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Italiano

Listing CW e Certificates

The Rules of the Markets Organised and Managed by the Italian Exchange provide for two different procedures for admission to listing of Securitised Derivatives (Covered Warrants and Certificates): procedure for financial instruments issued under a programme (art. 2.4.6) and stand alone procedure (art. 2.4.2).

Issuers who intend to implement an issue programme for Covered Warrants and/or Certificates may apply to the Italian Exchange for a declaration of admissibility to listing of the Covered Warrants/Certificates to be issued under the programme. The Italian Exchange shall issue the declaration within sixty days of the date the documentation to be attached to the application is completed where the issuer satisfies the conditions and requirements laid in the Borsa Rules for issuers of Securitised Derivatives and the characteristics of the instruments do not conflict with the provisions of the Rules. After receiving the declaration of admissibility and after the listing particulars have been made available to the public by the issuer, in order to list Covered Warrants/Certificates issued under the programme, issuers shall submit a listing application to the Italian Exchange, together with the supplementary notice attached to the programme. Within 5 trading days of the date the documentation to be attached to the application is completed, the Italian Exchange, after ascertaining that the conditions and requirements established in the Rules concerning the Securitised Derivatives are satisfied, shall decide and notify the admission decision to the issuer and Consob and announce it in a Notice.

Stand alone procedure: the issuer have to submit the application for admission to listing to the Italian Exchange. Within two months of the day the documentation to be attached to the application is completed the Italian Exchange shall resolve and inform the issuer of the acceptance or rejection thereof and simultaneously notify the decision to Consob (Regulatory Autority). The admission procedure shall be completed when the Italian Exchange, after ascertaining that the listing particulars have been made available to the public, establishes the date for the start of trading and announces it in a Notice.

Last update:  December 12 2012 - 11:47


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