{"id":10452,"date":"2021-01-19T10:25:00","date_gmt":"2021-01-19T10:25:00","guid":{"rendered":"https:\/\/www.talium-assets.com\/?p=10452"},"modified":"2022-03-27T22:12:51","modified_gmt":"2022-03-27T22:12:51","slug":"du-prospectus-au-dis-en-quoi-etes-vous-concernes","status":"publish","type":"post","link":"https:\/\/www.talium-assets.com\/fr\/du-prospectus-au-dis-en-quoi-etes-vous-concernes\/","title":{"rendered":"Du prospectus au DIS, en quoi \u00eates vous concern\u00e9s ?"},"content":{"rendered":"\n<p><em>Lever des fonds pour votre entreprise par la vente de titres financiers demande un grand travail au niveau de la conformit\u00e9. En Europe, c\u2019est l\u2019ESMA qui r\u00e9gule les march\u00e9s financiers, notamment au travers de la directive \u201cprospectus\u201d. Zoom sur certaines de ses sp\u00e9cificit\u00e9s.<\/em><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Qu\u2019est-ce que la directive prospectus ?<\/h2>\n\n\n\n<p>C\u2019est l\u2019<strong>ESMA <\/strong>qui publie pour la premi\u00e8re fois la directive prospectus en 2003. ESMA signifie European Securities and Market Authority, ou Autorit\u00e9 Europ\u00e9enne des March\u00e9s Financiers en fran\u00e7ais (portant l\u2019acronyme AEMF, cependant l\u2019acronyme ESMA est bien plus utilis\u00e9).&nbsp;<\/p>\n\n\n\n<p>Il s\u2019agit d\u2019une autorit\u00e9 qui constitue le <strong>syst\u00e8me europ\u00e9en de supervision financi\u00e8re<\/strong>.<\/p>\n\n\n\n<p>Depuis le <strong>21 juillet 2019<\/strong>, le r\u00e8glement europ\u00e9en <a href=\"https:\/\/eur-lex.europa.eu\/legal-content\/EN\/TXT\/PDF\/?uri=CELEX:32017R1129\" target=\"_blank\" rel=\"noreferrer noopener\">(UE) 2017\/1129<\/a> (Prospectus 3) et les deux r\u00e8glements d\u00e9l\u00e9gu\u00e9s associ\u00e9s <a href=\"https:\/\/eur-lex.europa.eu\/legal-content\/FR\/TXT\/PDF\/?uri=CELEX:32019R0979&amp;from=EN\" target=\"_blank\" rel=\"noreferrer noopener\">(UE) 2019\/979<\/a> et <a href=\"https:\/\/eur-lex.europa.eu\/legal-content\/FR\/TXT\/PDF\/?uri=CELEX:32019R0980&amp;from=FR\" target=\"_blank\" rel=\"noreferrer noopener\">(UE) 2019\/980<\/a> sont entr\u00e9s en application.&nbsp; Ils concernent la <strong>r\u00e9glementation autour des offres au public de titres financiers<\/strong> \u00e9mis par les entreprises qui font partie d\u2019un pays membre de l\u2019Union Europ\u00e9enne. Certaines offres au public obligent l\u2019\u00e9metteur \u00e0 <strong>\u00e9tablir un prospectus<\/strong> avant de la proposer au public.<\/p>\n\n\n\n<p>Il s\u2019agit de documents juridiques destin\u00e9s aux investisseurs potentiels, il prend la forme d\u2019un document d\u2019enregistrement universel (URD &#8211;<em> Universal Registration Document<\/em>).<\/p>\n\n\n\n<p>La liste compl\u00e8te des cas d\u2019exemption peut \u00eatre trouv\u00e9e au Chapitre 1 Article 1 du r\u00e8glement europ\u00e9en (UE)2017\/1129 dont le lien a \u00e9t\u00e9 fourni ci-dessus (en page 14 du PDF). Cette liste \u00e9tant longue, nous n\u2019allons pas la d\u00e9tailler ici, mais voici les <strong>3 cas d\u2019exemption qui nous semblent les plus importants<\/strong> :<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Si le montant lev\u00e9 sur une p\u00e9riode de 12 mois est <strong>inf\u00e9rieur \u00e0 8 millions d\u2019euros<\/strong> maximum (peut varier selon les pays) ;<\/li><li>Si l\u2019\u00e9metteur s\u2019adresse \u00e0 <strong>moins de 150 investisseurs<\/strong> ;<\/li><li>Si l&rsquo;\u00e9metteur s\u2019adresse <strong>uniquement \u00e0 des investisseurs qualifi\u00e9s<\/strong>.