The AMF points out that French law is perfectly suited to the reception of these structures on the Paris Stock Exchange and to the protection of investors. Robert Oph\u00e8le spoke about the subject during the presentation of the 2020 annual report, expressing a cautious benevolence. The SEC has just expressed some reservations in the United States.<\/p>\n\n\n\n
The Autorit\u00e9 des March\u00e9s Financiers (AMF) has joined the market's efforts to support SPACs by issuing an encouraging statement. <\/span><\/p>\n\n\n\n These promising Special Purpose Acquisition Companies are companies with no commercial activity that go public to finance the acquisition of one or more unlisted companies that are not yet known to investors at the time of listing. The investors sign a sort of blank cheque to the founders, personalities who have already proved themselves and in whom they have confidence.<\/span> However, the investors have a right of review or vote on the investment made. If they do not acquire the property within the specified period (18 to 24 months), the money invested is returned to them.<\/p>\n\n\n\n \"<\/span>The AMF, along with the entire Paris financial centre, is delighted to be able to host these projects, which reflect and contribute to the attractiveness of France's financial markets<\/span><\/i>\", even concludes the text of the regulator.<\/span><\/p>\n\n\n\n The AMF points out that the French regulatory framework is well suited to these innovative structures, while ensuring investor protection. Two SPACs have been listed on the professional segment of Euronext Paris in recent years, it said, adding that both transactions had been approved by the AMF.<\/span> The stock market regulator is referring to Mediawan and 2MX, launched by Xavier Niel and Matthieu Pigasse.<\/p>\n\n\n\n It is true that these structures are already much more popular on the other side of the Atlantic, to the point that some experts speak of a traffic jam, and that they constitute the majority of IPOs currently being carried out on Wall Street.<\/span><\/p>\n\n\n\n Among the various options available under French law, the AMF cites the following: <\/span><\/p>\n\n\n\n In a show of good faith, the AMF also reminds investors that prospectuses are prepared in a timely manner and, if the issuer so wishes, in English.<\/span><\/p>\n\n\n\n However, the regulator stresses that it is committed to protecting investors, in line with its remit. In this respect, the AMF is particularly attentive to<\/span><\/p>\n\n\n\n Robert Oph\u00e8le, the president of the AMF, also touched on the subject on Thursday when he gave the speech presenting the 2020 annual report with a more nuanced tone than the press release:\"In a way, the United States has shown us the pitfalls to be avoided with almost all SPACs launched by poor-quality sponsors that turned out to be losers. So let me be very clear: the AMF is not opposed to SPACs on principle. If they are well structured to ensure that interests are aligned, SPACs are a way to float large companies, complementing traditional IPOs and establishing a potentially fruitful link with private equity.<\/em>\".<\/p>\n\n\n\n For its part, the SEC (Securities and Exchange Commission) also seems to be opting for a more cautious approach to SPACs. In two \"public statements\" in the form of warnings to investors, John Coates, Acting Director in the Corporate Finance Division of the US Securities and Exchange Commission, expresses his concerns and points out certain risks legal<\/a> and accountants<\/a> related to these structures.<\/p>\n\n\n\n <\/p>\n\n\n\n <\/p>\n\n\n\n <\/p>","protected":false},"excerpt":{"rendered":" L’Autorit\u00e9 des march\u00e9s financiers rappelle que le […]<\/p>\n","protected":false},"author":11,"featured_media":1614,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"pmpro_default_level":"","footnotes":""},"categories":[7,6],"tags":[],"class_list":["post-1612","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-innovation","category-reglementation","pmpro-has-access","entry","has-media"],"yoast_head":"\nThe AMF welcomes<\/span><\/h2>\n\n\n\n
Several devices<\/span><\/h2>\n\n\n\n
Prospectus in English if needed<\/span><\/h2>\n\n\n\n
A more cautious approach<\/h2>\n\n\n\n