FINANCIAL COMMUNICATION: FRAMEWORK AND PRACTICES - 2019 EDITION

94 hedge accounting is used, as well as its exposure to price risk, credit risk, liquidity and cash management risk. This description also includes the company’s use of financial instruments 150 . Consequently, the issuer generally does not need to make any immediate and specific communication concerning its sensitivity to changes in macroeconomic factors, such communication being made in principle through the dissemination of periodic information. However, when the issuer believes that a change in a macroeconomic factor has led to an unjustified disturbance in its share price, it should examine whether the disturbance has resulted from an insufficient explanation to the market of its sensitivity to the relevant macroeconomic factor. If this is the case, the issuer should communicate rapidly to the market in order to provide it with a full explanation that will enable market participants to assess the impact of changes in the relevant macroeconomic factor on its business and/or its results. ISSUER-SPECIFIC RISKS Disclosures relative to risks specific to the issuer are provided in principle within its periodic information (the information will be shown in the management report, the annual financial report and/or the registration document/URD or even in an updated version of it). However, as an exception, the issuer should publish a press release as soon as it determines the existence of a risk that is not known to the market if it considers the scope and potential financial impact of the risk to be of such significance, particularly with regard to the estimated impact on its performance and financial structure under various risk scenarios, the potential impact on its share price, the estimated impact on its strategy and/or organisation and the potential impact on its reputation, that it necessitates immediate market disclosure. When the issuer considers that immediate disclosure to the market is necessary, the information should include an explanation of the type of risk and should describe the internal control procedures put in place by the issuer. The issuer’s disclosure may also include a quantified assessment of the impact in the event that the risk materialises (provided that this assessment is sufficiently reliable) and it may indicate whether the issuer has hedged the risk. 150 – Article L. 225-100-1 of the French Commercial Code. Risks specific to the issuer: n SOCIÉTÉ GÉNÉRALE