Regulatory Alerts2023-08-24
Instruction No. 41/2009 (Revised)
The French Financial Markets Authority (AMF) issued Instruction No. 41/2009 (Revised) to standardize disclosure obligations for issuers of listed equity securities. The regulation mandates the timely publication of accurate annual, half-yearly, and management reports alongside key non-financial (ESG) data. It establishes clear compliance timelines, defines applicable market categories, and empowers the AMF to enforce sanctions for non-disclosure or reporting deficiencies.
Instruction No. 41/2009 (Revised)
Information to be provided by issuers of listed equity securities
This Instruction sets out the information requirements for issuers of negotiable securities, particularly equity securities. It applies to all issuers whose securities are admitted to trading on a regulated market or for which a listing request has been made.
The AMF requires issuers to publish periodic financial reports, including annual and half-yearly accounts, as well as management reports. It also mandates the disclosure of key non-financial information, such as environmental, social, and governance (ESG) data, where applicable.
Issuers must ensure that their published information is accurate, complete, and made available to the public in a timely manner. The AMF may impose sanctions for non-compliance with these disclosure obligations.
Article 1: Scope and Definitions
Article 2: Financial Information Requirements
Article 3: Non-Financial Information Requirements
Article 4: Publication and Accessibility of Information
Article 5: Sanctions and Enforcement
Table 1: Disclosure Timeline
| Document Type | Frequency | Deadline |
|---|---|---|
| Annual Report | Yearly | 4 months |
| Half-Yearly | Bi-annual | 2 months |
| Management | Quarterly | 1 month |
Annex: Reference Dates and Thresholds
- Effective Date: 15 March 2009
- Revision Date: 10 November 2011
- Applicable Thresholds: €5 million, €10 million, €20 million
- Reporting Currency: EUR