The NASDAQ OMX Helsinki - IPO Overview
|
|
- Hope Neal
- 7 years ago
- Views:
Transcription
1 The NASDAQ OMX Helsinki - IPO Overview 1. Regulatory Background 1.1 Overview of Regulatory Background EC Regulations 809/2004 (on prospectuses) and 2273/2003 (on buy-back programmes) are directly applicable, inter alia, in Finland. In addition, the following national regulations (by which the relevant EC Directives have been implemented) apply to the listing of securities in Finland: the Finnish Securities Markets Act ( /746, as amended) (the "Securities Market Act"); the Decree 452/2005 of the Finnish Ministry of Finance (on EU prospectuses); the Decree 818/2007 of the Finnish Ministry of Finance (on national prospectuses); and the Finnish Limited Liability Companies Act 624/2006. The NASDAQ OMX Helsinki (the "Exchange"), part of the NASDAQ OMX Group, of Finland has also provided rules of the stock exchange (the "Rules of the Exchange") that cover, inter alia, certain specific listing requirements. The following rules, regulations and guidelines are also relevant when listing securities under Finnish law: The standards 5.2a and 2.2. of the Finnish Financial Supervisory Authority (the "FSA") about the securities offering and listing and marketing of financial services and financial instruments; Insider regulation (The Exchange has issued Insider Guidelines for the use of listed companies an unofficial English translation of which is available at: Ongoing disclosure obligations based on chapter 2 section 7 of the Securities Market Act; International Financial Reporting Standards (IFRS); and The Securities Market Association's Corporate Governance code (current version dated 1 October 2010) with which every publicly listed company must entirely comply or disclose and justify any deviations. 1.2 Regulatory Entities Generally, a prospectus needs to be presented to and approved by the FSA. However, under certain conditions a so-called EU prospectus may be approved by the competent authority of another European Economic Area Member State ( EEA Member State ) and notified to the FSA only. 1
2 1.3 Required Approvals Generally, only the approval of the FSA (or, under certain conditions, the competent authority of another EEA Member State) for the prospectus is required. However, a company contemplating a listing also needs to file a listing application with, and receive an approval for the listing from, the Exchange. 2. Listing Criteria Generally, a company contemplating a listing must be duly incorporated or otherwise validly established under the laws of its place of incorporation. The shares of the company must be freely transferable. 2.1 Suitability / Eligibility of Listing Applicant Under the Finnish Companies Act (624/2006, as amended), only a Finnish public limited liability company (but not a private limited liability company) may be listed on a stock exchange. On the other hand, under the Rules of the Exchange, any Finnish or non-finnish entity contemplating a listing on the Exchange must fulfill the requirements of the laws applicable to such entity. The share capital of a Finnish public limited liability company needs must at least 80,000. With respect to other entities, there are no such requirements. In brief, the following general requirements (as well as some other technical requirements) are included in the Rules of the Exchange: the company must be duly incorporated or otherwise validly established; the shares must be freely transferable; the company must well in advance of the listing establish and maintain adequate procedures, controls and systems, including systems and procedures for financial reporting to enable compliance with its obligation to provide the market with timely, reliable, accurate and up-to-date information as required at the Exchange; controls and systems to enable its obligation to provide the market information as required by the Exchange and the relevant rules; a three-year history (published annual accounts); documented profit-earning ability or sufficient working capital resources for at least twelve months' future operations; 25 per cent of all the issued and outstanding shares in the company to be held by the public; the estimated aggregate market value of the listed shares is equal to at least 1,000,000; 2
3 sufficient skills and experience of the company's board of directors and management; and the company shall notify its compliance with the Corporate Governance code (see section 10 below). However, the Exchange may (under certain conditions and at its discretion) grant an exemption from the above requirements. 2.2 Track Record Requirement The company and its group companies must have published annual accounts for at least three (3) financial years before being able to list on the Exchange. However, the Exchange may grant an exemption from such requirement. In order for the Exchange to be able to grant an exemption from the above requirement, there should be sufficient information available for the Exchange and the investors to evaluate the development of the relevant businesses and to form a sound judgment on the company and its shares as an investment. 2.3 Minimum Market Capitalisation The expected aggregate market value of the shares to be listed must be at least 1,000, Sufficiency of Working Capital A company that does not possess documented positive earnings capacity must demonstrate that it has sufficient working capital available for its planned businesses for at least twelve months following the first day of the listing. Means to present sufficient working capital for the next twelve months may include estimates on cash-flow statements, planned and available measures for financing, descriptions of the planned businesses and investments, and well-founded assessments of the future prospects of the company. A statement, made by the board of directors of the listing company, confirming the sufficiency of working capital is required. 2.5 Eligibility for Electronic Settlement The securities must be eligible for electronic settlement. A company that has issued a share which has been admitted to public trading is obliged to incorporate the shares into the book-entry system that Euroclear Finland maintains. 3. Overseas Companies Foreign incorporated companies may list on the Exchange. A foreign company which is already listed on a foreign market can also list on the Exchange. The same listing requirements apply to all companies on the Exchange. 3
4 If the shares of a foreign company have been listed in another EEA Member State, such company will primarily follow the rules of its home exchange also in Finland. Such companies must disclose any differences between the rules of their home exchange and the Rules of the Exchange. For companies listed elsewhere, the preparation, approval by the FSA and publication of a prospectus is generally required (except under certain circumstances where a prospectus approved by the competent authority of another EEA Member State and where a notification to the FSA is adequate). The listing process as a whole usually takes from 3 to 6 months. 4. Shareholding Requirements 4.1 Public Float Under the Rules of the Exchange, a sufficient number of shares of the company need to be distributed to the public. This free float requirement is defined as the portion of the share capital of a company which is freely available for trading in the market. The objective of introducing free float criteria is to avoid a distortion in the price of a security and to improve the overall investability. Such a requirement is, as a general rule, fulfilled if 25 per cent of all the shares within the relevant share class are held by the public. Any person or legal entity holding directly or indirectly less than 10 per cent of all the shares and votes in the company is considered to belong to the public (disregarding, however, the holdings of (i) the members of the board of directors and management of the company, (ii) any legal entity related to the company (e.g., a pension fund) and (iii) any shareholders with a long-term lock-up obligation). 