AMF Revises Rules to Boost Corporate Listings in France
In response to the significant decline in the number of initial public offerings, the Financial Markets Authority is expediting the modernization of its regulatory framework. New measures that took effect in 2025 aim to streamline listing and fundraising on the Paris market. This adjustment of the framework draws lessons from European standards and seeks to concretely address the expectations of economic stakeholders and investors.
Toward Regulatory Easing Inspired by Europe
The reform announced by the AMF aligns with the continuation of the European Listing Act and the June 13, 2024 law on business financing. Objective: to enhance the competitiveness of the Paris market, particularly in response to the declining attractiveness of the domestic market observed in recent years.
The primary change involves the documentation for IPOs: the AMF now allows the use of any prospectus format that complies with European law, including the 'universal prospectus', which streamlines the process for issuers while maintaining a high level of information for investors.
This flexibility in prospectus structure and the AMF's intermediate validation procedures aims to secure transactions while reducing the timeline for companies seeking a listing. At the same time, preserving regulatory safeguards is intended to ensure the reliability of information, in line with international standards.
Liberalization of Price Setting and Advanced Communication
Beyond the prospectus format, another key measure addresses the pricing of shares during an IPO. The previous requirement of a price range of plus or minus 15% around a pivot price, to be announced three days before the offer closes, has been eliminated. Companies must now simply indicate the maximum price, if known, aligning French practices more closely with those seen in other European markets.
The AMF also allows the communication of the IPO plan from the early stages, even if the full prospectus has not yet been approved. This early announcement provides more visibility to qualified investors as well as financial advisors, while optimizing the operational organization of the offering. The increased flexibility is welcomed by professionals: « The attractiveness of the listing is a major issue to ensure that capital markets fully play their role in financing businesses, » notes Marie-Anne Barbat-Layani, chair of the AMF.
An anticipated impact on market dynamism and SME financing
No new companies were listed on Euronext Paris in 2025, indicating a sluggish market. The changes introduced by the AMF are designed to reverse this trend by making it easier for SMEs and mid-sized companies to go public, as they have been heavily impacted by the tightening market conditions since 2022. The acceptance of various prospectus formats and the flexibility in the language and publication date of the document aim to lower the technical barriers that have previously discouraged many companies.
Now, placements with qualified investors can begin earlier in the regulatory process, reducing the timelines for fundraising. These adjustments are expected to boost liquidity in the Paris market and support the financing of the real economy. This measure, combined with enhanced safeguards for individual investors, aims to restore confidence and encourage a resurgence of IPOs in the context of strong international competition.
This content has been automatically translated using artificial intelligence. While we strive for accuracy, some nuances may differ from the original French version.
