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| All securities, with the exception of bonds issued by the Government of the Republic, get a listing following the approval of the Council of the Cyprus Stock Exchange, with the consent of the Securities Commission. Bonds issued by the Government of the Republic are quoted following a decision taken by the Minister of Finance, announced to the Council of the Cyprus Stock Exchange. |
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| 1.
Ways of getting a listing (Regulation 60)
Issuers can list securities on the Stock Exchange in one of the following ways:
In the case where the offer for sale to the pubic method is chosen,
the issue has to be underwritten by at least one underwriter. This role
can be carried out either by Members of the Stock Exchange
(stockbrokers), Commercial Banks or any other organisation or person
that has the knowledge, experience and financial standing to carry out
this task. The underwriter(s) of the issue have to be approved by the
Council of the Cyprus Stock Exchange. |
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| 2.
Basic requirements for obtaining a listing (Regulation 61).
Each company that seeks a listing must satisfy some basic requirements, the most important of which are:
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| 3.
Applying for listing (Regulation 64)
In order for a company to obtain a
listing, it is necessary to submit to the Council of the Cyprus Stock
Exchange for approval a signed application and a number of other
documents, in accordance with the provisions of Regulation 64. The most
important of these documents are the Listing Particulars.
According to Regulation 75 an issuer
is not allowed, apart from exceptional cases and after having obtained
the written consent of the Council of the CSE, to issue share warrants
and options, the exercise of which would amount to participation in the
company's issued share capital in excess of 20%. |
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| 4.
Granting a permission for the publication of the introduction of the
Issuer's titles in the Cyprus Stock Exchange
The Council examines the draft version of the prospectus and has the power to propose certain amendments. When the amendments are completed according to the instructions of the Council, the issuer proceeds with the submission of certain documents as required by Regulation 72. Provided that all the procedures have been followed, the Council proceeds with the granting of the permission for the publication of the Listing Particulars. Having obtained the permission, the
Issuer has the obligation to announce within a fortnight, in at least
two daily newspapers of National circulation, the publication of the
Listing Particulars. The announcement must state the address where
interested parties can obtain a copy of the prospectus. Within 48 hours,
the issuer has to submit to the Council three copies of the newspapers
in the which the announcement was inserted. The final step is for the
Council to issue an official announcement stating its decision to
accepts the listing of the specific titles and to set a date for the
commencement of trading. |
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