Procedure for listing
For the purpose of listing of securities, the issuer, through its sponsor, submits to the MSE a listing application, containing all the concomitant documentation. If the listing application refers to shares, it is needed be mentioned whether the application refers to listing of shares on Super listing or Exchange listing.
The following documents should be submitted to MSE by the listing sponsor for application for admission to listing:
a. application for listing signed by a duly authorised officer of the issuer,
b. a decision by an appropriate issuer's body approving the listing application,
c. a decision by an appropriate issuer’s body for acceptance of the Listing Rules and all its further modifications,
d. a declaration by the issuer’s duly authorised officer for the accurateness of the data in the submitted documents,
e. three copies of the Prospectus for listing that complies with the contents requirements set out in Chapter V of the Listing Rules,
f. consolidated text of the issuer’s Statute
g. a proof for paid listing fee (one-time and yearly).
h. a copy of its court registration
i. audited annual financial statements for the previous years, which number is set in the articles of Chapter II of the Listing Rules, and
j. a copy of all the decisions, which approve the changes in the shareholders capital of the issuer in the previous three years.
When an issuer submits a listing application, it must provide a Prospectus. The Prospectus must contain all the information which will enable the investors to make an assessment of the assets and liabilities, financial position, profit and loss and development prospects, as well as the rights attached to the securities. Compulsory information in the Prospectus are:
- Data on the issuer and its capita
- Activity of the issuer
- Financial reports and other data for the last three years for the company and information about companies in which the issuer holds majority participation, and which could affect the valuation of the issuer’s assets and liabilities, its financial status or profit and loss
- Data required for admission of shares to listing
- Data on the issuer’s management boar
- Development perspectives
- Financial statements
A listing application shall be appraised by the MSE Board of Directors and the decision on listing shall be submitted to the issuer in writing within 30 days from the day the application was received. If necessary, the Board of Directors may return the application in order to obtain the missing information and the period during which the application is to be appraised shall be extended by the period of time during which the missing information shall be provided. If the MSE Board of Directors gives authorization for listing on the Official market of the stock Exchange the issuers’ representative signs a Listing contract with MSE. The listing contract contains the following elements: subject of the contract, responsibilities for information disclosure, disclosures relating to the business, obligations relating to capital, significant changes in the financial position, providing annual reports, disclosure of major participation, listing fee and keeping the status of a listed company. An issuer, whose shares are already listed on the Official market of the Stock Exchange, may request transferring of the shares from one to other listing sub- segment, only if it fulfils the listing criteria for the corresponding sub- segment. MSE may decide to transfer the listed shares of a certain issuer from Super listing to Exchange listing if the same no longer fulfils the criteria from Chapter II of the Listing Rules, or the continuing obligations of Chapter VI of the Listing Rules.
The full text of MSE Listing Rules can be downloded here...