Section 5: Growth market for small and medium-sized enterprises

For the purposes of this section, “small and medium-sized enterprises” means companies whose average market capitalisation has been less than an amount set by decree on the basis of end-of-calendar-year listings over the last three calendar years.

The Autorité des marchés financiers shall register a multilateral trading facility as a small and medium-sized enterprise growth market at the request of its operator, after verifying that at least 50% of the issuers whose securities are admitted to trading on the facility are small and medium-sized enterprises at the time of its registration as a small and medium-sized enterprise growth market and in any subsequent calendar year, and that…

A financial instrument mentioned in 1 or 2 of II of Article L. 211-1 traded on a small and medium-sized enterprise growth market may only be traded on another small and medium-sized enterprise growth market if the issuer has been informed and has not expressed any objection. The issuer is then not subject to any obligation in terms of corporate governance or initial, periodic or specific information vis-à-vis this other…