LuxSE Updates its Rules and Regulations

15/01/2020

LuxSE Updates its Rules and Regulations

We took the changing legal and regulatory framework as well as the feedback received from our issuers and counterparts over the last few years as an occasion to review and substantially modify our Rules & Regulations.

Besides the integration of mandatory legal and regulatory changes, the main aim in making these modifications was to provide our clients with greater clarity, increased transparency and improved usability.

Apart from some amendments, for entities and issuances defined in Part III, Chapter 2 of the 2019 Prospectus Act (i.e. admission of securities to trading on a regulated market not covered by the EU Prospectus Regulation), the main and most important changes are related to prospectus requirements for the admission of securities on our Euro MTF.

Some highlights are:

Concerning the Regulated Market of LuxSE:

Introduction of an appendix for alleviated prospectuses for admission to trading on the regulated market of securities not covered by the new EU Prospectus Regulation

Concerning the Euro MTF:

Provision of clearly structured building blocks in the form of appendices for both issuers and securities across all asset classes, as well as guidelines on how to combine them. These could be used as check and validation lists for prospectuses
Lighter requirements for listed entities and convertible debt
Introduction of a single schedule for derivative securities
Broader scope of prospectus exemptions
Creation of a single prospectus regime for the admission to trading on the Euro MTF (the unified regime is based on the requirements of the wholesale regime)

To bring yourself up to speed on the 2020 version of our Rules & Regulations, please click here:

2020 LuxSE Rules and Regulations

Please note that since we had to proceed to a complete rework of the document, the provision of a “tracked change” version is not foreseen.

The New Rules & Regulations will enter into force on 31 January 2020.

The LuxSE Group is composed of the Luxembourg Stock Exchange (LuxSE) the leading listing venue for international securities and Fundsquare, its wholly-owned subsidiary specialized in delivering to the fund industry an efficient and standardized infrastructure for the exchange of information.