4.2 Restrictions on Major Shareholders There are generally no restrictions on major shareholders holding certain amounts of shares. However, under the Rules of the Exchange, a company contemplating a listing must have a "sufficient number" of shareholders (see section 4.3 below). 4.3 Spread of Shareholders Under the Rules of the Exchange, a company contemplating a listing must have a "sufficient number" of shareholders. Generally, such requirement is fulfilled if the company has at least 500 shareholders each holding shares worth at least 1, Post IPO Lock-up There are no regulations on 'locking up' the shareholders for a post-listing period. However, there is, to some extent, a market practice in Finland of imposing certain contractual commitments to ensure the commercial success of the IPO, especially if the number of shares to be listed and sold is significant or if there is one shareholder holding the majority of shares. 5. Listing Procedure and Timetable 4
5 The flotation process usually begins with a due diligence review and preparation of a draft prospectus, creation of conditions for the trading of relevant shares (elimination of restrictions on free transferability and arrangements on clearing and settlement of shares), and adaptation and review of control systems and corporate governance rules. After such actions, the prospectus is filed with the FSA for review and approval. Moreover, a listing application must be filed with the Exchange. In total, the entire process usually takes from 3 to 6 months at the minimum. 5.1 Marketing the Offer The marketing process is typically driven by the (lead) arranger who prepares the relevant marketing materials and conducts management presentations and road shows etc. The details of the marketing process vary depending on the offering at hand. 5.2 Required Documentation Listing applications to the Exchange must be in writing and include the following documents: a statement by the company's Board of Directors regarding the company's expected performance in the current and immediately following financial year; a list indicating the fifty largest shareholders of the company in terms of share capital and voting power, as well as their relative holdings and votes; a statement by the company confirming its satisfaction of the listing requirements; the company's Trade Register extract or corresponding document and disclosure of any resolutions that have not yet been recorded therein; the company's articles of association as recorded in the Trade Register, and any amendments thereto resolved by a general meeting of shareholders that have not yet been recorded in the trade register, together with any amendments proposed thereto by the company's Board of Directors; an extract from the minutes of the company's Board of Directors regarding the board's resolution to submit a listing application; an opinion issued by the advisor in charge of the company's listing process, or by another party approved by the Exchange, regarding the satisfaction of the prescribed requirements for the listing of the company and its operation as a listed company and the information required to be given about the company on the listing application; a statement by the company's executive officers that they are familiar with the obligations imposed on a publicly traded company under the applicable laws and the Rules of the Exchange, and that the company is capable of acting in accordance with these obligations; 5
6 written consent for the Exchange to prepare a financial analysis on the company and/or its group companies at the expense of the company; an undertaking of the company on entering into an agreement with the Exchange and, if the company is a subsidiary of a parent company, an undertaking of the parent company to follow all the rules and guidelines of the Exchange applicable to listed companies, (as amended); an undertaking by the listed company and by the parent company of the listed company that the listed company will not make any group contribution to its parent company (where applicable); evidence of the payment of the required registration fee; a description of any facts needed in arranging the clearing and settlement of trades; and a prospectus (as defined in Chapters 3, 4 and 5 of the Securities Markets Act), which has been approved by the FSA (or a prospectus approved by the competent authority of another EEA Member State and duly notified to the FSA) and a document certifying such approval (or notification). The above documents must be enclosed with the listing application. The Exchange may, for cause, decide not to require particular piece of information or grant an exemption from particular listing requirement. 5.3 Publication of the Prospectus A prospectus is prepared by the company contemplating a listing. The prospectus needs to apply with the specific requirements outlined by the FSA. Before the prospectus is published, it must be approved. The FSA is the competent authority to approve the prospectus if the company's home state is Finland or if the competent authority of another EEA Member State has requested the FSA to approve the prospectus (which request the FSA has accepted). The application for approval must be in writing and submitted by the company. It must also include all parts of the prospectus. The FSA makes a decision on the approval of a prospectus within ten banking days (or in certain exeptional cases within twenty banking days) of the submission. The content of the prospectus must be the same at the time of both the approval and publishing. 6. Documentary Requirements 6.1 Principal Contents of Main Listing Document In general, the prospectus must contain the following: information regarding the issuer; 6
7 This comprises, among other things, information on the company's assets and liabilities; financial position profits and losses prospects; information on the securities, (for example the securities subject to the offer); the rights attaching to those securities and information on how the transaction will be constructed information on the essential characteristics and risks related to the issuer, the guarantor, the underwriter and the securities; and the parties responsible for drafting the prospectus and information on the board members, main shareholders (etc.) of the company. 6.2 Other Documents Relevant marketing materials are usually prepared as well (in which case they must be delivered to the FSA for review). 6.3 Articles / Constitutional Documents There are no specific requirements that need to be included in the company's articles of association or constitution. However, the company's articles of association may not set any restrictions on the free transferability of the shares. 7. Financial Information 7.1 Audited Financial Statements The financial statements of the listing company and its group companies need to be prepared, approved and audited in accordance with the laws applicable to such entities. 7.2 Applicable Accounting Standards A company whose securities are listed on the Exchange needs to prepare its annual accounts in accordance with International Financial Reporting Standards/ International Accounting Standards. 7.3 Period Covered by the Accounts Generally, the accounts must cover at least the three preceding financial years. In order for the Exchange to be able to grant an exemption from the above requirement, there should be sufficient information available for the Exchange and the investors to 7
