Charges & Fees

The companies that seek listing on the Cyprus Stock Exchange have to pay certain fees in accordance with Annex II of the Cyprus Stock Exchange Regulations. These fees are the following:
Fee for application of new issuer	CYP1.000
Fee for application for registration of debt securities	CYP 500
i) of new issues a) Fixed Amount b) For each million of market capitalization ii) of debt securities	CYP 1.000 CYP 100 CYP 1.000

Annual Contribution Issuers who have listed securities on the Stock Exchange shall pay an annual amount on the basis of their market capitalisation, as follows:
up to one million for each additional million over the first million up to the fifth million for each additional million over the fifth million	CYP 495 CYP 162 CYP 90

Offshore Companies (excluding Investments Companies)
Fees for listing of securities of companies incorporated abroad or which fulfils the prerequisites of section 28A of the Income Tax Law (excluding Investment Corporations) have been fixed as follows:
Initial Fee Annual Fee on the basis of the issuer's market capitalisation: - up to one million - for every additional million over the first million and up to the fifth or part of a million - above the fifth million for every additional million or part of a million proportionately	CYP 500 CYP 150 CYP 40 CYP 20

Offshore investment companies
The fees for the listing of an Investment Company that has been established abroad, or complies with prerequisites of Article 28A of the Income Tax Law of Cyprus, have been set as follows:
Initial Fees Annual Fees	CYP 500 CYP 500

Trading Fees
With the exclusion of public debentures issued by the Government of the Republic, the fee for every stock exchange transaction which is made is fixed at 0,50 per thousand of the total amount of the transaction which is paid by the assignee. The fee for every stock exchange transaction made with titles of foreign or offshore companies is fixed at a percentage of 0.25 per thousand. The Stock exchange value (market capitalisation) of listed titles is fixed on the basis of the average closing price of titles on the 31St December in each year, or on the basis of the average price formulated during the first five working days of trading of the titles. (Mid price is fixed as the average of the bid price and offer price divided by two). In case of listing of new titles in the Stock Exchange the market capitalisation is fixed as follows: Regarding the issue of new shares, the price of issue is used (i.e. the offer price which is fixed and not the nominal value of the title). Regarding the listing of share warrants as well as titles already issued, the mid price is used which will be formed during the first five working days or trading of such warrants. Regarding the listing of rights, the amount of issue is used. Regarding the listing of debentures, the amount of issue is used.

Fee on stock exchange transactions
For the years 2000 and 2001, the rate of the fee for the Stock Exchange transactions is fixed at 1% in case where the seller or the person notifying the transaction is a legal person and at 0.6% in case the seller or the person notifying the transaction is a natural person. This fee is calculated as follows: In the case of transactions effected in the Stock Exchange, on the total amount of the value of the stock exchange transaction. In case of any other transaction notified to the Stock Exchange and Securities Laws 1993 to 1999, on the total value of the titles on the day of the notification of the transaction to the Stock Exchange based on the closing price of the specific security on the day of notification or, if there was no such price, the relevant calculation is based on the last existing closing price, or on the declared price whichever of the above is higher. The fee is not payable for the following cases: issued and redemption of titles by the issuer, transactions in non convertible company bonds, transactions in non convertible company debentures, transactions in government bonds, development bonds and debentures, donations of titles by parent to child married or unmarried, among spouses or among relatives up to third degree married or unmarried, transfers of titles due to death. The legal and regulation framework concerning the listing of titles on the CSE and the continuous obligations of listed companies has incorporated all relevant European Community Directives as well as the common practice followed in more developed Stock Exchanges. Adherence to the Regulations is an essential prerequisite for attracting foreign investors to an emerging stock exchange such as the z Cyprus Stock Exchange. The Securities Exchange Commission (SEC) is responsible for supervising the operation of the Cyprus Stock Exchange and ensuring the compliance with the Stock Exchange Law and Regulations. The SEC plays an important role in the protection of the Investors. Furthermore the Cyprus Stock Exchange, through ensuring the strict compliance to the Regulations, has made an important step in achieving its strategic goal of becoming a well developed and advanced regional stock exchange.