Autorité des marchés financiers 2.29

The Autorité des marchés financiers is the stock market regulator in France. The AMF is an independent public body that is responsible for safeguarding investments in financial instruments and in all other savings and investment as well as maintaining orderly financial markets.OverviewThe Autorité des marchés financiers was established by the Financial Security Act of 1 August 2003. It was formed from the merger of the Commission des opérations de bourse, the Conseil des marchés financiers and the Conseil de discipline de la gestion financière . The AMF is an independent public body with legal personality and financial autonomy with the duty of: Safeguard investments in financial instruments and in all other savings and investment vehiclesEnsure that investors receive material informationMaintain orderly financial markets It falls under the European regulatory umbrella of the Markets in Financial Instruments Directive .Substantial shareholdingsShareholders are required to notify their holdings to the AMF when their stake exceeds or falls below certain thresholds. According to the act of 26 July 2005 the lowest disclosure threshold is 5% (article l. 233-7 of the commercial code). Pursuant the same article allows that companies can set additional notification thresholds in their articles of association.