the standard forms that market participants are expected to use when fulfilling their disclosure obligations on the securities concerned by a public offer, regardless of whether this offer has been filed with the AMF (offer period) or simply announced to the market (pre-offer period).
Instruction 2009-08 is available on the AMF website at: Texts > Access by category of text > AMF Instructions.
The AMF also wishes to make it easier for market participants to monitor companies concerned by a public offer and comply with their disclosure obligation. Therefore, it will now provide on its website a disclosure table featuring a comprehensive list of all companies listed on Euronext Paris or Alternext for which:- a public offer has been announced but not yet filed with the AMF (companies in a pre-offer period);
- a draft public offer has been filed with the AMF (companies in an offer period).
This disclosure table will be updated by the AMF on a regular basis. Market participants are reminded that they can also be updated on the progress of all public offers through the “Decisions & news” area of the AMF website.
The disclosure table, as well as the standard disclosure forms, are available on the AMF website at:- Issuer area > Forms
- Compliance officer area > Reporting during a public offer
- Decisions and disclosures > Tender offers, major shareholdings & shareholders’ agreements (forthcoming).
1Approved by the decree of 10 July 2009, published in the official gazette on 17 July 2009.
2Adopted pursuant to articles 231-46 and 231-51 of the AMF General Regulation.