FINANCIAL COMMUNICATION: FRAMEWORK AND PRACTICES - 2019 EDITION

15 It should be noted that companies whose securities are listed on a multilateral trading facility, such as Euronext Growth or Euronext Access 6 , are only subject to the periodic information requirements applicable in the market on which they are listed and not to market regulations in general. However, a concise overview of the periodic information requirements applicable to companies whose securities are listed on Euronext Growth is provided in the last section of the above-mentioned guide (AMF Position/Recommendation no. 2016-05). ONGOING INFORMATION Ongoing information is information disseminated by any company whose securities are admitted to trading on a regulated market or an organised multilateral trading facility in compliance with the requirement imposed on them to inform the public without delay of all information likely, should it be made public, to have a material impact on the share price. Ongoing information also includes disclosures related to the crossing of thresholds or share transactions made by an issuer’s executives or board members. Ongoing information is an indispensable tool for the market transparency of securities to the degree that transparency can only be effectively ensured if, independently of the periodic information communicated, investors are informed of any significant new event likely to provoke a material change in share price. Requirements imposed upon issuers with respect to ongoing information are primarily the result of the Market Abuse Regulation no. 596/2014, which took effect on July 3, 2016, and articles 223-1 A et seq . of the AMF General Regulations. On October 26, 2016, the AMF published a guide to ongoing information and the management of insider information 7 , the purpose of which is to update guidelines applicable to issuers following the application of the Market Abuse Regulation and to consolidate positions and recommendations already issued on this subject by the AMF and ESMA within a single guide.This guide is intended for issuers whose securities are admitted – or subject to a request for admission – to trading on a regulated market, such as Euronext Paris, or an organised multilateral trading facility, such as Euronext Growth and Euronext Access. Euronext Access is an organised multilateral trading facility which is present in Paris, Brussels and Lisbon and managed by market operator Euronext (Euronext Paris SA for Euronext Access in Paris). Euronext Access meets the needs of companies that are too new or small to be listed on one of the compartments of Europe’s regulated markets, i.e., Euronext or Euronext Growth. More than 200 companies are currently listed on Euronext Access in Paris. Within this market, a new compartment called Euronext Access+ was created in June 2017.The compartment is designed for growing start-ups and SMEs and serves as a springboard to other Euronext markets, enabling companies to develop an organisational structure and prepare for future growth, particularly as regards communication and transparency. 6 – Since June 19, 2017, Alternext has been known as Euronext Growth and Marché Libre as Euronext Access (AMF decision, May 23, 2017). 7 – AMF Position/ Recommendation no. 2016-08 – AMF Guide to ongoing disclosures and the management of insider information.