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Public offer of certificats mutualistes: publication of a specific prospectus format
22 July 2015

Public offer of certificats mutualistes: publication of a specific prospectus format

Certificats mutualistes were created in 2014 to allow the issuers concerned to benefit from new sources of financing in order to increase their capital within a strengthened prudential context. Within the scope of extending the legislative and regulatory texts, the AMF is publishing an instruction (DOC-2015-06) containing a specific prospectus format for public offers of some of these certificates.

The certificates concerned

Among the certificats mutualistes created by the law on the social and solidarity economy (1), only certificates relative to Article L. 322-26-8 of the insurance code may be issued by means of a public offer. Certificates can be issued by authorised sociétés d'assurance mutuelles (SAM, mutual insurance companies), caisse d’assurances (insurance funds) and authorised réassurance mutuelles agricoles agréées (CRAMA, agricultural reinsurance mutual funds) and sociétés de groupe d'assurance mutuelles (SGAM, mutual insurance group companies)(2)

A specific prospectus format

The AMF is publishing an instruction on the prospectus that must be prepared for public offers of certificats mutualistes by the issuers mentioned above (DOC-2015-06). This instruction is pursuant to Article 212-38-2 of the AMF General Regulation which specifies the conditions and minimum content requirements in terms of information to be included in the prospectus submitted for AMF approval.
The prospectus must contain information allowing investors to evaluate and make informed decisions based on the issuer's assets, financial situation, results and prospects, the rights (particularly concerning remuneration, buy-backs and redemption), risks and responsibilities associated with certificats mutualistes, as well as the conditions for issuing these certificates.

[1] Article 54 of law No. 2014-856 of 31 July 2014 relative to the social and solidarity economy

[2] Final paragraph of Article L. 322-1-3 of the insurance code