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0,61%Procedures of Admission to the Market
Regulated Market
The activities related to the procedure for admitting securities to the listing of the regulated market of the Belgrade Stock Exchange are carried out by the Listing Committee of the Belgrade Stock Exchange.
The issuer of securities submits to the Listing Committee an application for admission to the listing of the regulated market, together with the documentation prescribed by the Belgrade Stock Exchange Listing Rules.
Along with the application for listing, the issuer is required to provide all information specified in the application form and to include all material facts and data related to its operations, as well as to the securities that are the subject of the listing application, which could affect the formation of the price of such securities on the Exchange.
The Listing Committee shall, within 15 business days (or within 5 business days in the case of debt securities) from the receipt of the listing application and accompanying documentation, issue a decision on the admission of the securities to one of the following segments of the regulated market listing, as specified in the issuer’s application:
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Prime Listing
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SMart Listing
Securities that do not meet the requirements for listing, or where the segment selected in the application does not fall under the regulated market listing, are admitted to the Open Market, provided that the conditions prescribed by the Exchange Rules are met.
The provisions of the Exchange Rules apply to the admission of securities to the Open Market.
The procedure for admitting securities to the Open Market begins on the basis of a completed and prescribed application form for admission to the Open Market, the content and format of which is determined by the Exchange’s CEO, and the application must refer to all issued securities of the same type and class of the issuer.
Based on the application, the CEO of the Exchange shall issue:
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a decision on the admission of securities to the Open Market – if the conditions stipulated by the Exchange Rules for admission to the Open Market are met;
MTP Belex
Securities may be admitted to MTP Belex without fulfilling special conditions prescribed by the Exchange Rules, based on the issuer’s application accompanied by the documentation and evidence required under Article 79 of the Operating Rules.
The decision on the admission of securities to the regulated market or MTP Belex determines the market segment and sub-segment of the regulated market or MTP Belex, the trading method, the indicative price for the first trading day, the first trading date, as well as the method of price quotation for the securities in accordance with these Rules.
The indicative price for the first trading in securities is, as a rule, determined at the price specified by the issuer in the application for admission of the securities to the regulated market or MTP Belex, and may be defined either:
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freely, conscientiously, and with due regard for the interests of the lawful holders of such securities and of investors, in accordance with the Rules; or
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at the level of the last reference price of the securities (closing price, prevailing price, etc.) achieved on another regulated market or MTP, provided that such price was formed within a period not exceeding three months prior to the submission of the application.
The indicative price for the first trading in shares and depository receipts for shares may not be lower than 10 dinars.
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