Market asset servicing - France
Income collection
Market Record date | Ex-date | Basis for entitlement | Standard interest calculation rule |
Coupon payment per bonds quoted in units | |||
Ex-date -1 | Equal to payment date for French listed bonds | Record date, at close of business | Actual/360 (depending on the issue) |
Dividend payment and coupon payment per bonds not quoted in units | |||
Ex-date +1 | Equal to payment date -2 for French listed securities | Record date, at close of business | Actual/360 (depending on the issue) |
Note: These are general rules; exceptions may apply as defined on a case-by-case basis by the issuer.
Corporate actions
Market Record date | Ex-date | Basis for entitlement | |
Corporate events with entitlement distribution | Ex-date -1 | Equal to date from which trading occurs without entitlement to the distribution | Record date, at close of business |
Note: This is a general rule; exceptions may apply as defined on a case-by-case basis by the issuer.
Most common corporate events
The most common events in the French market are Purchase offers, Subscriptions, Bonuses (automatic, non-automatic), French Optional Dividend, Exchange offers and Warrant exercises.
Organisation of AGM/EGMs
AGMs are normally held by companies every year between May and July.
Companies have the obligation to publish an announcement of the AGM in the newspapers at the latest 30 days prior to the meeting and to inform Registered shareholders.
If shareholders want to participate in a meeting, shares must be blocked 6 days before the meeting. Blocked shares can be sold up to 15:00 (CET) on the day preceding the AGM.
Transaction Management
Please refer to Transaction Management in T2S and the Transaction management rules - France.