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With effect from 1 November 2007, Order 2007-544 of 12 April 2007 on financial instrument markets narrows the scope of Article L. 621-18-4 of the Monetary and Financial Code, which requires issuers whose financial instrument are admitted to trading on a regulated market to draw up lists of insiders. Consequently, the AMF has updated its position on insider lists, published on 18 January 2006.
The following persons no longer need to be included on the insider lists established by issuers or to draw up their own list:- prospective buyers, because, on principle, they are not deemed to be acting on behalf or for the account of the issuer and do not therefore come under the insider list requirement;
- statutory auditors acting solely in accordance with their legal engagement because, insofar as the engagement is a statutory requirement, they cannot be considered to be acting on account of the issuer. However the auditor's other engagements, which are chiefly contractual, still come under requirement.
The updated version of the AMF position is available on the AMF website at Texts > Access by category of text > AMF Positions.
