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Article 231-41 from 12/07/2012 to 22/05/2021

Article 231-41 into force from to

  • Version into force from to
ELI : /en/eli/fr/aai/amf/rg/article/231-41/20120712/notes

If all or part of the offer is to be settled in securities, the persons concerned by the offer may not, during the offer period, trade in:

  1. The equity securities or securities giving access to the equity of the target company or financial instruments linked to these securities;

  2. The equity securities or securities giving access to the equity of the company issuing the securities offered in exchange or financial instruments linked to these securities.

However, a company issuing the equity securities to pay for a public offer may continue to trade in its own securities as part of a share buy-back programme implemented in accordance with the provisions of Article L. 225-209 of the Commercial Code and of Regulation (EC) 2273/2003 of the European Commission of 22 December 2003, or of an equivalent foreign regulation.

The provisions of this article shall also apply during the pre-offer period.