8 evaluate the development of the relevant business and to form a sound judgment on the company and its shares as an investment. 7.4 Overseas Companies The requirements regarding financial statements are the same for all companies listing on the Exchange. 7.5 Pro Forma Financial Information Under the applicable EC Regulation 809/2004 (on prospectuses), pro forma financial information needs to be included in a prospectus provided that a material change has occurred or will occur in the business activities of the listing company. According to the applicable standard of the FSA, such information needs to be included in form and substance complying with the guidelines of the Finnish Institute of Authorised Public Accountants on pro forma financial information. 7.6 Interim Financial Information Generally, a company should include the latest quarterly financial information in the flotation documentation either by incorporation or reference. 8. Parties Involved 8.1 Sponsor There is no requirement to appoint a sponsor or broker. 8.2 Other Advisers Lawyers: The lawyers of the listing company usually carry out, inter alia, the legal due diligence of the company and the negotiations with the Exchange, the FSA and other advisors involved. They also draft the listing application, prospectus and other relevant documents (based on the information the company and its advisors have provided) as well as stock exchange releases and other public notifications. Accountants/auditors: The listing company's auditors usually prepare pro forma accounts, participate in due diligence processes, prepare a statement for the prospectus (review of the company's accounts for the preceding three financial years) and give statements relating to the company's financial reporting standards. 9. Listing Costs 9.1 Listing Fees A company will be required to pay a registration fee of 40,000 to the Exchange prior to submitting its listing application. This registration fee is non-refundable. All companies whose shares are listed on the Exchange are required to pay an annual fee (the amount of which depends on the market value of the relevant company). In addition, a fee of 5,000 is payable to the FSA for the review and approval of the prospectus. 8
9 9.2 Sponsor's Fees The cost of a sponsor (financial advisor) typically varies depending on the value of the offering at hand, and, therefore, no exact amount may be given. 9.3 Lawyers' and Accountants' Fees The fees of lawyers and accountants typically vary significantly depending on the size and structure of the arrangement at hand. Typically the lawyer's fees in connection with an IPO arrangements range from 150,000 to 200, Corporate Governance Requirements The company shall disclose its compliance with the corporate governance code in the jurisdiction where it is incorporated. If the company is not subject to a corporate governance code in its home country, the company shall apply the corporate governance code that is applied on the Stock Exchange. Detailed information on such corporate governance requirements is included in the Corporate Governance Recommendation for Listed Companies, (see for more information), 11. Continuing Obligations Under the general rule as stated in the chapter 2 section 7 of the Securities Market Act, a company listed on the Exchange is obligated to disclose without undue delay any information that relates to the company and is likely to have a material effect on the value of the securities issued by the company. In addition, the company needs to disclose financial and interim statements on a yearly and quarterly basis as well as certain other information relating to such statements. Information disclosed by the company must be correct, relevant and clear. The information shall not be misleading. Investors must have equal, equitable and simultaneous access to information 12. First North First North is a market for smaller companies and growth companies. It is Multilateral Trading Facility (MTF) and it does not have the legal status of a regulated market. The regulatory approach is adjusted to the needs of growth companies so they can enter the market and concentrate on building their business, with an easier transition to becoming a public company. All companies that wish to join First North must appoint a certified adviser in association with the application process. The certified adviser s role is to guide the company through the application process. The certified adviser also has the obligation to provide support and ensure that the company continuously meets the requirements associated with having shares admitted to trading on First North. Furthermore, it is the obligation of the certified adviser to constantly monitor the company s compliance with the rules of First North, and report any transgression to the Exchange. The overall admission requirements to First North are the following: 9
10 Conditions for a sufficient supply and demand: - sufficient number of shareholders; - at least 10 per cent of the share capital in public hands; or - acquisition of the services of a liquidity provider; Publication of a company description/prospectus; The company must at all times have an agreement with a certified adviser; The company must accept and sign the general terms and conditions for admission to trading on First North; and The company must possess the organization and staff required in order to comply with the requirements regarding disclosure of information to the market. 13. Our Office We can provide legal advice to foreign clients on all matters relating to IPOs and other equity capital markets transactions. For further information, please contact one of the following partners: Mr. Antti Säiläkivi, Partner, tel , antti.sailakivi@hpplaw.fi Mr. Björn Nykvist, Partner, tel , bjorn.nykvist@hpplaw.fi Hammarström Puhakka Partners, Attorneys Ltd. Bulevardi 1 A, FI Helsinki, Finland Tel: Fax: Website: Februrary
United Kingdom: Main Market - IPO Overview
United Kingdom: Main Market - IPO Overview 1 Regulatory Background 1.1 Overview of Regulatory Requirements The requirements for listing on the Main Market (premium and standard) of the London Stock Exchange
More informationNASDAQ OMX HELSINKI LTD RULES OF THE EXCHANGE. 2 October 2013
NASDAQ OMX HELSINKI LTD RULES OF THE EXCHANGE 2 October 2013 RULES OF THE EXCHANGE INTRODUCTION According to the Act on Trading in Financial Instruments (748/2012), the Exchange shall draw up and keep
More informationUnited Kingdom: Alternative Investment Market ( AIM ) - IPO Overview
United Kingdom: Alternative Investment Market ( AIM ) - IPO Overview 1 Regulatory Background 1.1 Overview of Regulatory Requirements The requirements for listing on the AIM are found in the rules of the
More informationPART I GENERAL. Chapter 1. General provisions. Section 1. General scope of application of the Act
1(49) Unofficial translation Amendments up to 258/2013 included 746/2012 Issued in Helsinki on 14 December 2012 Securities Markets Act Pursuant to the decision of Parliament, the following is enacted:
More informationRULES OF THE STOCK EXCHANGE
Rules of the Stock Exchange 1(44) RULES OF THE STOCK EXCHANGE LISTING PROCEDURES AND DISCLOSURE AND OTHER REQUIREMENTS APPLICABLE TO THE ISSUERS OF LISTED SECURITIES 1. GENERAL PROVISIONS... 3 1.1 SCOPE
More informationTHE ROAD TO THE STOCK EXCHANGE AN OVERVIEW
THE ROAD TO THE STOCK EXCHANGE AN OVERVIEW ADVOKATFIRMAN LINDAHL, NOVEMBER 2013 There are several reasons for an Initial Public Offering (IPO) on a stock exchange. A listing will enable the company to
More informationFirst North Bond Market Rulebook 3 July 2016
First North Bond Market Rulebook 3 July 2016 Table of Contents 1. Introduction... 4 2. Admission to trading and removal from trading of fixed income instruments on First North Bond Market... 6 2.1 General...
