Listing a share/GDR on BdL Market

Listing on the Bourse de Luxembourg (BdL) market will require submission of a prospectus to Luxembourg Financial Supervisory Authority, the Commission de Surveillance du Secteur Financier (CSSF). Once the prospectus has been reviewed and approved, the share or GDR will be listed and admitted to trading.

  • Before listing a share or GDR on the BdL market, you must first file a prospectus with the CSSF within the e-Prospectus web platform. To find out more, visit the CSSF’s website:

    Note that some issuers may not fall under the scope of the Prospectus Law and should instead send their prospectus directly to LuxSE. To see which rules apply, see Part 3, Chapter 2 of the Prospectus Law.

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

    • Minimum capital of €1,000,000, or equivalent value in other currencies
    • Minimum public free float of 25%
    • Securities should be eligible for clearing and settlement
    • Securities should be freely negotiable and fungible

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

  • File a prospectus
    An issuer must also file an application with LuxSE before being admitted to trading on the BdL market. Complete the following documents and send them to

    • A copy of your prospectus
    • Application form
    • Undertaking letter
    • Articles of association
    • Existing agreements/conventions
    • The last three annual financial reports (if published)

    Final submission
    Listing can take place after receipt of the following items:

    • Final version of the prospectus
    • First listing price (current market price)
  • Fees related to the approval of a prospectus are to be paid to the CSSF. Details of the CSSF’s fees can be found here:

    Listing and maintenance fees are to be paid to LuxSE and are priced in euros. Fees will vary depending on whether or not you are a  “recently established company”, i.e. a company that has not published or registered annual accounts for the three previous financial years.

    • Approval fee
      (if and as applicable)
      First listing Subsequent listing
        2,500 1,250
      Listing fee First listing Subsequent listing
        2,500 1,250
      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, as outlined under the Law of January 2008 (as amended), 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.

    LEI code

Do you need further information?

Contact us

Alex Picco

Head of Listing

+352 47 79 36 261
Carlo Oly

Head of Relationship Management

+352 47 79 36 227