Ongoing obligations

Once your security has been admitted your company will need to comply with ongoing obligations.

These obligations are based on two regimes:

  • the European Directives as implemented in your local laws
  • the rules of Euronext.

Euronext rules break down into rules applicable in all of our markets (harmonised rules) and rules that apply to one country only (non-harmonised rules).

The key principle of the ongoing obligations is that both investors and the Exchange must be duly informed about all matters that affect your company or its listed security (known as Corporate Actions).

Disclosure of Corporate Actions

Disclosure obligations and dissemination of regulated information are governed by the EU Transparency Directive and applicable national legislation. In addition, in order to maintain a ‘fair and orderly market’, the Exchange must be in a position to adjust the technical specifications of your security in our systems and ensure that our clearing and settlement partners are suitably prepared for any changes. To facilitate this, issuers must provide to Euronext, at least two trading days in advance of any Corporate Action:

  1. the public announcement of the timetable for any such corporate or securities event or
  2. details of the corporate or securities event having effect on the market or the position of the holders of the relevant Securities.

Euronext shall not be responsible or liable for any loss incurred by any person as a result of issuer’s late information.

For more information, please refer to article 61004:“Administration of corporate and securities events” of Euronext Rule Book I: Harmonised Rules or article 4.5 “Corporate actions” of the Euronext Growth Rule Book.

Changes to the technical specifications of your security may affect the company's classification within the capitalisation compartments on the Euronext market, or its eligibility for an index.

Declaration of Distributions

Special attention must go to the declaration of distributions such as the payment of dividends. These must be declared using the Euronext form “ESES common corporate actions form”. This form can be downloaded from our website.

ESES common corporate actions form

Euronext Growth

Euronext Growth is an exchange-regulated market with a lighter regulatory regime than the Euronext Regulated Markets. Euronext Growth is not a Regulated Market, as defined by the Markets in Financial Instruments Directive of 21 April 2004. It is a multilateral trading facility (MTF) regulated by Euronext through a body of rules applicable to intermediaries and listed companies.

Issuers are required to:

  • use the services of a listing sponsor throughout their listed life
  • publish annual audited and unaudited semi-annual reports within four months of the period close
  • publish all price-sensitive information immediately
  • publish any breaches of the 50% and 95% ownership thresholds
  • report directors’ dealings

While the Transparency Directive applies to regulated markets, so-called 'organized' MTFs have been extended a similar, albeit lighter, disclosure regime. On this basis, disclosure obligations exist on the various Euronext Growth markets in accordance with their respective market rules and national laws.

Euronext Growth Paris Euronext Growth Paris : missed publication deadlines for annual and semiannual reports