A number of Statutes (Ordonnances) have been published in January 2009 in order to either complete implementation of the Prospectus Directive or modernize French legislation relating to securities markets and public offers. These Statutes empower the AMF to set out detailed rules implementing certain provisions. The AMF recently amended its Rule Book for this purpose. These changes came into force on 7 April 2009.

Regime of public offers: as a consequence of the implementation of the new regime of public offers, a prospectus is required either (i) for the listing on a regulated market, or (ii) for the offer to the public carried out on any market or trading system (e.g., Alternext, Marché Libre), or in relation to unlisted securities.

Application of certain provisions to companies listed on Alternext: Alternext is an organised market which does not qualify as a regulated market. It is run by Euronext Paris. Provisions relating to the obligations to disclose privileged information, reporting directors' dealings and distribution of false or misleading information have been made applicable to companies listed on the private placement list of Alternext.

Regime of companies traded on the Marché Libre: the Marché Libre is a trading system which does not qualify as a regulated or as an organized market. The Rule Book of the AMF relating to the distribution of false or misleading information will apply in the case of an offer to the public carried out by companies traded on the Marché Libre.