Bourse de Luxembourg - paperJam

Listing proceduresListing rulesThe regulatory frameworkCompliance with the rules governing the listing of securities is ensured bythe Exchange Supervisory Authority which was established by the law onexchanges dated September 21, 1990, replaced by the law datedDecember 23, 1998 creating the Commission de surveillance du secteurfinancier (CSSF). The rules stipulating the requirements for the drawing-up,scrutiny and distribution of listing particulars to be published for theadmission of securities to official stock exchange listing are contained inthe relevant Grand-Ducal regulation of December 28, 1990.Both the Grand-Ducal regulation and the law on exchanges also lay downthat a visa has to be granted to the listing particulars and to theprospectuses of public offers not followed by official listing.Any party intending to apply for the admission of securities to listing onthe Luxembourg Stock Exchange has to inform the Stock Exchangethereof with at least two weeks’ prior notice by filing an application file.The application must contain:• a draft of the listing particulars, or prospectus;• additional information, i.e. information to be included in the listingparticulars but not given yet in the draft; information expected to beincluded in the listing particulars but for which a waiver is placed. Anyplacing of a waiver needs to be duly justified;• the supporting documents justifying the information contained in thetwo preceding items.The basic documentation for the listing of securities is therefore based onthe listing particulars, or prospectus, whose content is described in theschedules attached to the Grand-Ducal regulation.The specific role of the Luxembourg Stock ExchangeThe Luxembourg Stock Exchange is the competent authority for admittingsecurities to official stock exchange listing and, to this end, examines thelisting application.The listing particulars may be published only after they have been clearedby the Luxembourg Stock Exchange. The listing particulars are usuallypublished in the form of a brochure which can be made available to thepublic at the registered office of the Stock Exchange, at the registeredoffice of the issuer, and at the offices of the financial institutions retainedto act as paying agents in Luxembourg. The listing particulars must bepublished at the latest on the day preceding the day on which listing16FactBook 2004