More informationRules for the admission of shares to stock exchange listing (Listing Rules)
Rules for the admission of shares to stock exchange listing (Listing Rules) TABLE OF CONTENTS: 1. GENERAL... 3 2. CONDITIONS FOR ADMISSION TO LISTING... 3 2.1 GENERAL CONDITIONS... 3 2.1.1 Public interest,
More informationThe Australian Stock Exchange ("ASX") - IPO Overview
The Australian Stock Exchange ("ASX") - IPO Overview 1. Regulatory Background 1.1 Overview of Regulatory The Corporations Act 2001 ("Act") regulates the requirements for listing on the ASX. The Act prohibits
More informationThe Listing Rules REITS REAL ESTATE INVESTMENT TRUSTS. Chris Luck, Nabarro LLP. Property Investment from a wider perspective.
REITS REAL ESTATE INVESTMENT TRUSTS The Listing Rules Chris Luck, Nabarro LLP As at 1 April 2008, 18 companies have either converted to or have listed as UK-REITS. This article considers how to convert
More informationFirst North Bond Market Rulebook January 2014
First North Bond Market Rulebook January 2014 Table of contents 1. Introduction... 4 2. Admission to trading and removal from trading of fixed income instruments on First North Bond Market... 5 2.1 General...
More informationRules. of Multilateral Trading Facility. First North
Rules of Multilateral Trading Facility First North 1 TABLE OF CONTENTS I GENERAL PROVISIONS... 3 II ADMISSION TO TRADING... 5 III TERMINATION AND SUSPENSION OF TRADING BY INITIATIVE OF THE ISSUER... 13
More informationBursa Malaysia - IPO Overview
Bursa Malaysia - IPO Overview Main Market Listing on the Main Market of Bursa Malaysia ( Main Market ) is for established companies with a track record. 1. Regulatory Background 1.1 Overview of Regulatory
More informationThe Bratislava Stock Exchange IPO Overview
The Bratislava Stock Exchange IPO Overview Bratislava Stock Exchange (hereinafter referred to as BSSE ) was founded in 1991, in conformity with a decree of the Ministry of Finance of the Slovak Republic
More informationThe Tokyo Stock Exchange - IPO Overview
The Tokyo Stock Exchange - IPO Overview 1 Regulatory Background 1.1 Overview of Regulatory Background There are six exchanges in Japan; Tokyo, Osaka, Nagoya, Sapporo, Fukuoka, and JASDAQ. Among these,
More informationUNOFFICIAL TRANSLATION. Nasdaq Riga ALTERNATIVE MARKET FIRST NORTH RULES
Nasdaq Riga ALTERNATIVE MARKET FIRST NORTH RULES 1 I GENERAL PROVISIONS... 3 1. SCOPE OF APPLICATION... 3 2. DEFINITIONS USED IN THE RULES... 3 II ADMISSION REQUIREMENTS... 4 3. REQUIREMENTS FOR ISSUERS...
More informationCapital Raising in Australia An Overview
Capital Raising in Australia An Overview 13 November 2015 Overview Whilst Australia represents only 2.26% of the world s population, Australia has sophisticated capital market and by world comparison is
More informationRULES OF THE FIRST NORTH IN LITHUANIA
APPROBATED: Bank of Lithuania Resolution No S 2014/(21.13-21.01)12-5111 as of 4 December 2014 APPROVED: Board of NASDAQ OMX Vilnius as of 22 December 2014, Minutes No 14-114 RULES OF THE FIRST NORTH IN
More informationThe Korea Stock Exchange ( KRX ) IPO Overview
The Korea Stock Exchange ( KRX ) IPO Overview 1. Regulatory Background 1.1 Overview of Regulatory Background The Korea Composite Stock Price Index ( KOSPI ) market is the KRX s main board listing medium
More informationFirst North Bond Market Rulebook
First North Bond Market Rulebook 7. December 2012 Table of Contents 1. Introduction... 4 2. Admission and removal of fixed income instruments to trading on First North... 5 2.1 General... 5 2.2 Admission
More informationFirst North Bond Market Rulebook January 2014 3 July 2016
First North Bond Market Rulebook January 2014 3 July 2016 Table of contentscontents 1. Introduction... 7 2. Admission to trading and removal from trading of fixed income instruments on First North Bond
More informationLONDON STOCK EXCHANGE HIGH GROWTH SEGMENT RULEBOOK 27 March 2013
LONDON STOCK EXCHANGE HIGH GROWTH SEGMENT RULEBOOK 27 March 2013 Contents INTRODUCTION... 2 SECTION A ADMISSION... 3 A1: Eligibility for admission... 3 A2: Procedure for admission... 4 SECTION B CONTINUING
More informationThe Float Guide How to float a company on the Zagreb Stock Exchange
The Float Guide How to float a company on the Zagreb Stock Exchange Contact: Jelena Zjačić Croatia zjacic@macesic.hr Filip Lisac Croatia lisac@macesic.hr INTRODUCTION his guide gives an overview of T what
More informationAct on Investment Firms 26.7.1996/579
Please note: This is an unofficial translation. Amendments up to 135/2007 included, May 2007. Act on Investment Firms 26.7.1996/579 CHAPTER 1 General provisions Section 1 Scope of application This Act
More informationChapter 7 GENERAL ACCOUNTANTS REPORTS AND PRO FORMA FINANCIAL INFORMATION. When required
Chapter 7 GENERAL ACCOUNTANTS REPORTS AND PRO FORMA FINANCIAL INFORMATION When required 7.01 This Chapter sets out the detailed requirements for accountants reports on the profits and losses, assets and
More informationThe Float Guide How to float a company in India
The Float Guide How to float a company in India Contact: Haigreve Khaitan Khaitan & Co haigreve.khaitan@khaitanco.com INTRODUCTION This guide introduces the practice and procedure related to public floats
More information(UNOFFICIAL TRANSLATION)
(UNOFFICIAL TRANSLATION) Readers should be aware that only the original Thai text has legal force and that this English translation is strictly for reference. The SEC, Thailand cannot undertake any responsibility
More informationThe Hong Kong Stock Exchange IPO Overview
