LISTING GUIDE FOR PARALLEL/
SIMULTANEOUS LISTING OF
SHARES ON THE REGULATED
MARKET OF THE CYPRUS STOCK
EXCHANGE
LISTING GUIDE FOR PARALLEL/ SIMULTANEOUS LISTING OF
SHARES ON THE REGULATED MARKET OF THE CYPRUS STOCK
EXCHANGE (CSE)
This document has been prepared to assist all the interested parties’ by providing information,
to enable the parallel* or the simultaneous listing* of Issuers on the Regulated Market of the
Cyprus Stock Exchange (CSE).
The Guide is based on the description of the electronic application process for both parallel or
simultaneous listing of shares, the reference of the listing requirements, documents to be
submitted during the application and information about registry services, settlement services
and pricing policy.
*Parallel Listing:
An issuer which has securities listed on a recognised stock exchange
may list its securities of the same category which have already been
issued or shall be issued at the Cyprus Stock Exchange.
*Simultaneous Listing: An issuer seeking to list its securities on the Cyprus Stock Exchange
for the first time and which during the last thirty days prior to its
application, has submitted or, within thirty days after its
application to the Cyprus Stock Exchange, submits an application
for listing on a recognised stock exchange of securities of the
same category.
ONLINE APPLICATION PORTAL
The CSE Online Application Portal enables all the interested parties, to complete and
forward an electronic application form through its official website for the parallel* or the
simultaneous listing* of Issuers on the Regulated Market of the Cyprus Stock Exchange
(CSE). This service is provided both in Greek and in English language.
There is a detailed guide available for this service on the CSE website (www.cse.com.cy/oap).
The stages of the application procedure are:
Access
code
The interested user should secure an access code which will be used
to access the Online Application Portal. (www.cse.com.cy/oap).
Filling the
application
The interested user completes the electronic application and he/she
has the capability to submit additional information and additional
documents through this service.
There is a facility to complete the application gradually and save it,
until the final stage of its submission to the CSE.
Submit the
application
The CSE confirms the submission of the application.
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SUBMISSION OF THE APPLICATION FOR PARALLEL OR SIMULTANEOUS
LISTING OF SHARES ON THE REGULATED MARKET OF THE CSE
For the parallel / simultaneous listing of shares, the applicant must take into consideration the
General and Special Listing Requirements of the Regulated Market of the CSE as listed below:
GENERAL LISTING REQUIRMENTS
 It has been legally incorporated and operates. It is a public company and has the power
to issue securities to the public.
 It has power to issue specific securities for which the application is submitted.
 In the case of parallel listing or when the issuer lists its securities, which are already
listed on an organised market, the listing concerns all the titles of the same category
issued or to be issued, as well as any rights or other financial derivatives which are
converted or grant the right to be converted into titles of the same category as the ones
to be listed.
 It proposes the listing of titles whose transfer is free.
 If the issuer has titles listed on a foreign stock exchange, it fully complies with the
terms and conditions of this stock exchange.
 It has sufficient working capital.
 It is not bound against anyone in a manner which is incompatible with the interests of
the holders of its titles.
 It ensures equal treatment of the beneficiaries of the securities of the same category
 It provides all the necessary guarantees for the protection of investors.
 It ensures that any future issues shall be offered proportionally, initially to the existing
shareholders
 It proposes fully paid titles for listing
 Handing its Registry to the Central Depository and Registry in electronic form
 The greatest part of its revenue or assets does not derive from or is related to shipping
companies’ activities unless its application concerns the Shipping Companies Market.
 In the case of an investment company, state whether its application concerns the listing
on the Investment Companies Market.
 Has at least four Directors
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SPECIAL LISTING REQUIREMENTS
MARKETS/
REQUIREMENTS
MAIN
PARALLEL
ALTERNATIVE
MARKET
INVESTMENT
COMPANIES
MARKET
LARGE PROJECTS
MARKET
SHIPPING
COMPANIES
MARKET
Market
Capitalization,
Equity Capital
€15.000.000.
€3.500.000,
€1.000.000.
€1.000.000,
€15.000.000,
€17.000.000
Equity Capital
€8.500.000.
year)
€3.000.000 (previous
year)
Not Applicable
Equity that is 20%< of the
nominal value of its capital.
(previous year)
€8.500.000 (previous year)
OR Equity Capital
€13.600.000
(2 previous year)
€5.000.000
(2 previous year)
€1.000.000
(2 years before listing)
Equity that exceed
90% of estimated
market cap.(previous
year)
Not Applicable
€12.000.000 and the nominal
value of its share capital 20%<
of the amount of own equity.
€13.600.000 (2 previous year)
Free Float (2)
At least 25%
1000 physical or legal
persons
(Holds <2%)
At least 20%
300 physical or legal
persons
At least 10%
100 physical or legal
persons.
At least 25%
100 physical or legal
persons
(Holds <2%).
At least 25%
300 physical or legal persons
(Holds <2%).
Exception for lower percentage
At least 25%
300 physical or legal persons.
Profit After Tax
Two of the last three
years or
Not Applicable
Not Applicable
Not Applicable
Not Applicable
Not Applicable
3 years with a
positive net worth
for the year prior to
its listing.
2 years prior to the
listing.
3 years
Not Applicable
5 years with a positive net
worth for the last 5 years prior
to its listing.
(previous
Three of the last five
years prior to its listing.
