Fact Book 2005 - NASDAQ OMX Trader Nordic

prerequisite that the foreign issuer undertakes its business
activities in compliance with its national law.
Listed Danish securities are typically registered electronically
in VP Securities Services. Prior to the issue, the company
must decide on an issuing agent, which shall be responsible
for the issue. The agent, which must be linked-up to VP
Securities Services as an account controller, e.g. a bank or
an investment services firm, should contact VP along with
the Copenhagen Stock Exchange.
The Exchange has prepared Guidelines on Securities Listing
on the Copenhagen Stock Exchange, which describe the
requirements to be met and the information to be disclosed
when you apply for admission of securities to listing on the
Copenhagen Stock Exchange. The guidelines also contain a
statement of the practice used by the Copenhagen Stock
Exchange in connection with the administration of the
statutory rules as well as the Exchange's own rules. Finally,
the guidelines contain a description of the practices and
procedures employed in connection with the admission of
securities to listing.
Information from the issuers to the market
Issuers of listed securities shall immediately publish any
information regarding essential aspects that are likely to lead
to movements in the prices of their securities. In order to
ensure that all users of the market have equal access to
essential information about the issuer and thus a basis on
which to make an informed assessment of the listed
securities, all information shall as soon as possible, and at
least simultaneously with any other publication, be
communicated to the Copenhagen Stock Exchange. The
issuer is responsible for the observance of the disclosure
requirements.
Information from the issuer shall be published electronically
via StockWise. Anyone can subscribe to these
announcements, which are also available at www.cse.dk.
Danish issuers publish announcements in Danish. Many
issuers, including all the KFX and MidCap+ companies, also
publish company announcements in English. Foreign issuers
may choose to publish announcements in Danish, Swedish,
Norwegian or English.
Examples of significant, market-moving information from
share issuers could be major increases or reductions in the
company's activities, purchase or sale of major fixed assets,
cyclical fluctuations of particular importance to the company,
the conclusion/termination of major agreements,
considerable profits or losses on single commitments,
significant research results, significant new products, major
new markets or loss of such markets, material investments,
proposal for a merger with another company and material
proposals for amendments to the articles of association.
Also, the share issuers must disclose changes in
management, decisions to introduce incentive schemes or
extraordinary bonus schemes to the management,
transactions between related parties, any decisions and
proposals to change the capital structure of the company and
purchase of own shares.
Investment funds must on a daily basis report net asset
value, issuance prices and redemption prices to the market
via the Exchange. Moreover, investment funds must as soon
as possible inform the Exchange and thus the market about
significant changes in the investment fund's investment
strategy, changes in the management, material agreements,
etc.
Updated financial data on listed issuers are relevant to the
market's assessment of an issuer. All issuers must therefore
publish a preliminary announcement of the annual results
and/or an annual report. Share issuers and investment funds
must also publish an interim report concerning the activities
and results for the first six months of each financial year.
Moreover, the Exchange recommends share issuers and
investment funds to publish interim reports for the first three
and nine months, respectively, of each financial year.
In addition, issuers must inform the market of the outcome of
their general meetings. Finally, issuers must publish a
financial calendar at the beginning of each financial year
containing the expected dates of publication of preliminary
announcements of results and the holding of general
meetings.
All issuers must prepare internal rules to ensure that the
disclosure requirements are met and to ensure that inside
information is not disseminated to unauthorised persons. The
44 KØBENHAVNS FONDSBØRS FACT BOOK 2005