FINANCIAL COMMUNICATION: FRAMEWORK AND PRACTICES - 2019 EDITION

187 Glossary AFEP-MEDEF Code A corporate governance code for listed companies drawn up by the Association Française des Entreprises Privées (AFEP) and the Mouvement des Entreprises de France (MEDEF) business associations. This code summarises and sets out all principles ensuring the due and proper operation of, and effective transparency in, listed companies. AMF (Autorité des Marchés Financiers – French financial markets authority) France’s only stock exchange authority, created by the Law on Financial Security of August 1, 2003 and resulting from the merger of the COB ( Commission des Opérations de Bourse ), the CMF ( Conseil des Marchés Financiers ) and the CDGF ( Conseil de Discipline de la Gestion Financière ), is responsible for: n safeguarding investments in financial instruments and in any other product resulting in a public offering; n providing information to investors; n maintaining orderly financial markets. The AMF has regulatory, oversight and disciplinary powers. It also has the power to take autonomous decisions. AMF General Regulations Official, general-purpose regulations issued by the AMF and published in the French official journal following their approval by the Ministry of the Economy. The AMF General Regulations set out the rules applicable to: n the functioning of the AMF (Book 1); n issuers and financial disclosure (Book 2); n service providers (investment service providers, asset management companies, clearing houses, etc.) (Book III); n collective investment products (Book IV); n market infrastructures (Book V). Book VI dealing with market abuse was repealed by the entry into force of the directly applicable Market Abuse Regulation. AMF guidance The AMF publishes a range of guidance clarifying interpretations of certain applicable regulations or encouraging the adoption of certain best practices. There is a given hierarchy for any guidance issued. An instruction is an interpretation of the provisions set out in the AMF General Regulations and specifies the basis of application and conditions of implementation. It informs market participants about the procedures to follow and rules to apply. A position is an interpretation of legislative and regulatory provisions dealing with matters falling within the remit of the AMF. It indicates the way in which such