Updated Rules & Regulations of the Luxembourg Stock Exchange
On 18 October 2022, Luxembourg Stock Exchange (“LuxSE”) published an updated LuxSE Rules & Regulations 2022 and LuxSE Trading Manual 2022. The purpose of this update was the introduction of a new Fast-Lane procedure for admission to trading on the Euro MTF.
Euro MTF Fast-Lane Procedure
The Fast-Lane procedure exempts a list of specified groups of securities from the mandatory prospectus approval process as mentioned in Chapter 2 of the LuxSE Rules and Regulations 2022. The list of exempt Securities is listed in Rule 401 of the LuxSE Rules and Regulations 2022 as follows:
- Non-equity securities and equity convertible bonds issued by Issuers whose shares are admitted to trading on an EU regulated market or equivalent;
- Non-equity securities issued or guaranteed by states (Member States excluded), their regional or local authorities;
- Non-equity securities issued by or guaranteed by Member States’ regional or local authorities;
- Non-equity securities issued by multilateral institutions which are not Public International Bodies, and of which at least one OECD Member State is a member;
- Securities issued by central banks; and
- Securities issued by associations with legal status or non-profit-making bodies, recognized by a Member State or an OECD Member State, in order to obtain the means necessary to achieve their non-profit-making objectives.
To apply for admission of exempt securities (as listed in Rule 401 of the LuxSE Rules and Regulations 2022) to trading on the Euro MTF (including on its professional segment) using the Fast-Lane procedure, applicants shall submit a completed Fast-Lane Application Form together with an admission document; the admission document must be prepared in a searchable electronic format and must contain the terms and conditions of the securities.
It is important to note that LuxSE will not approve the admission document and they reserve the right to ask the securities to submit additional documents that they deem necessary for the examination of the admission to trading request.
A draft admission document must be filed at least three business days prior to the expected listing date and the final version must be submitted to LuxSE by the issuer, for publication on the LuxSE website, by the beginning of the admission to trading, at the latest.
LuxSE has stated that for the avoidance of doubt, exempt securities admitted through the Fast-Lane procedure are still subject to all applicable ongoing disclosure obligations, including market abuse related obligations, following their admission to trading.