FINANCIAL COMMUNICATION: FRAMEWORK AND PRACTICES - 2019 EDITION

17 In the second case, if the securities are traded exclusively on Euronext Growth or Euronext Access, then “regulatory information” only refers to: n a description of share buyback programmes; n a notice describing how a prospectus is made available; and n insider information published in application of article 17 of the Market Abuse Regulation. Issuers and primary information providers may refer to the Guide to filing regulatory information with the AMF and to its dissemination, published by the AMF on April 15, 2013, for additional details on how to file regulatory information with the AMF. This guide is complemented by AMF Instruction no. 2007-03 concerning the electronic filing of regulatory information. TRANSACTION-RELATED INFORMATION In addition to periodic and ongoing information, issuers are required to provide market information prior to carrying out any transaction . For example by publishing a prospectus in the event of an offer of securities to the public or admission to trading on a regulated market. Issuers must also respect certain requirements with respect to the regulations concerning public offerings (in particular, the requirement that the offeror and the target company publish information in the form of an offer document and potentially an offer document in response). 2  z PRINCIPLE OF EQUAL ACCESSTO INFORMATION In order to ensure perfectly equal access to information for shareholders, when communicating insider information to a third party 10 who is not bound by a confidentiality undertaking, the issuer must assure effective and complete dissemination either simultaneously, in the case of intentional communication, or as quickly as possible, in the case of unintentional communication (the issuer will, for example, be required to publicly disseminate such information in the case that confidential information is communicated to an analyst during a one-on-one meeting or during a roadshow). Issuers with websites that have information spaces reserved for members of their shareholders’ clubs need to be especially careful in this regard. In addition, with the same concern for equal access, the information disseminated must be accessible to all investors simultaneously in order to avoid creating an unfair distribution of information which favours certain investors to the detriment of others 11 . 10 – Even in the absence of any disclosure of insider information, a simple recommendation to a third party based on insider information may constitute insider trading (AMF Enforcement Committee, April 16, 2013, confirmed by the Conseil d’Etat (France’s highest administrative court) on July 10, 2015 in CE, no. 369454, 1 re et 6 e sous-sections). 11 – Article 223-10-I of the AMF General Regulations.