All of French Company Law: ordinary law of companies and specific regime for different types of companies

Company Law (en cours)

The admission of financial instruments to trading on a regulated market is decided by the market undertaking, in accordance with the rules of the relevant market . These rules ensure that any financial instrument or asset admitted to trading on a regulated market is capable of being traded in a fair, orderly, and efficient manner and, in the case of equity securities issued by joint stock companie …

Decision-making by the market undertaking

The admission of financial instruments to trading on a regulated market is decided by the market undertaking, in accordance with the rules of the relevant market . These rules ensure that any financial instrument or asset admitted to trading on a regulated market is capable of being traded in a fair, orderly, and efficient manner and, in the case of equity securities issued by joint stock companies and debt securities, of being freely traded .

The express agreement of the issuer is required in the case of equity securities issued by joint stock companies and debt securities that are not already admitted to trading on another regulated market of a Member State of the European Union or another State party to the agreement on the European Economic Area . When one of these securities is already admitted to trading on a regulated market of a Member State of the European Union or another State party to the agreement on the European Economic Area, it may be admitted to trading on a regulated market without the issuer's consent. In this case, the market undertaking informs the issuer, who is not obliged to provide any information to the market undertaking . The latter must establish and maintain arrangements to verify that the issuers of the aforementioned securities admitted to trading on a regulated market comply with the applicable requirements regarding initial, periodic, and specific information and facilitate members' access to the information that these issuers make public .

Moreover, when the issuer whose financial instruments are admitted to trading on a regulated market plans to request the admission of its financial instruments to trading on a multilateral trading system subject to the provisions of II of Article L. 433-3, it must inform the public under the conditions set by the general regulation of the Financial Markets Authority at least two months before the intended date of admission to trading of the financial instruments on the concerned multilateral trading system . In this case, a resolution of the general meeting decides on this request . This admission cannot occur before the expiration of a two-month period from the date of the general meeting . The decisions regarding the admission of a financial instrument are made public by the market undertaking .

In accordance with Article L. 421-16 of the Monetary and Financial Code, when an exceptional event disrupts the regular functioning of a trading platform, the chairman of the Financial Markets Authority or the representative he designates may suspend all or part of the trading for a period not exceeding two consecutive trading days. Beyond this period, the suspension must be enacted by order of the Minister of Economy upon the proposal of the chairman of the Financial Markets Authority. These decisions are made public. Furthermore, if the suspension on a trading platform has lasted more than two consecutive trading days, the transactions in progress at the date of suspension may be cleared and settled under the conditions defined by the market rules.

CMF, Art. L. 421-14, I. - V., also Euronext Market Rules.

Company Law (en cours)

135. Decision-making by the market undertaking

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Les notions juridiques connexes

135. Decision-making by the market undertaking

Demandez un accès gratuit au contenu exclusif Livv – juristes d’entreprise

Les notions juridiques connexes

Demandez un accès gratuit
au contenu exclusif Livv – juristes d’entreprise