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Further to a request made by NYSE Euronext, the Autorité des marchés Financiers (AMF) has agreed to consider that, where an issuer already listed or about to be listed on NYSE markets would be seeking to be admitted to trading on Euronext Paris without making a public offering in France, the US documents filed with the US Securities and Exchange Commission (SEC) over the last twelve months can constitute a valid filing for the purpose of the AMF’s individual approval of the prospectus to be published in France. This approval would be facilitated in case of pre-existing review by the SEC.
This decision is based on the conclusion reached by the AMF that the US standards and the controlling environment applying to an issuer seeking a listing on a US exchange are equivalent to the European requirements, taking into consideration:- the compliance of the content of the documents filed with the SEC with IOSCO standards on International disclosure standards for cross-border offerings and initial listings by foreign issuers adopted in 1998,
- the decision of the European Commission to accept the use of US GAAP for the purpose of preparing a prospectus pending the final convergence between US and EU,
- the role and responsibilities of the SEC with respect to such documents and,
- the US regulatory framework requesting the annual financial statements of a listed issuer to be audited by an audit firm subject to the PCAOB oversight.
