Changes and Amendments to the Listing Rules
Wednesday, September 16, 2020

The Board of the Directors of the Macedonian Stock Exchange on the session held on 28.07.2020 reached a Decision for Changing and Amending the Listing Rules. On 21.08.2020 the Securities and Exchange Commission gave an Approval of the Decision, with which the validity of the Decision will become effective from 21.09.2020.  

The most important amendments that are introduced with these changes are the following:

•    The listed companies will have to publish a calendar of events, every year, not later than the end of January, in which they will specify the weeks of the year in which they will make announcements of financial statements or other important events related to the operation of the company.

•    General reduction of the deadlines for publication of the periodic financial statements, in accordance with the best regional and European practices, as follows:
     o    Quarterly unaudited financial statements no later than 30.04., and consolidated no later than 15.05. (Until now the deadlines were 15.05. and 31.05.)
     o    The six-month unaudited financial statements by 31.07 at the latest, and consolidated by 15.08 at the latest. (Until now the deadline for both was 31.08.)
     o    The nine-month unaudited financial statements no later than October 31, and the consolidated ones no later than November 15. (Until now the deadlines were 15.11. and 30.11.)
     o    The annual unaudited non-consolidated financial statements no later than 01.03., and the consolidated no later than 01.04. (until now the deadline was identical, but with the possibility of postponement depending on the submission to the Central Registry)
    o    Audited financial statements and the annual report from operating activities within 7 days from the adoption of the shareholders meeting, but not later than 31.05. (Until now the deadline was 7 days after the adoption of the Shareholders Assembly, without a deadline).

•    New measures for disobeying the Listing Rules have been introduced, among which is so-called "Watch list", which will be publicly available on the website of the Exchange. The issuers for which the Exchange considers that the investors should pay attention to, due to the serious violations for not complying the Listing Rules or due to other situations related to securities or the issuer will be listed on the Watch list.

•    More detailed regulation on the procedure for suspension of listing and the measure "temporary suspension of trading"; introducing the possibility for the Exchange to list securities or issuers which not meet the Listing criteria but according to the view of the Exchange have the potential for trading on the market; further defining the transfer and exclusion procedures from listing of securities; more detailed regulation of the manner of distribution of the decisions and other documents that are arising from the Rules to listed companies, as well as the right of the issuers to appeal against the decisions made by the Stock Exchange.

The consolidated text of the Listing Rules can be downloaded from the web page of Macedonian Stock Exchange. (at the moment available only on Macedonian)