<\/li><\/ul>\n\n\n\n<p>Si le montant maximal est \u00e9tabli \u00e0 8 millions d\u2019euros afin de b\u00e9n\u00e9ficier d\u2019une exemption de prospectus, il varie selon les pays. <a href=\"https:\/\/www.amf-france.org\/sites\/default\/files\/2020-02\/esma31-62-1193_prospectus_thresholds.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">L\u2019ESMA liste dans ce document les montants<\/a> en dessous desquels les \u00e9metteurs ne sont pas dans l\u2019obligation de fournir un prospectus ainsi que les lois qui s\u2019appliquent localement, en dessous de ce seuil.<\/p>\n\n\n\n<p>Un autre point qui nous semble important est celui du caract\u00e8re dit \u201c<strong>passeportable<\/strong>\u201d du prospectus. Si un \u00e9metteur fait une lev\u00e9e de fonds (qui n\u2019est pas exempt\u00e9e de prospectus), il peut d\u00e9cider de l\u2019<strong>ouvrir aupr\u00e8s d\u2019autres investisseurs de l\u2019Union Europ\u00e9enne<\/strong>. Il n\u2019aura pas de document suppl\u00e9mentaire \u00e0 fournir.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Comment s\u2019applique la directive prospectus en France, et qu\u2019est-ce que le DIS ?<\/h2>\n\n\n\n<p>En France, c\u2019est le montant de 8 millions d\u2019euros qui a \u00e9t\u00e9 choisi afin de profiter de l\u2019exemption de prospectus. Dans ce cas l\u2019\u00e9metteur doit fournir un <strong>DIS (Document d\u2019Information Synth\u00e9tique)<\/strong>.<\/p>\n\n\n\n<p>\u00c0 pr\u00e9ciser que s\u2019il s\u2019agit d\u2019une introduction en bourse pour un titre cot\u00e9 sur Euronext, le prospectus reste indispensable m\u00eame en dessous de ce montant, comme le pr\u00e9cise ce <a href=\"https:\/\/www.amf-france.org\/fr\/actualites-publications\/communiques\/communiques-de-lamf\/lamf-amende-son-reglement-general-et-une-instruction-dans-le-cadre-de-lentree-en-application-du\" target=\"_blank\" rel=\"noreferrer noopener\">tableau de l\u2019AMF<\/a>.<\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-full is-resized\"><img decoding=\"async\" src=\"https:\/\/www.talium-assets.com\/wp-content\/uploads\/2022\/03\/Propspectus-et-DIS-tableau-figure-1.png\" alt=\"\" class=\"wp-image-11927\" width=\"-64\" height=\"-38\" srcset=\"https:\/\/www.talium-assets.com\/wp-content\/uploads\/2022\/03\/Propspectus-et-DIS-tableau-figure-1.png 831w, https:\/\/www.talium-assets.com\/wp-content\/uploads\/2022\/03\/Propspectus-et-DIS-tableau-figure-1-300x180.png 300w, https:\/\/www.talium-assets.com\/wp-content\/uploads\/2022\/03\/Propspectus-et-DIS-tableau-figure-1-768x460.png 768w, https:\/\/www.talium-assets.com\/wp-content\/uploads\/2022\/03\/Propspectus-et-DIS-tableau-figure-1-720x431.png 720w\" sizes=\"(max-width: 831px) 100vw, 831px\" \/><figcaption><em>Figure 1 : Tableau pr\u00e9sentant les diff\u00e9rentes informations \u00e0 fournir selon le type d\u2019op\u00e9ration lorsque son montant n\u2019exc\u00e8de pas 8 millions d\u2019euros<\/em><\/figcaption><\/figure><\/div>\n\n\n\n<p>\u00c0 pr\u00e9ciser \u00e9galement que l&rsquo;investissement participatif, le <em>crowdfunding<\/em>, b\u00e9n\u00e9ficie encore d\u2019une r\u00e9glementation particuli\u00e8re sp\u00e9cifi\u00e9e dans la <a href=\"https:\/\/doctrine.amf-france.org\/Reglementation\/Doctrine\/Doctrine-list\/Doctrine?docId=workspace%3A%2F%2FSpacesStore%2F1f33fd9a-ddb5-4a22-9ffc-d13c656f5142&amp;category=III+-+Prestataires\" target=\"_blank\" rel=\"noreferrer noopener\">doctrine 2014-12<\/a>.