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Directive n° 2010/73/EU (the “Revised Directive”) amending several aspects of Directives n 2003/71/EC (the “Prospectus Directive”) and n° 2004/109/EC (the “Transparency Directive”) came into effect on 12 December 2010 and must be transposed by the Member States no later than 1st July 2012.
The main amendments made by the Revised Directive concern notably:
Among other things, the Revised Directive provides that the European Commission shall adopt delegated acts for the implementation of certain new provisions in the Directive, including:
A certain number of the other amendments made by the Revised Directive will require modifications to legislation or regulations. The AMF wishes to transpose those provisions that do not require prior modifications to legislation or regulations into its General Regulation (GRAMF) immediately.
Any remarks or suggestions must be sent to the Autorité des Marchés Financiers by 28 December 2011 at the latest.