- Listed companies & issuers
- My relations with the AMF
- Prepare a financial transaction
- Capital transaction
Preparing an issue of equity securities
What is the legislation governing equity transactions? What is the amount of the contribution payable to the AMF for such transactions? Find all the useful information here.
- Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 on the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market .
- Commission Delegated Regulation (EU) 2019/980 of 14 March 2019 supplementing Regulation (EU) 2017/1129 of the European Parliament and of the Council on the form, content, examination and approval of the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market
- Commission Delegated Regulation (EU) 2019/979 of 14 March 2019 supplementing Regulation (EU) 2017/1129 of the European Parliament and of the Council with regulatory technical standards concerning the key financial information in the abstract of a prospectus, the publication and classification of prospectuses, securities marketing materials, supplements to the prospectus and the notification portal
- ESMA guidelines on risk factors within the framework of the "Prospectus" Regulation
- ESMA guidelines on prospectuses:
- ESMA recommendations on prospectuses [ESMA update of the CESR recommendations – The consistent implementation of Commission Regulation (EC) No 809/2004 implementing the Prospectus Directive - 20 March 2013 - ESMA/2013/319. These recommendations remain applicable until publication of the new ESMA guidelines;
- ESMA Q&As on prospectuses:
Before securities can be issued to the public or financial instruments admitted to trading on a regulated market, the AMF has to approve the relevant prospectus.
In addition to the provisions of the AMF General Regulation there are the provisions of AMF Instruction DOC-2019-21 (in french only) which stipulates the details of the examination procedure, the conditions of equivalence of certain documents and the conditions for being exempted from a prospectus.
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My contacts in the AMF
My contributions to the AMF
French issuers whose equity securities are admitted to trading on a regulated market of the European Economic Area and foreign issuers whose equity securities are admitted to trading on a French regulated market when this is the market on which the securities trading volume is highest must, on certain conditions, pay a tax to the AMF each year.
The amount of this contribution, ranging between €20,000 and €460,000, is determined on the basis of the issuer's average market capitalisation calculated on the last trading day of the previous three years or, when the issuer's equity securities have been admitted to trading on a regulated market for less than three years, its market capitalisation calculated on the last trading day of the previous year. This contribution is due on 1 January of each year.
Here are the details of the scale for 2019
Average capitalisation in billions of euros
Fixed contribution due in euros
More than 1 and less than 2
Less than 5
Less than 10
Less than 20
More than 20
More than 50
On the same topic
Head of publications: The Executive Director of AMF Communication Directorate. Contact: Communication Directorate – Autorité des marches financiers 17 place de la Bourse – 75082 Paris cedex 02