The AMF in France is reportedly updating its existing doctrine as well as ongoing practice in order to modernise key processes and make launching an IPO in France more appealing. While maintaining a system that addresses investors’ concerns, the AMF said that is is now providing more flexibility for carrying out IPOs, drawing “inspiration from foreign best practices.”
In accordance with its Impact 2027 strategic orientations, the AMF ensures that it regularly “adapts the framework of its supervisory practices.”
In 2015, the AMF took measures to make the preparation and execution of initial public offerings (IPOs) more “flexible and secure.”
In 2024, the AMF amended its General Regulation to make the tranche reserved for retail investors in IPOs on “the regulated market optional.”
By opening up the possibility for candidates for listing on the regulated market to float on the stock market via a private placement, the AMF enabled IPOs to be “carried out within a tight timeframe, facilitating their success.”
Against a backdrop where, for several years, the French market, like other European markets, has seen a decline in the number of IPOs, the AMF wanted to
- study practices in other major markets,
- examine the advisability of amending its doctrine on IPO timing and documentation, and
- promote good practices.
The AMF asked the IPO Forum, set up under the aegis of Paris Europlace, for its views and recommendations on the “existing framework and desirable changes to the IPO process in France.”
After a consultation, the working group set up by the IPO Forum released a report entitled: Working Group recommendations on possible changes to IPO practices in France (only in French).
The recommendations of the IPO Forum have been examined by the AMF Board, which has decided to “change its doctrine and practice in order to modernise the current IPO process in France and make it more attractive, while at the same time highlighting certain good practices from the current system.”
Marie-Anne Barbat-Layani, Chair of the Autorité des Marchés Financiers said:
“Listing attractiveness is a major issue. It is crucial that the capital markets can play their full role in financing businesses. It is with this objective that the AMF has decided, in compliance with the European regulations and while taking into account investor needs, to move its practice forward. With this in mind, it has also drawn inspiration from the best practices observed abroad,”