When Euronext Paris overhauled its listing procedures in 2003, the French securities regulator, the Autorité des Marchés Financiers (AMF), took part in discussions on applying new regulations arising from European directives to small and medium sized capitalisation stocks. The following year, ahead of the creation of Alternext, the AMF organised a consultation procedure on the permanent disclosure requirements of companies listed on an organised market other than a regulated market in the meaning of the M.I.F.
Following the transposition of the main directives under the Financial Services Action Plan, and to fulfil the commitments made after the public consultation on its Better Regulation initiative, the AMF in close cooperation with MiddelNext has decided to set up a Small and Mid Cap working group. The group's remit will be to investigate possibilities for adapting laws, regulations and procedures to these stocks, in compliance with the Prospectus and Transparency Directives transposed by the French legislator. The aim of the group will be to build a comprehensive framework that is suitable for small and medium sized companies. This will involve striking a balance between delivering investor protection and eliminating the barriers that hinder the competitiveness of these companies by subjecting them to regulatory requirements which are disproportionate to their business volumes or their organisational structure. It will also seek to maintain equal treatment of market participants while offering a range of solutions that address the inherent diversity of this market. The group will conduct its work in two consecutive phases:
- contemplate any changes to the existing provisions without modifying the legislative framework;
- discuss with impacted market participants about changes to the regulations themselves, at national or European level.
The working group will be chaired by Yves Mansion, an AMF Board member who also serves as director and chief executive officer of Société Foncière Lyonnaise. The members will be representatives of companies listed in the B and C segments of Eurolist Paris and on Alternext and of professional associations, along with auditors, lawyers and intermediaries servicing small and medium sized listed companies (see Appendix). The group will meet for the first time in April 2007 and will submit its proposals to the AMF Board before the end of the summer. Its proposals will then be put out for public consultation in the second half of 2007.
Small & Mid Cap Working Group
Chair
Yves Mansion (AMF, Société Foncière Lyonnaise)Members
Guy Mamou-Mani (Groupe Open, MiddleNext)Caroline Weber (MiddleNext)
Marc Bidou (Maximiles)
Serge Castillon (Mazars)
Emmanuel du Boullay (Institut Français des Administrateurs)
Marylène Boyer (Thermador Groupe)
Pierre-Arnaud Conchon (Cotty Vivant Marchisio & Lauzeral)
Didier Demeestere (Gilbert Dupont)
François Duteil (Duteil Avocat)
Amaury Eloy (NewWorks, CroissancePlus)
Frédéric Fontaine (Fontaine Avocats)
Philippe D'hoir (Fidal)
Jamal Labed (Staff & Line, CroissancePlus)
Eric Le Boulch (CM-CIC Securities)
Pierre-Franck Moley (Le Public Système, CroissancePlus)
Christian Poyau (Micropole-Univers, CroissancePlus)
Fabrice Rosset (Adomos)
Franck Sebag (Ernst & Young)
Michel Sellier (Deloitte)
Yasmina Galle / Annie Dupeyron (Euronext Paris)
Hubert Reynier (AMF)
Benoît de Juvigny (AMF)
Rapporteur: Maryline Dutreuil Boulignac (AMF)
