Applications for Admissibility to Listing on Regulated Markets in Malta
Save for certain exemptions authorised under Regulation (EU) 2017/1129 of the European Parliament and of the Council (“the Regulation”), the approval and subsequent publication of a prospectus is required when securities are offered to the public or admitted to trading on a regulated market.
To this end, the conditions governing the Application for Admissibility to Listing are principally laid out in Chapter 4 of the Listing Rules, as published by the Listing Authority. Nevertheless, the process set out hereunder aims to summarise the procedure generally undertaken when submitting an Application for Admissibility Listing, including seeking approval of a prospectus.
Prior to submitting an application, it is recommended that the proposed issuer sets up a preliminary meeting with the Authority, together with the Sponsor and the main advisors to the proposed application. The primary scope of holding such a meeting is for all parties involved to openly discuss with the Authority the proposed application for admissibility to listing, and to identify any initial concerns that may be apparent at this stage of the process.
At this stage, it is also suggested that the Sponsor provides the Authority with an indicative timetable with regards to dates of submission of documentation and expectations for final approval, in order for the Authority to ensure adequate time and resources in processing the application appropriately.
Once the above has been established, the Authority would expect to receive the respective Notification Letter in terms of Listing Rule 4.1A, subsequent to which the Sponsor (on behalf of the issuer) would then submit all documentation as required by Listing Rule 4.2. Applicants for admissibility to listing of corporate debt securities aimed at local retail investors would also be expected to submit a Financial Due Diligence Report as per the Listing Authority Policies, the purpose of which is to demonstrate their financial soundness to the Listing Authority.
Where the draft documentation submitted does not meet the standards of completeness, comprehensibility and consistency necessary for approval, or where changes or supplementary information are required, the Authority shall inform the Sponsor of such, both in writing and by electronic means.
The turnaround times for the approval or refusal of a prospective application shall be in line with the terms assigned under the Regulation. The time limit set out in the Regulation shall only apply from the date on which the revised documentation as requested by the Authority are submitted satisfactorily.
For more information on submitting an Application for Admissibility to Listing, including seeking approval of a prospectus, please do not hesitate to contact us on [email protected].