LuxSE:Aligning with the Listing Act
The Luxembourg Stock Exchange (LuxSE) has published today the latest version of its Rules and Regulations (R&R) to align with the recent amendments to the Prospectus Regulation (PR) brought forward by the EU Listing Act.
Changes in the R&R ensuring alignment with the updated version of the PR
On 14 November 2024, the EU Listing Act package (Listing Act) was published in the Official Journal of the European Union. The Listing Act is comprised of, among others, an Amending Regulation introducing changes to the PR.
While certain amendments introduced by the Amending Regulation will only start applying as of 2026, some changes have already been in force since 4 December 2024. These already applicable amendments relate to the following topics:
1. Exemption for fungible securities
Prior to the Listing Act amendments to the PR, a prospectus was not necessary if the securities being admitted were fungible with those already trading on the same market, provided they constituted less than 20% of the existing securities over a 12-month period. The amended PR now foresees a threshold of 30%.
- Amendment: Rule 203.3.2 of the R&R reflects the new threshold of 30%.
2. Exemption for non-equity securities issued in a continuous or repeated manner by a credit institution
Prior to the Listing Act amendments to the PR, the threshold for exemption from publishing a prospectus for non-equity securities of credit institutions admitted to trading on a regulated market consisted of a total aggregated consideration in the Union of EUR 75 million, per institution, over a 12-month period. The amended PR now foresees a total aggregated consideration of EUR 150 million.
- Amendment: Rule 203.3.9 of the R&R reflects the new threshold of EUR 150 million.
Additional minor amendment to the R&R
The appointment of LuxSE's clearing services provider is now made via a Notice published on LuxSE's website and communicated to Members in writing, rather than referencing a specific entity in the R&R. Following the successful migration of clearing services from Banque Centrale de Compensation S.A. (LCH SA) to Cassa di Compensazione e Garanzia S.p.A. (Euronext Clearing), the definition of a specific clearing organisation in Part 0: Common Definitions of the R&R has been removed.
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