[Last updated: 1 January 2024, unless otherwise noted]
Euronext Paris is a regulated exchange operated by Euronext Paris S.A., a wholly-owned subsidiary of Euronext N.V. (Euronext). Euronext Paris is a "regulated market" within the meaning of the Markets in Financial Instruments Directive (Directive 2014/65/EU) (MiFID II) and the Markets in Financial Instruments Regulation (Regulation (EU) 600/2014) (MiFIR).
Together, the Euronext markets (Amsterdam, Brussels, Dublin, Lisbon, Milan, Oslo and Paris) list close to 1,900 companies from approximately 35 countries, worth €6.2 trillion (approximately US$6.85 trillion) in market capitalization as of end September 2023. Euronext is the largest pan-European stock exchange in terms of both trading volume and value of shares traded. Shares listed on one of Euronext’s markets can be traded on the other markets through a single order book. The shared trading platform offers the same market structure for all listed companies, and clearing is fully guaranteed for all securities. This allows issuers to tap efficiently into international institutional markets, as well as the local French market.
The process to obtain a listing on Euronext Paris is straightforward and well developed. The French securities regulator, the Autorité des marchés financiers (AMF), has a long and solid track record of dealing with public offerings and listings, both domestic and foreign, and is generally very collaborative in the offering and listing process.
While the rules regarding listing and admission to listing have been harmonized significantly among the different Euronext markets, some differences due to legal and some technical reasons remain. Also, an admission on one of the Euronext markets does not yet entail an automatic listing on another Euronext market, but such listing can be used as basis for a simultaneous or additional listing on another Euronext market.
The main Paris market includes listings of shares issued by French and foreign companies and funds, as well as listings of bonds and other debt instruments. The regulated market of Euronext markets for equities is segmented according to market capitalization:
In addition, there is the Professional Segment, on which companies are able to list provided they do not make a simultaneous offering to the retail public (a direct listing or an offering to qualified institutional investors is permitted though). The Professional Segment is an integral part of Euronext Paris and subject to the same trading rules as the regular regulated market. The listing procedure is slightly simplified. All investors, whether institutional or retail, are eligible to purchase shares in secondary trading on the Professional Segment. Any marketing towards retail is however prohibited.
Euronext Paris S.A. also operates Euronext Growth Paris, a multilateral trading facility. Euronext Growth Paris has been designed as a platform for smaller companies and imposes a lighter disclosure and compliance regime than the regime that applies to the main regulated markets of Euronext. Euronext Growth Paris has been officially registered as "SME Growth Market" for both shares and bonds which allows companies listed thereon to benefit from simplified market processes in two key legislations: the Prospectus Regulation and the Market Abuse Regulation (MAR). Benefits include: (i) the use of lighter prospectuses at both initial and subsequent admissions (the EU Growth prospectus and the simplified prospectus under the simplified disclosure regime for secondary issuance), which reduce workloads and facilitate issuers’ capacity to raise funds on capital markets; and (ii) exemptions from specific obligations under MAR: issuers listed on an SME Growth Market indeed benefit from a lighter insider list disclosure regime.
Euronext Paris S.A. also operates Euronext Access Paris, a multilateral trading facility serving mainly early stage growth companies. Euronext Access Paris provides such companies with easy access to a listing with less stringent criteria for admission and framework adapted to their specific needs.
The rules and procedures described below relate to Euronext Paris only.
As of December 2023, more than 800 companies were listed on Euronext Paris.
French companies of all industrial and commercial sectors are listed on Euronext Paris. The exchange has made a special effort to welcome US and other foreign companies whose shares are listed in the United States via the "Fast Path" procedure. This procedure enables US-listed (NYSE or NASDAQ), non-EEA (European Economic Area) issuers to cross-list, using existing filings with the US Securities and Exchange Commission (SEC), with or without a simultaneous capital raising. Most Fast Path issuers are listed on the Professional Segment. The Fast Path procedure is discussed in section 6 below.
Euronext Paris is governed by the MIFID II, MIFIR and the French Monetary and Financial Code and is recognized as a regulated market undertaking under the foregoing. Euronext Paris is responsible for the organization of the markets that it operates and for the admission, suspension and exclusion of the members of these markets. Euronext Paris is also responsible for the admission, suspension and delisting of financial instruments on its markets. Euronext Paris operates under the supervision of the AMF, the French securities and financial markets regulator. The AMF is also charged with the supervision and enforcement of the French legislation implementing the EU Prospectus Regulation, Transparency Directive, Market Abuse Regulation, Takeover Bid Directive, UCITS Directive, Markets in Financial Instruments Directive, Alternative Investment Fund Managers Directive, Short Selling Regulation, CSR Directive and related regulations. The French Minister of Finance has the power to confer and revoke regulated market status upon the recommendation of the AMF and following an opinion from the French Prudential Control and Resolution Authority.
Euronext Paris is also approved as a specialized financial institution and is therefore governed by French banking legislation and regulations as amended and codified in the French Monetary and Financial Code, which means that it is subject to supervision by the Prudential Control and Resolution Authority.