Updated Application Form and Undertaking Letter
Following the entry into force of Regulation (EU) 2017/1129 of 14 June 2017 on the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market (the "Prospectus Regulation") and its transposing law, the Luxembourg law of 16 July 2019 on prospectuses for security (the "Prospectus Law"), the Luxembourg Stock Exchange (the "LuxSE") has published updated versions of its application forms and undertaking letters for the listing and admission of securities to trade on the LuxSE’s Regulated Market and/or Euro MTF, which are available here.
The main changes in these documents just pertain to the cross-references to the updated legislation. Furthermore, in the application forms, applicants can now indicate if the securities shall be listed on the professional segment of either the Euro MTF or the Regulated Market of the LuxSE.
Regulatory Mapping
The LuxSE has published a helpful regulatory mapping document which is an informative document describing issuers’ main disclosure obligations applicable under the main EU capital markets’ legislation, covering both the Regulated Market and the Euro MTF. This document which is available here also describes the services offered by the LuxSE which can assist issuers in complying with these disclosure obligations.
Perma Link Upload Service (PLUS)
Another service offered by the LuxSE which is not referenced in the aforementioned regulatory mapping document, is the Perma Link Upload Service (PLUS).
Pursuant to the Prospectus Regulation and Prospectus Law, it is required that information incorporated by reference into prospectuses must be accessible through hyperlinks pointing to the relevant documents. These hyperlinks must be valid and accessible for a minimum period of ten years.
In order to facilitate issuers complying with this obligation, the LuxSE now offers PLUS which provides users with direct, permanent hyperlinks for a period of "ten plus one" years.
New Bond Trading Platform - LuxXPrime
In September 2019, the LuxSE launched LuxXPrime, a new bond trading platform dedicated to retail-sized orders.
This platform was launched by the Luxembourg Stock Exchange (the "LuxSE") with EUWAX AG, a subsidiary of Börse Stuttgart GmbH (Börse Stuttgart) as prime liquidity provider.
With LuxXPrime, the LuxSE aims to meet the needs of brokers, asset managers and investors who are looking for attractive prices for smaller-sized trades in fixed-income securities.
The New LuxSE ESG Reporting Guide
In October 2019, the LuxSE published the "Guide to ESG Reporting" which is a set of comprehensive guidelines for reporting on Environmental, Social and Governance ("ESG") aspects (the "Guide to ESG Reporting"). This guide provides information to companies, issuers of debt instruments and asset managers active in sustainable and responsible investment funds on how to integrate ESG matters into their reporting. The Guide to ESG Reporting will be updated on a regular basis in line with market practice.
Luxembourg Stock Exchange | Various Updates
ARTICLE24 January 2020