Introductions in the stock market and the capital increases framework could be modified in depth. It is at least one of the large building which to embark the French Association of investment companies (TFP). This structure, bringing together more than 120 members, sent a proposed reform of the public (EPA) appeal to Bercy and the authority of des marchťs financiers (AMF).
"The record is ongoing treatment to Treasury and should be discussed at the next high place mid-March Committee, explains Bertrand de Saint March, Associate General Deputy of Afei." Some of our proposals require change texts of laws. "We hope that some changes will intervene, in the framework of the project of modernization of the economy in the spring of law".
The objective of the reform required by the association Ease the obligations of issuers to boost the attractiveness of the Parisian square. "The system of the EPA made demands on the only French transmitters that can penalize foreign enterprises." "This situation is even less appropriate that the creation of a compartment without prior offer to the public is designed to attract foreign issuers".
The French Association of investment companies are also close to some of the flexibility proposed in the consultation of the MFA on this new compartment. But the association wants to go further than a modification of the texts governing the EPA: she wants a change in the definition of the monetary and financial Code. It proposes inter alia to use the same terms as the prospectus directive "to offers of securities to the public."
"The idea is to reach a definition consistent with the objective of European harmonisation." "This will allow, in case of dispute, that the discretion of the courts is under the control of the European Court", Bertrand de Saint March resumed. The association also wants to think about "transmitter using the EPA" status and the obligations associated with.
Beyond its proposals on the basic texts, the TFP "attack" also on the distribution between individuals and institutional in the entries to the rating on regulated markets. The creation of the new compartment without offering prior to the public or private on Alternext placement opportunities had already opened a gap on this theme. "The France is one of the few countries to have an obligation to at least 10 reservation titles introduced to individual investors." This generates costs for issuers that are an issue of competition between the places, resumed it. "A business that comes on the stock exchange must have the choice to associate individual investors".
Liability of members
The French Association of investment firms is also interested in the capital increases. She thus wished to facilitate operations without preferential subscription right (DPS) reserved to qualified investors. It wants to enable fundraisers to capital on a shorter time to adapt to the vagaries of the markets. In this same spirit, the association offers the range of the introductions on the stock market price can be given later.
Another aspect of thinking more directly concerning the members of the TFP. It wants to as well as the certificate of the service providers of investment checking the prospectus of societies should be deleted. This would avoid that responsibility be brought by the claimant.