Clifford Chance

The New French regime on repurchase of debt securities

28 October 2011

France has enacted new set of rules to facilitate the possibility for a French issuer to repurchase debt securities (including short term instruments). A new French law allows a French issuer to repurchase debt securities without being obliged to cancel them and the French securities regulator (Autorité des marchés financiers) has amended its general regulation to allow an issuer to repurchase or to make tender offers on its bonds by instituting simplified procedures.

The purpose of this client briefing is to give an overview of these two amendments and to describe the new regime applicable to the repurchase of debt securities.

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