Author: | Published: 1 Aug 2005

Despite missing the July 1 deadline, France is now putting the finishing touches to its implementation, says Marc-Etienne Sébire

The Prospectus Directive is being implemented in France by means of amendments to the Code Monétaire et Financier (the French Monetary and Financial Code) and the Règlement Général (the General Regulation) of the Autorité des marchés financiers (AMF). The government presented a draft bill on April 13 proposing amendments to the French Monetary and Financial Code and, on May 16, the AMF published proposed amendments to its General Regulation and launched a public consultation in relation to the amendments. Despite the timely presentation of the proposed amendments, the July 1 deadline for implementing the Directive was not met. Accordingly, issuers of securities in France face a period of regulatory uncertainty until relevant implementing legislation and the amendment to the AMF's General Regulation are brought into force. At time of writing,...