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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.
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.
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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