The Hong Kong Stock Exchange IPO Overview The Stock Exchange of Hong Kong (the Exchange ) ranked second among world stock exchanges in terms of IPO funds in 2013. This continues a trend that has seen it
More informationListing and Admission to Trading Rules for. Short Term Paper. Release 2
Listing and Admission to Trading Rules for Short Term Paper Release 2 14 April 2014 Scope These Listing and Admission to Trading Rules ( Rules ) relate to the Listing and admission to trading on the Main
More informationFirst North Nordic Rulebook
First North Nordic Rulebook 1 January 2014 1. Introduction... 4 2. Admission and removal of financial instruments to trading on First North... 5 2.1 General... 5 2.2 Admission requirements... 5 2.2.1 Requirements
More informationSteps to a Successful AIM Listing
The AIM listing Process Steps to a Successful AIM Listing Darryl Levitt Andrew Derksen Background Established in 1995, AIM now has 1,501 companies trading (of these 252 are overseas companies) with a total
More informationAIM Rules for Companies (effective 17 February 2010)
AIM Rules for Companies Introduction 1 Part One AIM Rules 3 Retention and role of a nominated adviser 3 Applicants for AIM 3 Special conditions for certain applicants 4 Principles of disclosure 5 General
More informationThe Bermuda Stock Exchange
The Bermuda Stock Exchange Foreword This Memorandum has been prepared for the assistance of anyone who requires information about the Bermuda Stock Exchange. It deals in broad terms with the Bermuda Stock
More informationCOMPANY PRESENTATION OF THE TERMS FOR TRANSATLANTIC S DEBT CERTIFICATES 2013
COMPANY PRESENTATION OF THE TERMS FOR TRANSATLANTIC S DEBT CERTIFICATES 2013 This summary of the terms and conditions for Rederi AB Transatlantic s (publ) (the Issuer ) maximum SEK 140,000,000 senior unsecured
More informationAct on the Management of Alternative Investment Funds
FINANSTILSYNET Norway Translation March 2015 This translation is for information purposes only. Legal authenticity remains with the official Norwegian version as published in Norsk Lovtidend. Act on the
More informationA I M R U L E S F O R C O M PA N I E S F E B R U A R Y 2 0 0 7
A I M R U L E S F O R C O M PA N I E S F E B R U A R Y 2 0 0 7 AIM Rules for Companies Introduction 2 Part One AIM Rules 3 Retention and role of a nominated adviser 3 Applicants for AIM 3 Special conditions
More informationMain Securities Market LISTING RULES. and Admission to Trading Rules
Main Securities Market LISTING RULES and Admission to Trading Rules Release 2 14 April 2014 CONTENTS Chapter 1 Compliance with and Enforcement of the Listing Rules 1.1 Preliminary 1.2 Modifying Rules and
More informationAIM Rules for Companies. January 2016
AIM Rules for Companies January 2016 1 AIM Rules for Companies Introduction 3 Part One AIM Rules 4 Retention and role of a nominated adviser Applicants for AIM 4 4 Special conditions for certain applicants
More informationAIM Rules for Companies May 2014
AIM Rules for Companies May 2014 AIM Rules for Companies Introduction 2 Part One AIM Rules 3 Retention and role of a nominated adviser 3 Applicants for AIM 3 Special conditions for certain applicants 4
More informationGuide to listing on. Nasdaq First North
Guide to listing on Nasdaq First North First North is a Multilateral Trading Facility (MTF) and does not have the legal status of a regulated market. Regulated market is a term used in the Markets in the
More informationENTERPRISE SECURITIES MARKET RULES FOR COMPANIES
ENTERPRISE SECURITIES MARKET RULES FOR COMPANIES Release 3 16 October 2015 Contents Introduction 3 Part 1 ESM Rules 4 Retention and role of an ESM Advisor 4 Applicants for ESM 4 Special conditions for
More informationGUIDE TO INVESTMENT FUNDS IN BERMUDA
GUIDE TO INVESTMENT FUNDS IN BERMUDA CONTENTS PREFACE 1 1. Introduction 2 2. Principal Regulatory Framework 2 3. Investment Fund Structures and Forms 4 4. Segregated Accounts Companies and the Segregation
More informationObtaining a premium or standard listing on the London Stock Exchange
Obtaining a premium or standard listing on the London Stock Exchange An overview 16 Old Bailey, London EC4M 7EG tel: +44 (0)20 7597 6000 fax: +44 (0)20 7597 6543 www.withersworldwide.com Contents 1. Introduction...1
More informationF. van Lanschot Bankiers N.V. (incorporated in the Netherlands with its statutory seat in 's-hertogenbosch)
20 December 2012 FIFTH SUPPLEMENT TO THE BASE PROSPECTUS IN RESPECT OF THE EURO 5,000,000,000 DEBT ISSUANCE PROGRAMME F. van Lanschot Bankiers N.V. (incorporated in the Netherlands with its statutory seat
More informationIssues and corporate actions in the book-entry system Decision of Euroclear Finland s CEO. To: Issuers Account operators Issuer agents
Issues and corporate actions in the book-entry system Decision of Euroclear Finland s CEO To: Issuers Account operators Issuer agents Reference to the Rules: 2.1.13, 3.1.11, 3.1.12,3.1.13, 3.1.14, 3.1.19
More informationEngland and Wales Treasury Shares Guide IBA Corporate and M&A Law Committee [2014]
England and Wales Treasury Shares Guide IBA Corporate and M&A Law Committee [2014] Contact Greg Scott, Partner Memery Crystal LLP gscott@memercrystal.com 1 Contents Page SCOPE OF THIS REPORT... 3 GENERAL
More informationDECISION NO (94/R) OF 2005 CONCERNING THE LISTING OF DEBT SECURITIES
DECISION NO (94/R) OF 2005 CONCERNING THE LISTING OF DEBT SECURITIES The Chairman of the Board of Directors of the Stocks and Commodities Authority has, After pursuing the provisions of Federal Law No.
