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.