According to the AMF on 19 June 2012, the government has adopted by ordinance and by decrees published in the Journal Officiel dated 9 November 2012, the latest provisions allowing the finalising of the implementation of the Prospectus Directive which entered into force on 10 November 2012.

As elsewhere in Europe, this directive will increase the number of issues exempted from establishing a prospectus and the scope of private placement financing.

Whilst the principle of no-liability based solely on the summary of the prospectus is maintained, a second exception, added to the one based on the publication of a summary containing "misleading, inaccurate and/or inconsistent" information, has been created and relates to the case of a summary which does not contain all the "essential information to help investors" to make their decision to invest.