More informationA Guide to Crowdfunding for Companies Seeking to Raise Capital
A Guide to Crowdfunding for Companies Seeking to Raise Capital A publication of the Securities Law Practice mefiifmp=kfwbo LLP June 2012 On April 5, 2012, President Obama signed into law the Jumpstart
More informationwww.battersea-park.com Strategies for IPO
Singapore A company initiates are the listing process by appointing a Singapore-based financial institution to be its sponsor and lead manager. The lead manager is usually a member company of Singapore
More informationGUIDELINES FOR INSIDERS OF LISTED COMPANIES
NASDAQ OMX HELSINKI LTD 1 (31) GUIDELINES FOR INSIDERS OF LISTED COMPANIES TABLE OF CONTENTS 1 INTRODUCTION... 2 2 PURPOSE... 3 3 SCOPE OF APPLICATION AND DEFINITIONS... 3 4 PROHIBITED USE OF INSIDE INFORMATION...
More informationNew UK Premium and Standard Listing Regime.
March 2010 New UK Premium and Standard Listing Regime. The new premium and standard segments of the UK listing regime take effect on 6 April and the FSA has now published the final rule amendments needed
More informationGUIDE TO LISTING A. APPROVAL FOR LISTING
GUIDE TO LISTING A. APPROVAL FOR LISTING The Capital Markets Authority grants approval for listing for all public offers and listing of securities on any securities exchange in Kenya. (Reg 3 (2)) A Securities
More informationREGULATIONS GOVERNING THE SENAF MULTILATERAL TRADING FACILITY
REGULATIONS GOVERNING THE SENAF MULTILATERAL TRADING FACILITY 1 SENAF REGULATIONS TITLE I - GENERAL PROVISIONS Article 1. Object Article 2. Scope of application Article 3. Governing bodies Article 4. Applicable
More informationRegulation of Investment Funds in The Bahamas
Regulation of Investment Funds in The Bahamas Contents 1. Definition of Investment Fund 3 2. Exclusions 3 3. Types of Investment Funds 3 Professional Funds 3 SMART Funds 3 Standard Funds 4 Recognized Foreign
More informationAdvanced Securities Law
READING MATERIAL Advanced Securities Law UNIT 2 Public Issues: Initial Public Offering- II ADVANCED SECURITIES LAW 2 In the previous Unit we began our study of initial public offers ( IPOs ). We looked
More informationGUIDE AND INSTRUCTIONS. Listed companies. MARKET MONITORING 1 February 2016
GUIDE AND INSTRUCTIONS Listed companies MARKET MONITORING 1 February 2016 Dnr 16-2584 TABLE OF CONTENS About this guide 4 Abbreviations and terms 5 Introduction 7 Stock exchange information 8 Regulated
More informationChapter 21 INVESTMENT VEHICLES INVESTMENT COMPANIES. General
Chapter 21 INVESTMENT VEHICLES CHAPTER 21 INVESTMENT COMPANIES General 21.01 The Exchange Listing Rules apply as much to issues of equity securities or debt securities by investment companies as they do
More informationTerms and conditions of the Stock Option Scheme 2010
Terms and conditions of the Stock Option Scheme 2010 Stock Option Scheme 2010 I STOCK OPTION TERMS AND CONDITIONS 1. Number of Stock Options 2. Stock Options 3. Right to Stock Options The Board of Directors
More informationALTERNATIVE TRADING SYSTEM RULES
ALTERNATIVE TRADING SYSTEM RULES (text according to legal condition at 20 June 2012) 1 NOTE: Only the Polish version of this document is legally binding. This translation is provided for information only.
More informationPOLICY 5.6 NORMAL COURSE ISSUER BIDS
Scope of Policy POLICY 5.6 NORMAL COURSE ISSUER BIDS This Policy sets out the procedures and policies of the Exchange with respect to normal course issuer bids made through its facilities. In general,
More informationCHAPTER 16 INVESTMENT ENTITIES
CHAPTER 16 INVESTMENT ENTITIES Introduction 16.1 This Chapter sets out the requirements for the listing of the securities of investment entities, which include investment companies, unit trusts, closed-end
More informationWhere to List Bonds Issued in the International Markets by Asian Corporates?
