Guide on Permanent Information and Management of Inside Information

The French Autorité des Marchés Financiers (AMF) issued this guide to update regulatory doctrine for issuers of listed financial instruments in light of the EU Market Abuse Regulation. It consolidates previous positions by detailing three core areas: the issuer's obligation to promptly disclose inside information, directors' duties regarding insider trading prevention and transaction reporting, and protocols for sharing information with third parties. The document serves as a comprehensive reference for compliance with permanent information requirements and insider list management.

France

Autorite des Marches Financiers

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I - Issuers and Financial Information I. 2 - Permanent Information I. 2.1. Guide on Permanent Information

Doctrine Periodic & Permanent Information

Guide on Permanent Information and Management of Inside Information

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Applicable as of April 29, 2021 Position - Recommendation DOC-2016-08

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Summary The guide on permanent information is addressed to all companies whose financial instruments are listed. In France, this primarily concerns companies listed on Euronext Paris, Alternext, and the Free Market. Its objective is to update the doctrine applicable to issuers in light of the Market Abuse Regulation No. 596/2014 of April 16, 2014, and to consolidate, in a single document, the positions and recommendations already published on this subject by the AMF and ESMA. It covers 3 themes: 1°) The obligation to communicate permanent information imposed on the issuer: obligation to publish inside information as soon as possible, cases of deferred publication, technical means of communication, earnings warnings, ex-dividend date, issuers in difficulty. The AMF indicates that it complies with ESMA guidelines regarding publication delays; 2°) The obligations of directors: measures to prevent insider dealing, notably the obligation to abstain from transactions during "blackout periods" and the obligation to declare transactions; 3°) The communication of information to third parties: insider lists and data rooms.

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Reference texts

Articles 223-1 and following of the AMF General Regulation

Regulation (EU) No 596/2014 of April 16, 2014 on market abuse ("MAR Regulation")

Delegated Regulation (EU) 2016/522 of the Commission of December 17, 2015 supplementing Regulation (EU) No 596/2014 of the European Parliament and of the Council as regards regulatory technical standards with regard to [...] the competent authority for notifications of deferrals, the authorization of trading during trading halts and the types of transactions to be notified by directors

Implementing Regulation (EU) 2016/347 of the Commission of March 10, 2016 defining implementing technical standards specifying the format of insider lists and the procedures for updating these lists

Implementing Regulation (EU) 2016/1055 of the Commission of June 29, 2016 establishing implementing technical standards relating to the technical modalities for the publication and deferral of inside information

Companies' communications on their website and on social media

Guide on the prevention of insider dealing attributable to the directors of listed companies

Financial information disseminated by companies in difficulty

Obligation to inform about the ex-dividend date

Questions and answers on the declaration obligations for operations carried out by directors, their close family members, and associated persons

Establishment of insider lists by issuers of financial instruments

Transmission of inside information prior to operations involving the disposal of significant shareholdings in companies listed on a regulated market ("so-called data room procedures")

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The guide on permanent information is addressed to all companies whose financial instruments are listed. In France, this primarily concerns companies listed on Euronext Paris, Alternext, and the Free Market. Its objective is to update the doctrine applicable to issuers in light of the Market Abuse Regulation No. 596/2014 of April 16, 2014, and to consolidate, in a single document, the positions and recommendations already published on this subject by the AMF and ESMA. It covers 3 themes: 1°) The obligation to communicate permanent information imposed on the issuer: obligation to publish inside information as soon as possible, cases of deferred publication, technical means of communication, earnings warnings, ex-dividend date, issuers in difficulty. The AMF indicates that it complies with ESMA guidelines regarding publication delays; 2°) The obligations of directors: measures to prevent insider dealing, notably the obligation to abstain from transactions during "blackout periods" and the obligation to declare transactions; 3°) The communication of information to third parties: insider lists and data rooms.