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Conclusion

The disclosure obligation renewed with the Communiqué shall be

performed to ensure rapid access to information and not to cause dis-

crimination among the investors breaching the principle of equal treat-

ment. The novelties introduced with the Communiqué and the Guide’s

explanations currently reshape the disclosure practice and especially

during this period, the investor relations departments shall carefully

work with these new standards to assure compliance.

CAPITAL MARKETS LAW

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