Article 212-38-1 into force since 22 November 2019

I. - This paragraph is applicable to persons or entities making an offer to the public which:

1. Does not fall within the scope of points 1° or 2° of Article L. 411-2 of the Monetary and Financial Code or of Article L. 411-2-1 of said code; and

2. Concerns the following securities:

   - shares in the mutual and cooperative banks referred to in Article L. 512-1 of the Monetary and Financial Code; or

   - mutual company certificates referred to in Article L. 322-26-8 of the Insurance Code; or

   - shares in cooperative companies incorporated in the form of a public limited company (société anonyme) falling within the scope of Article 11 of Law n° 47-1775 of 10  September 1947 establishing the status of cooperative activities.

II. - By way of derogation from the rule set out in point IV of Article 211-2 , according to which the total amount of the offer mentioned in paragraph I of the same article is calculated over a twelve-month period following the date of the initial offer, for the application of the provisions of paragraph I of Article 211-2 to an offer of shares in a mutual or cooperative bank, the amount of the offer is assessed per calendar year and at the level of the mutual bank or regional cooperative.