Listing an Investment fund/ETF on the BdL Market

It is not mandatory to appoint a listing agent to list at LuxSE; you can submit applications directly with us. However, you may choose to appoint a listing agent to submit requests on your behalf.

Our listing members can act as a listing agent for you.

Prospectuses for open-ended UCIs for distribution in Luxembourg and listed on the BdL market are exempted from approval under the law of 16 July 2019 on prospectuses for securities.

Prospectuses for closed-ended UCIs to be listed on the BdL market must be approved by the CSSF under the law of 16 July 2019 on prospectuses for securities. You must file a prospectus with the CSSF within the e-Prospectus web platform. To find out more, visit the CSSF’s website:

LuxSE is responsible for approving prospectuses for foreign open-ended UCIs not being distributed in Luxembourg, according to Part 3, Chapter 2 of the Prospectus Law.

In order to list on the BdL market, an issuer must fulfil the following criteria:

• The share class to be listed are active and have a Net Asset Value
• Investment funds are eligible for clearing and settlement
• Shares/units of investment funds are freely transferable

See Part 1, Chapters 5 and 7 of LuxSE’s Rules & Regulations for full details of our listing requirements.
 

File a prospectus
To begin the listing process, complete the following documents and send them to bolide@bourse.lu:

• A copy of your prospectus;
• Application form
• Undertaking letter
• Articles of association or Management Regulations
• Existing agreements/conventions
• The last three annual financial reports 

Final submission
Listing can take place once the prospectus is clear of comments and after receipt of the following:

• Final version of the prospectus
• First listing price (current NAV)

The fee structure covers Luxembourg and EU undertakings for collective investment (UCIs) and non-EU UCIs.

All fees are priced in euros.

• Luxembourg and/or EU-domiciled UCIs

  + -

  Approval fee (if and as applicable)	Per prospectus
  		1,250
  Listing fee	Per application
  		1,250

  Maintenance fee	Quotation line	Per year
  		1st line	1,875
  		2nd line	1,250
  		3rd line	875
  		4th line	500
  		Subsequent line	500

• UCIs domiciled outside of the EU

  + -

  Approval fee (if and as applicable)	Per prospectus
  		2,500
  Listing fee	Per application
  		2,500

  Maintenance fee	Quotation line	Per year
  		1st line	2,500
  		2nd line	1,875
  		3rd line	1,250
  		4th line	625
  		Subsequent line	625

For more details about fees, see our listing fees booklet.

After listing and admission to trading, issuers are required to fulfil certain reporting obligations in compliance with applicable UCI laws or as outlined under the Law of January 2008, which implements the requirements of the EU Transparency Directive.

Issuers must also file information and scheduled corporate events with LuxSE (Part 1, Chapter 9 of the Rules & Regulations).

Issuers on the BdL market can take advantage of LuxSE’s FIRST, a new integrated tool that distributes publications to the market, the Officially Appointed Mechanism (OAM) and the CSSF. By using FIRST, you will fully comply with all regulatory reporting obligations.

In the context of MiFID II / MiFIR and MAR, the LuxSE is obliged to collect a ‘Legal Entity Identifier’ or ‘LEI’ code from any issuer operating on its regulated market (Bourse de Luxembourg) and on its Multilateral Trading Facility (Euro MTF) and communicate it to the relevant supervisory authorities.

You can apply for and renew an LEI code directly via LuxSE.