Mise à jour du guide prospectus : informations sur la faculté de raccourcissement des délais de souscription des émission avec droit préférentiel de souscription

The AMF has revised its doctrine DOC-2020-06 concerning information disclosure for public offerings or admission to regulated markets. This update has been consolidated into a new guide containing positions and recommendations from both AMF and ESMA.
The guide serves to comprehensively present the new prospectus regulations and is divided into three parts:
1. The first part outlines the information to be included in prospectuses approved by the AMF, including a dedicated section for risk factors.
2. The second part covers information requirements for cases of exemption from prospectus (presentation of national provisions).
3. The third part consolidates and updates the positions and recommendations of both AMF and ESMA regarding the issuance and admission of capital securities and securities granting access to capital.
As of 28 July 2023, certain modifications have been introduced:
To enhance investor information during offerings with preferential subscription rights, issuers are now recommended to include in the prospective offer schedule, within the prospectus summary, a note stating the following:
“The custodian account holder of the subscription rights holder may shorten the deadlines (dates and times) for the exercise of preferential subscription rights. Custodian accounts are required to inform investors through securities transactions, and we urge investors to contact their custodian accounts.“
This recommendation is incorporated into the guide in:
– Paragraph 2.1 of the third part, introducing a new recommendation applicable to offerings with preferential subscription rights, advising issuers to include the above-mentioned note in the prospective offer – Paragraph 2.3 of the first part, providing clarifications within the fourth section concerning the description of offerings and/or admissions, specifically in cases of capital increase with the maintenance of subscription rights on the regulated market.
Additionally, the conditions for voluntary prospectus submission have been clarified (Part 1, questions 3.1 and 3.2), and the section outlining the crowdfunding regime for public offerings below the €8 million threshold has been updated (Part 2, paragraph 2).