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Communication Directorate
News Release
Paris, 25 September 2014
AMF submits proposed IPO amendments for public consultation
The Autorité des Marchés Financiers (AMF) is holding a public consultation until 22 October 2014 on
proposals by a working group set up in March to review the framework for initial public offerings (IPOs)
in France. The aim is to update the existing system, notably in light of practices in other European
countries. The AMF is also planning to amend its General Regulation and policy so that the new
measures can be implemented rapidly if adopted.
The following proposals made by the IPO working group, co-chaired by Monique Cohen and Jean-Pierre
Hellebuyck, are being submitted for consultation:

The requirement to reserve a tranche of every IPO for individual investors is to be maintained.

Pricing rules should be more flexible, with the approved prospectus providing information at least on a
maximum issue price and, no later than three trading days before the offering closes, on a price range not
exceeding 15% above or below a central price.

The AMF should come into line with European practice by no longer requiring companies to present in their
prospectus the criteria used to assess the price range.

Individual investors should be allowed to cancel online orders at any time and until the retail segment of the
IPO closes.

Analysts from the underwriting syndicate should be allowed access to information about the IPO before the
AMF-approved documentation is published, provided that they sign a confidentiality agreement and that the
equal right to information is restored in the prospectus. This measure would make it possible, in particular,
to speed up the IPO schedule.

Prospectuses may be drafted in English provided they contain a summary in French.
Some of these measures will entail changes to the AMF's General Regulation and doctrine. For that reason, and
to expedite the new framework, the AMF is also holding a public consultation on these proposed changes.
Commenting, AMF Chairman Gérard Rameix said: "The AMF's Strategic Plan encompasses both the
financing of economic activity and efforts to involve stakeholders in making Paris a dynamic financial centre.
Accordingly, and mindful of the pick-up in IPOs, the AMF Board set up a working group to examine existing
arrangements for initial offerings in France, notably in light of what other European countries do. Today, we are
consulting on practical measures stemming from the group's work".
AMF Board Members Monique Cohen and Jean Pierre Hellebuyck, added: "A working group of 26
professionals with different skill sets was set up at the request of the Board. The members of the group, which
we had the honour to chair, provided input that was used to formulate practical proposals for offering a
competitive system to bring France into line with international practices, while reasserting the importance of
involving individual investors in IPOs. The public consultation will provide an opportunity to focus industry
attention on concrete measures that can be implemented quickly in support of IPO plans in France".
Responses to the consultation should
[email protected].
be
emailed
no
later
than
22
October
Source: AMF Communication Directorate - Stéfanie Duschenes - Tel: +33 (0)1 5345 6023 or +33 (0)1 5345 6028
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