<\/p>\n\n\n\n<p>En ce qui concerne les titres non cot\u00e9s dont le montant n&rsquo;exc\u00e8de pas le seuil impos\u00e9, voici le <strong>d\u00e9tail des informations \u00e0 faire para\u00eetre sur un DIS<\/strong>. Ces modalit\u00e9s sont pr\u00e9cis\u00e9es dans la <a href=\"https:\/\/doctrine.amf-france.org\/Reglementation\/Doctrine\/Doctrine-list\/Doctrine?docId=workspace%3A%2F%2FSpacesStore%2F336c97ce-28ba-4032-956d-d0456a5f33f3&amp;category=I+-+Emetteurs+et+information+financi%C3%A8re\" target=\"_blank\" rel=\"noreferrer noopener\">doctrine 2018-07<\/a>, annexe 2, \u00e0 envoyer par courrier \u00e9lectronique aux investisseurs et \u00e0 l\u2019AMF avant toute souscription :<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Activit\u00e9 de l&rsquo;\u00e9metteur et du projet<\/li><li>Capital social<\/li><li>Titres offerts \u00e0 la souscription :<ul><li>Droits attach\u00e9s aux titres offerts \u00e0 la souscription<\/li><li>Conditions li\u00e9es \u00e0 la cession ult\u00e9rieure des titres offerts \u00e0 la souscription<\/li><li>Risques attach\u00e9s aux titres offerts \u00e0 la souscriptions<\/li><li>Modification de la composition du capital de l\u2019\u00e9metteur li\u00e9e \u00e0 l\u2019offre<\/li><li>Relations avec le teneur de registre de la soci\u00e9t\u00e9<\/li><li>Interposition de soci\u00e9t\u00e9(s) entre l\u2019\u00e9metteur et le projet<\/li><li>Modalit\u00e9s de souscription<\/li><\/ul><\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Comment cela se passe-t-il si vous tokenizez vos titres ?<\/h2>\n\n\n\n<p>Chez <a href=\"https:\/\/www.talium-assets.com\/fr\/\" target=\"_blank\" rel=\"noreferrer noopener\">Talium Assets<\/a>, nous vous proposons d\u2019<strong>\u00e9mettre vos titres financiers (non cot\u00e9s) sur un registre partag\u00e9<\/strong> (e.g blockchain). <a href=\"https:\/\/www.talium-assets.com\/fr\/quest-ce-que-la-tokenisation-dactifs-et-quel-est-son-interet\/\" target=\"_blank\" rel=\"noreferrer noopener\">C\u2019est ce qu\u2019on appelle la tokenisation<\/a>.&nbsp;<\/p>\n\n\n\n<p>Si vous choisissez ce format, vous serez soumis aux m\u00eame r\u00e8gles cit\u00e9es plus haut :&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Devoir fournir un prospectus si le montant lev\u00e9 (en offre publique) est sup\u00e9rieur \u00e0 8 millions d\u2019euros ;<\/li><li>Devoir fournir un DIS pour les autres cas (se r\u00e9f\u00e9rer aux autres cas d\u2019exemption pr\u00e9vus dans le chapitre 1 article 1 de la DOC 2017-1129 dont vous trouverez le lien au d\u00e9but de l\u2019article).<\/li><\/ul>\n\n\n\n<p>L\u2019avantage principal est que cela <strong>simplifie et r\u00e9duit les co\u00fbts li\u00e9s \u00e0 la tenue du registre<\/strong> de mouvement de titres ainsi qu\u2019\u00e0 l\u2019\u00e9mission de ceux-ci. De plus, Talium Assets utilise le protocole ERC-1400 qui permet de <strong>v\u00e9rifier la conformit\u00e9 de chaque transaction<\/strong>. Cela vous permet d\u2019\u00eatre aussi conforme qu\u2019avec le syst\u00e8me classique, mais de mani\u00e8re bien plus rapide, et moins co\u00fbteuse.