Audited Accounts
Qualified Auditors’ Report
Corporate Governance
Code
Issue Price
4 years with a positive
net worth for the year
prior to its listing.
Exemption- Listing of
recently
established
issuer
Exemption- Listing of
recently
established
issuer
which
is
approved investment
company
Exemption for 4 years
operations- listing with 2
years operations.
Exemption - Listing
of
recently
established issuer
ExemptionListing
of
recently established issuer.
The Auditors’ Report
must not contain any
reservation for the year
before the listing.
Fully adopts the
Corporate Governance
Code.
Not Applicable
Not Applicable
Not Applicable
Not Applicable
The Auditors’ Report must
not contain any reservation
for the year before the listing.
Adopt the provisions
of the Corporate
Governance
Code
described in Chapter
C3, which concerns
the establishment of
the
Audit
Committee.
Not Applicable
Not Applicable
Fully adopts the Corporate
Governance Code.
Fully adopts the Corporate
Governance Code.
>€0.26
Not Applicable
Not Applicable
Not Applicable
Not Applicable
>€0.26
DOCUMENTS SUBMITTED WITH THE APPLICATION OF PARALLEL LISTING
 Annex 4: Listing Application
 A certificate by the Stock Exchange on which it has listed its securities stating the market
on which it has listed its securities
 Annex 7: Declaration of the Members of Management Bodies of the Issuer
 Annex 8: Declaration of the Members of Management Bodies of the Issuer
 Copy of the Final Prospectus
 Approval by the Cyprus Securities and Exchange Commission if a Prospectus is needed
 True copy of the recently verified Memorandum and Articles of Association
 Annex 13: Dispersion report
 A copy of the Share Holders Registry in both electronic and paper form duly certified by
its Secretary and one authorized Member of its Board of Directors
 Other Documents
DOCUMENTS SUBMITTED WITH THE APPLICATION OF SIMULTANEOUS
LISTING
 Annex 4: Listing Application
 Annex 6: Company Profile
 Annex 7: Declaration of the Members of Management Bodies of the Issuer
 Annex 8: Declaration of the Members of Management Bodies of the Issuer
 Copy of the Final Prospectus to be published
 True copy of the recently verified Memorandum and Articles of Association
 Approval by the Cyprus Securities and Exchange Commission for the publication of the
Prospectus or an approval certification that has been submitted to the Securities and
Exchange Commission from the competent authority of the Member State of origin.
 Annex 13: Dispersion report
 A copy of the Share Holders Registry in both electronic and paper form duly certified by
its Secretary and one authorized Member of its Board of Directors
 Other Documents
Please note that the user can submit through the Online Listing Center the application and the
supporting documents (without signatures) for examination by the CSE, but the documents
should be submitted in paper form and duly signed before the final approval by the CSE
Council.
LISTING FEES FOR THE PARALLEL LISTING ON THE REGULATED MARKET
OF THE CSE
Submission and
examination of the
application
Minimum fee €1.879 and maximum fee €7,347 according to the
Market to be listed
Initial Listing Fee
Maximum fee €170.860 and minimum €3.417 (Main Market, Large
Project Market, Shipping Companies Market)
(according to the
market
capitalisation)
Fee for the
undertaking of
registry of new
issuer
Maximum fee €85.430 and minimum fee €2.563 (Parallel Market)
Maximum fee €42.715 and minimum fee €1.709 (Alternative Market,
Investment Company Market)
Up to €1.000.000
0,20%
€1.000.001- €5.000.000
0,10%
More than €5.000.001
0,05%
Minimum fee €3.000
Maximum fee €100.000
Annual fee for
registry
maintenance
Minimum fee €854: 1 – 200 shareholders
Additional Fees
Annual Issuers Fees (Issuer that is listed on the CSE and it is already
listed on a recognised stock exchange will pay only the 50% of
annual fee) and other fees for Registry services are available on the
CSE website at (www.cse.com.cy)
Maximum fee €42.715: > 30.000 shareholders
LISTING FEES FOR THE SIMULTANEOUS LISTING ON THE REGULATED
MARKET OF THE CSE
Submission and
examination of the
application
Minimum fee €1.879 and maximum fee €7,347 according to the
Market to be listed
Initial Listing Fee
Maximum fee €170.860 and minimum €3.417 (Main Market, Large
Project Market, Shipping Companies Market)
(according to the
market
capitalisation)
Fee for the
undertaking of
registry of new
issuer
Maximum fee €85.430 and minimum fee €2.563 (Parallel Market)
Maximum fee €42.715 and minimum fee €1.709 (Alternative Market,
Investment Company Market)
Up to €1.000.000
0,20%
€1.000.001- €5.000.000
0,10%
More thatn €5.000.001
0,05%
Minimum fee €3.000
Maximum fee €100.000
Annual fee for
registry
maintenance
Minimum fee €854: 1 – 200 shareholders
Additional Fees
Annual Issuers Fees and other fees for Registry services are available
on the CSE website at (www.cse.com.cy)
Maximum fee €42.715: > 30.000 shareholders
The CSE encourages all the interested parties to use this listing guide in combination with the
Cyprus Securities and Stock Exchange Laws and the Regulatory Decisions Acts 326/2009 (as
amended) that are available on the CSE website www.cse.com.cy .
For questions or clarifications regarding the procedure / the listing requirements for parallel/
simultaneous listing for Regulated Market of the CSE, the interested parties may contact the
CSE by email info@cse.com.cy or by phone 22712300 (ext. 3 –Issuers matters).
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