Listing a share/GDR on BdL Market

Listing on the Bourse de Luxembourg (BdL) market will require submission of a prospectus to Luxembourg’s financial regulator, 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.

  • CSSF approval

    Before listing a share or GDR on the BdL market, you must first file a prospectus with the CSSF. Send your prospectus to prospectus.approval@cssf.lu or visit the CSSF’s website for more information:

    CSSF 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

    Prospectus Law
  • Listing requirements

    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.

    LuxSE Rules & Regulations
  • Listing process

    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 bolide@bourse.lu:

    • 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

    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:

    CSSF fees

    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.

    • Stocks, shares and depositary receipts
      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.

    Listing fees booklet
  • Continuing obligations

    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).

    Rules and 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.

    FIRST

If you need more information

Contact us




portrait-api.jpg
Alex Picco

Head of Listing

+352 47 79 36 261 api@bourse.lu



portrait-col.jpg
Carlo Oly

Head of Relationship Management

+352 47 79 36 227 col@bourse.lu