The French Financial Markets Authority now publishes in French and English the notifications filed with it under Article 19 of the Market Abuse Regulation concerning managers’ own account transactions in issuer securities, derivatives and related financial instruments. The bilingual disclosures, available in the authority’s BDIF database, enable eligible officers and directors of European Economic Area foreign private issuers to meet an English language publication condition attached to a U.S. Securities and Exchange Commission exemption from Section 16(a) reporting requirements. The SEC determined that the Market Abuse Regulation’s managers’ transaction reporting regime is substantially similar to the U.S. regime. Its exemption requires each officer or director to be subject to the recognized foreign reporting rules and the resulting disclosures to be publicly accessible in English within two business days of publication. Only persons discharging managerial responsibilities and closely associated persons who are subject to Article 19 may file through the authority’s ONDE system when it is the competent authority. Individuals outside that regime cannot rely on publication by the authority and may remain subject to Section 16(a).
2026-08-28France Autorite des marches financiers
French Financial Markets Authority begins bilingual publication of managers’ transaction disclosures to support SEC exemption
The French Financial Markets Authority now publishes Article 19 managers’ transaction disclosures in French and English, helping eligible officers and directors of European Economic Area foreign private issuers meet a condition of the SEC’s Section 16(a) exemption. The arrangement applies only to persons subject to the Market Abuse Regulation notification regime.