L’AMF appelle les sociétés cotées à une meilleure information des investisseurs sur les risques encourus à l’occasion d’opérations de financement dilutives

On 14 February 2023, the Autorité des marchés financiers (AMF) issued a press release, informing about the publication of an updated Position – Recommendation DOC-2020-06: Guide to the preparation of prospectuses and the information to be provided in the event of a public offer or admission of financial securities, presenting new prospectus regulations.
With the aim of protecting and properly informing investors, the AMF is recommending that companies that have recourse to financing by issuing equity securities or giving access to capital staggered over time adopt a communication and a standard hazard warning. Indeed, the AMF has updated its doctrine relating to the information to be provided in the event of a public offer or admission to trading on a regulated market and has consolidated it in a new guide which contains positions and recommendations of the AMF (presented in boxes) and ESMA. Its objective is to present the new prospectus regulations as a whole. This guide has 3 parts:
– the first presents the information to be provided in the prospectuses, pursuant to Regulation (EU) 2017/1129 of the European Parliament and Council of 14 June 2017 (Prospectus Regulation) in the prospectuses approved by the AMF at from 21 July 2019, one section being specifically dedicated to the presentation of risk factors;
– the second, presents the information to be provided in the event of a prospectus exemption (presentation of national provisions); and
– the third, consolidates and updates the positions and recommendations of the AMF on issues and admissions of equity securities and giving access to capital.
Thus, in addition to the presentation of the provisions relating to the Prospectus Regulation, its regulations delegates, the law (monetary and financial code), decrees and the general regulations of the AMF, it also includes the positions and recommendations of the AMF and ESMA in this area. The panorama of applicable texts is presented in Appendix 1 of the amended DOC-2020-06.