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The AMF amendments its General Regulation on trading in the securities of a target company in a takeover bid and on transaction reporting during the offer period are the subject of frequent questions from bid participants, such as offerors, targets, or investment services providers. The AMF also takes into consideration the regulatory amendments stemming from the Markets in Financial Instruments Directive.
The new provisions mostly concern the following issues:
- Introduction of a pre-offer period, whereby the AMF will publish the start and end dates for this pre-offer period, which entails a single set of rules for trading in the securities of the target company.
- Supervision of trading by the offeror in the securities of the target
- Modernisation of the arrangements applicable to sponsoring institutions and advisors. Institutions involved should be made responsible for overseeing transactions made in the normal course of business. Furthermore, transaction reporting rules have been streamlined.
Deadline for comments is