FINANCIAL COMMUNICATION: FRAMEWORK AND PRACTICES - 2019 EDITION

163 Appendix Registration document/URD All issuers of securities authorised to trade on a regulated market or on an organised multilateral trading facility (article 524-1 of the AMF General Regulations) may prepare a registration document each year 1 . The registration document is an overview that serves as a communication tool disclosing all information required by different stakeholders (financial analysts, investors, individual shareholders, etc.) to form an opinion on the business, financial position, results and outlook of the issuer. It contains all the legal, economic, financial, accounting and non-financial information required to provide a comprehensive presentation of a company for a given year. Although it is not mandatory, it has become a standard practice to file a registration document, as more than half the companies listed on Euronext Paris do so and such a document may now be prepared by companies listed on Euronext Growth Paris. This document offers several advantages: First, the registration document facilitates financial transactions on the market. It may form part of the prospectus, in which case the issuer only has to prepare a securities note and, where appropriate, a summary note. It also speeds up the prospectus preparation process and the deadline for approval is shortened to five days. Second, the registration document meets the financial community’s information quality requirements: n financial analysts can use the information to make industry and multi-year comparisons; n a series of non-financial information and indicators are available to CSR analysts; n it is an appreciated source of information for institutional investors; n individual shareholders, journalists and academics have access to complete and up‑to‑date information on companies. Nevertheless, compiling a registration document is a difficult and time-consuming task. In view of the numerous regulations to be considered and the quantity of information to be provided, it requires the involvement of several departments within the company and the implementation of a coordinated preparation, review and approval process. Regulation (EU) 2017/1129 of June 14, 2017 (known as the “PD3” regulation), repealing the Prospectus Directive, establishes a universal registration document (URD), with effect from July 21, 2019, drawing on the French registration document (document de référence) concept. It will provide the market with comprehensive annual information and enable businesses to benefit from a faster approval process (five days) if they include the document in a prospectus. 1 – Article 212-13 of the AMF General Regulations.