Contribution to the European
Commission’s consultation on the Listing Act

Afep’s contribution mainly focuses on the implementation of the Prospectus Regulation and of the Market Abuse Regulation.

As regards prospectuses, Afep member companies ask for:

  • A full exemption of prospectus without the requirement to make available an information document in the context of take-over bids by way of exchange offer, mergers and demergers;
  • An increase of the prospectus exemption threshold from 20% to 30% for the admission of shares fungibles with existing shares already admitted to trading;
  • The establishment of a shelf registration regime to allow listed companies, which comply with their reporting and disclosure obligations and file a registration document, to issue securities without prior approval by the National Competent Authority.

As for the Market Abuse regulation, Afep member companies ask for:

  • The removal of the obligation to notify the Competent Authority of the delay of publication of inside information;
  • The streamlining of the content of insiders lists and the removal of the requirement to establish a list of persons closely associated to persons discharging managerial responsibilities (PDMR);
  • An increase of the exemption threshold for notifying PDMR’s transactions;
  • A decrease of the amounts of penalties imposed in case of infringement to this regulation.