Contributed By Walkers
The Euronext Rules set out separate conditions for listing that apply to issuers seeking to list asset-backed securities, debt securities (where the issuer has an obligation on issue to pay 100% of the nominal value on the scheduled maturity date in addition to which there may be an interest payment), convertible securities and/or covered debt securities on Euronext. By way of example, issuers of covered debt securities are required under the Euronext Rules to comply with the Asset Covered Securities Act, 2001 of Ireland. The Euronext Rules also set out different continuing obligations that apply to issuers depending on the form of debt security they issue. The annexes of the Prospectus Regulation to be applied to the prospectus will also depend upon the type of securities to be listed.
The GEM Rules also contain different conditions for listing that apply to issuers of debt securities, asset-backed securities, convertible securities and securitised derivatives. The GEM Rules set out specific requirements as to the structure and content of a listing particulars for debt securities, asset-backed securities, convertible securities and for securitised derivatives. Under the GEM Rules, the information to be included in a listing particulars relating to an issuer of asset-backed securities differs from the information that is required to be included in a listing particulars in relation to issuers of convertible securities, debt securities and securitised derivatives. Similarly, under the GEM Rules, information about the underlying securities to be included in a listing particulars and continuing obligations applicable to issuers also differ depending on the nature of the underlying securities.