FINANCIAL COMMUNICATION: FRAMEWORK AND PRACTICES - 2019 EDITION

125 disseminated as from the date of obtaining approval and must be disseminated at least six trading days before the closing of the transaction. Any new fact that may affect the investors’ assessment and that occurs after registration of the registration document must be included in the securities note. During the closed period (a market practice which is becoming more widespread under the influence of the English-speaking world but which nonetheless has no legal basis in France, meaning that members of the investment syndicate agree not to make any disclosures to third party analyst firms in the period immediately before and after a financial transaction launched by an issuer), no communications may be made to the market in respect of the IPO, since the relevant approval of the prospectus (registration document and offer document) has not yet been issued by the AMF. In practice, this period usually covers the two weeks preceding the transaction and up to forty days after the subscription price is set. It is not the same as a quiet period (see Part 3, Section 1). The registration document and securities note are posted on the AMF’s and the issuer’s websites. The issuer must also publish a summary in one or more national or mass-circulation newspapers, or alternatively publish a press release specifying the procedure by which the registration document and securities note will be made available. In practice, in addition to the information required by regulation, the issuer will communicate regarding the transaction by organising analyst meetings and roadshows. Initial public offering of a subsidiary or a significant business of the issuer In the event of an initial public offering of a subsidiary or a significant business of the issuer, immediate market disclosure before the initial public offering may be necessary if a rumour exists that may lead to disturbance in the issuer’s share price (see above, “ Rumours ”). In this case, the issuer may disclose, prior to the offering, a description of the transaction, an indication of the strategic interest of this initial public offering for the issuer, the stock exchange chosen for listing and the planned number of shares to be issued. At the time of the initial public offering itself, at each of the steps of the offering, market disclosure is mandatory, pursuant to applicable regulations. Its content and methods are set by regulation (see above). In practice, in addition to regulated information, communication concerning the transaction will take place through the organisation of analyst meetings and roadshows.