May 2012 BRIEFING NOTE Where to List Bonds Issued in the International Markets by Asian Corporates? Introduction In this briefing note we highlight some of the factors which determine the choice of listing
More informationImportant Information about Initial Public Offerings
Robert W. Baird & Co. Incorporated Important Information about Initial Public Offerings Baird has prepared this document to help you understand the characteristics and risks associated with investing in
More informationDIRECTORS AND OFFICERS LIABILITY INSURANCE PROPOSAL FORM
DIRECTORS AND OFFICERS LIABILITY INSURANCE PROPOSAL FORM In completing the Proposal Form please ensure that questions are answered fully and accurately and where necessary schedules giving further explanation
More informationThe Czech Republic Stock Exchange - IPO Overview
The Czech Republic Stock Exchange - IPO Overview Prague Stock Exchange ( PSE or the Exchange ) is the largest and oldest organizer of the securities market in the Czech Republic. After a fifty-year break
More informationTERMS AND CONDITIONS OF THE RIGHTS ISSUE
TERMS AND CONDITIONS OF THE RIGHTS ISSUE Background Citycon Oyj (the "Company") has on 25 May 2015 signed an agreement to acquire all the shares in Sektor Gruppen AS, Norway s second largest shopping centre
More informationThe Warsaw Stock Exchange Rules
(text consolidated at 20 June 2012)* * 1) The Rules adopted by the Supervisory Board by Resolution No. 1/1110/2006 dated 4 January 2006, as amended by the Exchange Supervisory Board: - by Resolution No.
More informationUnofficial English translation ACQUISITION AND TRANSFER OF OWN SHARES. 1 Purpose and Scope of Application of the Guidelines
Unofficial English translation ACQUISITION AND TRANSFER OF OWN SHARES 1 Purpose and Scope of Application of the Guidelines 1.1 The provisions of these Guidelines shall complement the provisions on the
More information2nd FCF IPO Conference
2nd FCF IPO Conference IPOs in the USA and/or Germany Two Perspectives/Two Options Is the Swim Worth It? Weighing Cross-Border Listings April 23, 2015 1 2015 Dechert LLP Introduction Recent trend of U.S.
More informationSchedule 2 - Classification Guide Jersey Expert Funds
Schedule 2 - Classification Guide Jersey Expert Funds Issued April 2008 OBJECTIVE The purpose of this guide is to define an Expert Fund and to set out the characteristics that such a fund would usually
More informationEXCHANGE Traded Funds
EXCHANGE TRADED FUNDS EXCHANGE Traded Funds Guide to listing on the Cayman Islands Stock Exchange Contents Introduction... 3 What CSX has to offer... 4 The listing process... 6 Conditions for listing...
More informationIreland Treasury Shares Guide IBA Corporate and M&A Law Committee 2014
Ireland Treasury Shares Guide IBA Corporate and M&A Law Committee 2014 Contact Paul White A&L Goodbody, Dublin pwhite@algoodbody.com Contents Page GENERAL OVERVIEW 2 REGULATORY FRAMEWORK 3 ACQUISITION
More informationList of Insider Information of Gazprombank (Open Joint-Stock Company) 1. General Provisions
Approved by Order No.79 issued by Gazprombank (Open Joint-Stock Company) on July 28, 2011 List of Insider Information of Gazprombank (Open Joint-Stock Company) 1. General Provisions 1.1. The list of insider
More informationChapter 10 EQUITY SECURITIES RESTRICTIONS ON PURCHASE AND SUBSCRIPTION
Chapter 10 EQUITY SECURITIES RESTRICTIONS ON PURCHASE AND SUBSCRIPTION Restrictions on Preferential Treatment of Purchase and Subscription Applications 10.01 Normally no more than ten per cent. of any
More informationGUIDE TO LISTING ON NASDAQ OMX FIRST NORTH
GUIDE TO LISTING ON NASDAQ OMX FIRST NORTH FIRST NORTH* IS NASDAQ OMX S EUROPEAN GROWTH MARKET FOR COMPANIES LOOKING FOR A FIRST STEP INTO THE FINANCIAL MARKET FIRST NORTH OPERATES PARALLEL TO THE MAIN
More informationOPEN JOINT STOCK COMPANY AGENCY FOR HOUSING MORTGAGE LENDING. Agency for Housing Mortgage Lending OJSC INFORMATION POLICY GUIDELINES.
OPEN JOINT STOCK COMPANY AGENCY FOR HOUSING MORTGAGE LENDING APPROVED: by decision of the Supervisory Council (minutes No 09 of 21 December 2007) Agency for Housing Mortgage Lending OJSC INFORMATION POLICY
More informationBANCA IMI S.p.A. CERTIFICATES PROGRAMME
FIRST SUPPLEMENT DATED 19 OCTOBER 2015 TO THE BASE PROSPECTUS DATED 21 JULY 2015 BANCA IMI S.p.A. (incorporated with limited liability in the Republic of Italy) CERTIFICATES PROGRAMME This first supplement
More informationListing an Overseas Oil and Gas Company on the London Stock Exchange
Listing an Overseas Oil and Gas Company on the London Stock Exchange Introduction The London Stock Exchange (the LSE ) has long provided an attractive forum for companies with oil and gas operations outside
More informationGUIDE AND INSTRUCTIONS. Listed Companies. listedcompanies@fi.se 2013-10-16
GUIDE AND INSTRUCTIONS Listed Companies listedcompanies@fi.se 2013-10-16 October 16, 2013 Ref. 11-1971 TABLE OF CONTENTS Abbreviations and terms 4 Stock exchange information 7 Regulated market 7 Home Member
More informationChapter 6A SPONSORS AND COMPLIANCE ADVISERS
Chapter 6A SPONSORS AND COMPLIANCE ADVISERS Definitions and interpretation 6A.01 In this Chapter: (1) Compliance Adviser means any corporation or authorised financial institution licensed or registered
More informationAlternative Public Offerings: What Companies Need to Know. Barry I. Grossman, Esq. Ellenoff Grossman & Schole LLP
Alternative Public Offerings: What Companies Need to Know Barry I. Grossman, Esq. Ellenoff Grossman & Schole LLP What is a Reverse Merger? Means of taking a private company into the public marketplace
More informationLISTING ON NASDAQ OMX BALTIC MARKET
LISTING ON NASDAQ OMX BALTIC MARKET 1 ROAD TO THE NASDAQ OMX BALTIC MARKET There are many ways to foster the growth and development of a company. One is to publicly list the company on the stock exchange.
