Admission of securities to the regulated market

The listing of securities for trading on a regulated market represents the issuer's decision, which enables investors to trade securities under organized, transparent and regulated conditions, while providing the investor above all with greater visibility, and better opportunities to issuers for obtaining additional capital. 

Securities can be admitted to trading on the regulated market based on the approval of the prospectus and the related ATVP's authorization, unless issuer can use one of the exceptions of the prospectus publication from the fifth paragraph of Article 1 of the Regulation 2017/1129 on the prospectus (e.g. extension of listing with less than 20% of the issuer's newly issued shares). 

In practice, the issuer may decide to list the securities for trading on the regulated market simultaneously with the preparation for the issuance of the securities or at any time subsequently. Thus, in the latter case, e.g. the shareholders of a “closed'' joint-stock company, whose shares have been issued for decades, may decide to list them for trading on the regulated market. They can do this by obtaining authorization from ATVP to list securities for trading on a regulated market, while existing shareholders can simultaneously offer their shares to the public, thereby partially or completely withdrawing from the company ownership. By doing this, they themselves simultaneously take care of dispersion of the ownership of the company (in this case, it is necessary to simultaneously obtain an authorization for a public offer and an authorization for the listing of those securities for trading on a regulated market).