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25 February 2020

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.

Summary

    Reference documents

    European sources

    Level 1

     

    Level 2

     

    Level 3

    AMF documents

    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 which stipulates the details of the examination procedure, the conditions of equivalence of certain documents and the conditions for being exempted from a prospectus.

    My contacts in the AMF

    Don't hesitate to contact us. We are organised by sector of activity.

    Issuers division (excluding banking/insurance)
    Banking, Insurance and Bond Market Unit

    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

    €20,000

    Less than 5

    €70,000

    Less than 10

    €120,000

    Less than 20

    €240,000

    More than 20

    €360,000

    More than 50

    €460,000