More informationAS DnB NORD Banka REPORT ON CORPORATE GOVERNANCE for the year ending on 31 December 2008
AS DnB NORD Banka REPORT ON CORPORATE GOVERNANCE for the year ending on 31 December 2008 I INTRODUCTION The Report on Corporate Governance of AS DnB NORD Banka for the year ending on 31 December 2008 (hereinafter
More informationNB: Unofficial translation, legally binding only in Finnish and Swedish. Auditing Act. (459/2007; tilintarkastuslaki) Chapter 1. General Provisions
NB: Unofficial translation, legally binding only in Finnish and Swedish. Ministry of Trade and Industry, Finland Auditing Act (459/2007; tilintarkastuslaki) Chapter 1 General Provisions Section 1 Scope
More informationAct on the Supervision of Financial Institutions etc. (Financial Supervision Act)
FINANSTILSYNET Norway Translation update January 2013 This translation is for information purposes only. Legal authenticity remains with the official Norwegian version as published in Norsk Lovtidend.
More informationRules of Alternative Trading System organised by the BondSpot S.A.
Rules of Alternative Trading System organised by the BondSpot S.A. The Rules adopted by the Management Board by Resolution No. 103/2009 dated 4 November 2009, as amended by the Management Board: by Resolution
More informationSecurities Regulation - Statutes Quinn - Fall 2004
I. Securities Act of 1933: A. 2 p. 2 (definition section) 1. Subsection (a)(1) says that the term security means any note, stock, treasury stock investment contract put, call option, or privilege entered
More informationThe China Stock Exchange IPO Overview 1
The China Stock Exchange IPO Overview 1 1. Regulatory Background 1.1 Overview of Regulatory In China, there are two public stock exchange markets, i.e., Shanghai Stock Exchange (the SSE ) and Shenzhen
More informationHon Hai Precision Industry Co., Ltd. Operational Procedures for Lending Funds to Others
Hon Hai Precision Industry Co., Ltd. Operational Procedures for Lending Funds to Others Amended June 26, 2013 Article 1 Statutory Basis The Company has formulated these procedures in accordance with the
More information1 Overview of TOKYO PRO Market
I 1 Overview of TOKYO PRO Market Established by Tokyo Stock Exchange, Inc. (hereinafter "TSE"), TOKYO PRO Market is a specified financial instruments exchange market (namely market for professionals) specializing
More informationNew York Stock Exchange - IPO Overview
New York Stock Exchange - IPO Overview 1 Regulatory Background 1.1 Overview of Regulatory Background Securities must be registered under Section 12(b) of the Securities Exchange Act of 1934 (the "Exchange
More informationFREQUENTLY ASKED QUESTIONS ABOUT FOREIGN PRIVATE ISSUERS
FREQUENTLY ASKED QUESTIONS ABOUT FOREIGN PRIVATE ISSUERS General What is a foreign issuer? The federal securities laws define a foreign issuer as any issuer that is a foreign government, a foreign national
More informationRules of Alternative Trading System organised by the BondSpot S.A.
Rules of Alternative Trading System organised by the BondSpot S.A. text according to legal condition at 1 January 2013 Only the Polish version of these documents is legally binding. This translation is
More informationwww.pwc.com/ua/capital-markets
www.pwc.com/ua/capital-markets Which market? An overview of London, New York and Hong Kong stock exchanges Capital Markets The process of selecting the most appropriate exchange for your business to list
More informationThe Helsinki Takeover Code Securities Market Association
The Helsinki Takeover Code Securities Market Association The Helsinki Takeover Code Securities Market Association Table of contents INTRODUCTION...4 OBJECTIVES OF THE TAKEOVER CODE...4 REGULATIONS REGARDING
More informationWHY AND HOW TO BECOME LISTED AT NASDAQ OMX ARMENIA ARMENIA
WHY AND HOW TO BECOME LISTED AT NASDAQ OMX ARMENIA ARMENIA 2 Why and How To Become Listed at NASDAQ OMX "NASDAQ OMX " open joint stock company is the only stock exchange currently operating in. The company
More informationFrance Takeover Guide
France Takeover Guide Contact Youssef Djehane BDGS Associés djehane@bdgs-associes.com Contents Page INTRODUCTION 1 PUBLIC OFFERS IN FRANCE: GENERAL OVERVIEW 1 PUBLIC OFFERS: KEY HIGHLIGHTS 1 PUBLIC OFFERS:
More information(UNOFFICIAL TRANSLATION) ------------------
(UNOFFICIAL TRANSLATION) Readers should be aware that only the original Thai text has legal force and that this English translation is strictly for reference. The SEC, Thailand can neither undertake any
More informationJSE Limited ( JSE ) GUIDELINES TO LISTING ON THE JSE
JSE Limited ( JSE ) GUIDELINES TO LISTING ON THE JSE If you have any queries relating to the listing process, you are invited to call the Director: Issuer Regulation Division on 27-11-520-7060 or facsimile
More informationAppendix 1 to notice to convene the EGM proposed new Articles of Association (the complete proposals with track changes)
Appendix 1 to notice to convene the EGM proposed new Articles of Association (the complete proposals with track changes) ARTICLES OF ASSOCIATION of TORM A/S CVR no. 22460218 Article 1 Article 1 1.1. 1.1
More information