Regulatory AlertsDOC-2015-05 Significant Asset Disposals and Acquisitions
The French Financial Markets Authority (AMF) issued Position-Recommendation DOC-2015-05 to strengthen market information and promote best practices regarding significant asset disposals and acquisitions by listed companies. The AMF recommends that listed companies consult their general meeting prior to disposing of at least 50% of their assets, with this threshold evaluated based on multiple criteria. These provisions also extend to significant acquisition operations to ensure compliance with the issuer's social interest.
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I - Issuers and Financial Information I. 5 - Financial Operations I. 5.5. Disposal and Acquisition of Significant Assets Doctrine Information and Financial Operations
Significant Asset Disposals and Acquisitions
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Applicable as of June 17, 2015 Position - Recommendation DOC-2015-05
Download Viewed Version Summary The position-recommendation DOC-2015-05 on significant asset disposals and acquisitions is published following the work of the group, created in May 2014, at the request of the AMF Board of Directors. The AMF recommends that listed companies consult their general meeting prior to the disposal of at least 50% of its assets, this threshold being assessed based on the achievement of several criteria. The AMF also establishes measures aimed at strengthening market information and promoting best practices demonstrating, in particular, the conformity of an operation with the social interest of the concerned issuer. These latter provisions are extended to significant acquisition operations.
Download the doctrine Reference texts
Article 223-2 of the AMF General Regulations
Article 236-6 of the AMF General Regulations
Report on significant asset disposals and acquisitions by listed companies
Summary of responses to the public consultation on proposals relating to the framework for significant asset disposals Keywords
Governance Legal notices: Publisher: The Director of the AMF Communication Department. Contact: Communication Department, Autorité des marchés financiers - 17, place de la Bourse - 75082 Paris Cedex 02