The LuxSE has substantially amended its Rules & Regulations to integrate recent mandatory legal and regulatory developments as well as to provide increased clarity, transparency and usability for its clients.
The Rules & Regulations of the LuxSE (the R&R) have been updated in January 2020 to take into account both recent legal and regulatory developments (i.e. inter alia, the EU Prospectus Regulation and the law of 16/07/2019 on prospectuses for securities – the Prospectus Law) and feedback received over the last years from issuers and counterparts of the LuxSE.
Concerning the Regulated Market of the LuxSE, the new R&R introduce an appendix for alleviated prospectuses for admission to trading on the regulated market of securities not covered by the EU Prospectus Regulation (Part III, Chapter 2 of the Prospectus Law).
However, the main and most important changes introduced by the new R&R relate to prospectus requirements for the admission of securities on the Euro MTF, as highlighted below:
- introduction 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;
- lighter requirements for listed entities and convertible debt;
- new single schedule for derivative securities;
- broader scope of prospectus exemptions;
- creation of a single prospectus regime for the admission to trading to the Euro MTF (based on the requirements of the wholesale regime).
The new R&R replace the version dated 11/2018 and will enter into force on 31/01/2020.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.