<\/p>\n\n\n\n<div style=\"height:100px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button is-style-fill\"><a class=\"wp-block-button__link has-background\" href=\"https:\/\/www.talium-assets.com\/fr\/demo\/\" style=\"background-color:#096ca4\">Demandez votre d\u00e9mo<\/a><\/div>\n<\/div>\n\n\n\n<hr class=\"wp-block-separator\"\/>\n\n\n\n<div style=\"height:100px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p><strong>Lectures compl\u00e9mentaires et sources :<\/strong><\/p>\n\n\n\n<p><a href=\"https:\/\/www.esma.europa.eu\/sites\/default\/files\/library\/esma31-62-962_consultation_paper_on_minimum_information_content_for_prospectus_exemption.pdf\">Document de l\u2019ESMA \u00e0 propos de l\u2019exemption de prospectus<\/a><\/p>\n\n\n\n<p><a href=\"https:\/\/www.legifrance.gouv.fr\/affichTexte.do?cidTexte=JORFTEXT000020137933&amp;dateTexte=&amp;categorieLien=id\">Ordonnance n\u00b0 2009-80 du 22 janvier 2009 relative \u00e0 l&rsquo;appel public \u00e0 l&rsquo;\u00e9pargne et portant diverses dispositions en mati\u00e8re financi\u00e8re<\/a><\/p>\n\n\n\n<p><a href=\"https:\/\/www.amf-france.org\/fr\/actualites-publications\/dossiers-thematiques\/prospectus#La_transition_de_la_Directive_prospectus_au_Rglement_prospectus_\">La r\u00e9glementation applicable aux prospectus par l\u2019AMF<\/a><\/p>\n\n\n\n<p><a href=\"https:\/\/www.amf-france.org\/sites\/default\/files\/2020-02\/esma31-62-1258_prospectus_regulation_qas.pdf\">Q&amp;A de l\u2019ESMA sur la directive prospectus<\/a><\/p>\n\n\n\n<p><a href=\"https:\/\/www.amf-france.org\/fr\/actualites-publications\/actualites\/prospectus-3-entree-en-application-des-reglements-europeens\">Panorama des nouveaux textes applicables par l\u2019AMF<\/a><\/p>\n\n\n\n<p><a href=\"https:\/\/www.legifrance.gouv.fr\/affichTexte.do;jsessionid=2239605102794B2363D607779E4E8904.tplgfr24s_2?cidTexte=JORFTEXT000039248641&amp;dateTexte=&amp;oldAction=rechJO&amp;categorieLien=id&amp;idJO=JORFCONT000039248459\">Ordonnance n\u00b0 2019-1067 du 21 octobre 2019 modifiant les dispositions relatives aux offres au public de titres<\/a><\/p>\n\n\n\n<p><a href=\"https:\/\/doctrine.amf-france.org\/Reglementation\/Doctrine\/Doctrine-list\/Doctrine?docId=workspace%3A%2F%2FSpacesStore%2Fcbdc1928-21ff-4917-b6a9-c6fe2d88e6bd&amp;category=I+-+Emetteurs+et+information+financi%C3%A8re\">Modalit\u00e9s de d\u00e9p\u00f4t et de publication des prospectus (DOC 2019-21)<\/a><\/p>\n\n\n\n<p><a href=\"https:\/\/www.consilium.europa.eu\/fr\/policies\/capital-markets-union\/prospectus\/\">Directive prospectus de 2003 \u00e0 2017<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Lever des fonds pour votre entreprise par la vente de titres financiers demande un grand travail au niveau de la conformit\u00e9. En Europe, c\u2019est l\u2019ESMA qui r\u00e9gule les march\u00e9s financiers, notamment au travers de la directive \u201cprospectus\u201d. Zoom sur certaines de ses sp\u00e9cificit\u00e9s. Qu\u2019est-ce que la directive prospectus ? C\u2019est l\u2019ESMA qui publie pour la [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":10455,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"ub_ctt_via":"","_lmt_disableupdate":"no","_lmt_disable":"no","footnotes":""},"categories":[381],"tags":[447,446,445,448,450,449,451],"class_list":["post-10452","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog-fr","tag-amf","tag-directive-prospectus","tag-esma","tag-regulation-crypto","tag-regulation-europe","tag-regulation-france-crypto","tag-regulation-levee-de-fonds"],"featured_image_src":"https:\/\/www.talium-assets.com\/wp-content\/uploads\/2021\/01\/ESMA-prospectus-a-la-une.png","author_info":{"display_name":"Fran\u00e7ois de Chezelles","author_link":"https:\/\/www.talium-assets.com\/fr\/author\/fdc\/"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Du prospectus au DIS, en quoi \u00eates vous concern\u00e9s ? 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