Eurolist consists of a special screen list which is to be created on all member securities exchanges and which will contain European "blue chips".

In order to qualify for Eurolist, a European company must be listed on at least three participating securities exchanges in addition to its home market; it must have a market capitalization of at least ECU 1 billion and an annual turnover of more than ECU 250 million. Admission to Eurolist shall entail simultaneous admission on the Eurolist screen list of all member securities exchanges.

The Eurolist project is conducted by the Federation of European Stock Exchanges ("FESE"), whose ambition is to enhance the provision of services to the major European companies.

Basically two measures should facilitate the execution of the project:
(i)	Companies qualifying for Eurolist are to be exempted from the obligation to publish a prospectus in another E.U. Member States where they request a listing. This measure is closely related with the facility provided in EC Directive 94/18/EEC for exchange authorities to grant a partial or complete exemption from the prospectus requirement in specific circumstances. The Belgian legislator recently implemented this facility for companies listed for at least three years on another E.U. securities exchange. In addition, Eurolist companies are exempted from the initial and the annual fee of BEF 100,000 to be paid to the Belgian Securities Exchange authorities.
(ii)	Companies qualifying for Eurolist are to be exempted from the obligation to provide the exchange authorities with their periodical and occasional information. Such information is to be transmitted by the exchange authorities of the home country (i.e. country of initial listing) to the exchange authorities of the other E.U. Member States where listing took place. The information can be drafted in the language of the issuer or in English. The facility still has to be implemented in Belgian law and would basically depend on a favor granted by the BFC.
The Brussels' Securities Exchange plays a relevant role in the Eurolist-mechanism. On demand of the FESE, it developped a "central hub" being a link for the distribution of information between the seventeen participating exchanges.

The content of this article is intended to provide general information on the subject matter. It is therefore not a substitute for specialist advice.

De Bandt, van Hecke & Lagae - Brussels. (32-2) 517.91.93.