Studio Founder
Generating an AMF Compliance Checklist for a Listed Company Acquisition
Key Takeaway
When we explored acquiring a stake in a listed French company, our AI agent generated a complete AMF compliance matrix — filings, disclosures, thresholds, and deadlines — in 8 minutes.
The Problem
French securities regulation is a maze. The Autorité des Marchés Financiers (AMF) has specific rules for acquiring shares in listed companies. Cross certain thresholds and you trigger mandatory disclosures. Cross others and you trigger a mandatory tender offer. Miss a filing deadline and the penalties are brutal — voting rights suspended, forced divestiture, criminal referral.
PyratzLabs was evaluating a strategic investment in a listed French company. Small stake — we thought. But "small" in French securities law is relative. The 5% threshold triggers disclosure. 10% triggers more. 15%, 20%, 25%, 30% — each one has its own requirements. And that's before you consider concert party rules, ACPR notifications (if the target is in financial services), and EU cross-border implications.
Our M&A lawyer quoted €8,000-€15,000 just for the compliance mapping. Not the filings — just telling us what we need to file and when.
The Solution
Warren's Regulatory Compliance skill handles French securities regulation. Input the acquisition parameters. The agent generates a step-by-step compliance matrix: every threshold, every filing, every deadline, every penalty.
The Process
yamlShow code
skill: regulatory-compliance
input:
regulation: amf-listed-acquisition
parameters:
target_company: "[Redacted] SA"
target_market: euronext-paris
target_sector: technology
target_market_cap: €450M
current_holding: 0%
intended_holding: 8%
acquisition_method: market-purchase
acquirer_entity: "PyratzLabs SAS"
acquirer_jurisdiction: france
acting_in_concert: false
cross_border:
check_eu_passporting: true
check_foreign_investment_screening: true
output:
format: compliance-matrix
include_deadlines: true
include_penalties: true
include_acpr: true
Output:
markdownShow code
## AMF Compliance Matrix — Acquisition of 8% in [Target] SA
### Threshold Crossings
| Threshold | Triggered? | Filing Required | Deadline | Penalty |
|-----------|-----------|----------------|----------|---------|
| 5% capital or voting rights | ✅ Yes | AMF declaration (Art. L233-7 Code de Commerce) | Within 4 trading days of crossing | Suspension of voting rights for shares exceeding threshold |
| 10% capital or voting rights | ❌ No | — | — | — |
| Intention declaration at 10% | ❌ No | — | — | — |
### Required Filings — Ordered by Timeline
**Filing 1: AMF Threshold Crossing Declaration (5%)**
- **Trigger:** Acquisition of shares bringing holding above 5%
- **Form:** AMF standard declaration form
- **Content:** Identity, number of shares, % of capital and voting rights, acquisition date, objectives for next 6 months
- **Deadline:** 4 trading days after crossing date
- **Submit to:** AMF + issuer
- **Penalty for late filing:** Voting rights suspended for shares above 5% for up to 2 years
**Filing 2: Issuer Notification**
- **Trigger:** Same as Filing 1
- **Deadline:** Same day as AMF declaration
- **Method:** Registered letter to issuer's registered office
### Additional Checks
**ACPR Notification:** ❌ Not required (target is tech sector, not financial services)
**Foreign Investment Screening (Art. L151-3 CMF):**
- Target is in technology sector
- France's foreign investment screening applies to "critical technologies"
- ⚠️ **Review needed:** If target's technology falls under listed sensitive sectors
(AI, cybersecurity, data hosting), prior authorization from Ministry of Economy required
- **Timeline:** 30 business days for Phase 1 review; 45 additional days if Phase 2 triggered
**EU Short Selling Regulation:**
- Not applicable (long acquisition only)
### Ongoing Obligations After Acquisition
1. Report any subsequent crossing of 1% increments above 5% (AMF)
2. Update intention declaration if objectives change within 6 months
3. Annual confirmation of holding level if above 5%
The Results
| Metric | External Legal Mapping | Agent Compliance Matrix |
|---|---|---|
| Time | 1-2 weeks | 8 minutes |
| Cost | €8,000-€15,000 | $0 |
| Threshold coverage | Complete | Complete |
| Cross-border checks | Billed separately | Included |
| Penalty descriptions | Sometimes omitted | Always included |
We still had our M&A lawyer review the matrix. She confirmed it was accurate, added one nuance about concert party rules specific to our situation, and we proceeded. Her review bill: €1,200 instead of €12,000.
Try It Yourself
bashShow code
# Install via Mr.Chief dashboard after signing up at mrchief.ai/setup
# clawhub install regulatory-compliance
View details
We're a French SAS planning to acquire 8% of a Euronext-listed technology company
with a €450M market cap. Generate a complete AMF compliance matrix with every filing,
deadline, and penalty we need to know about.
Know the rules before you make the move.
French securities law has more thresholds than a video game. Our agent mapped every single one. The lawyer confirmed. We filed on time.
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