Euronext Access Milan
Euronext Access Milan MTF offers issuers a simple, efficient and flexible approach to request the listing of instruments, with the possibility of support from a Listing Sponsor. International visibility is guaranteed by the strong base of institutional investors connected to the market platform.
Instruments
The Euronext Access Milan market is the MTF from Borsa Italiana, part of the Euronext Group, that is reserved for professional investors. Euronext Access Milan is dedicated specifically to the listing of:
- private placements
- SMEs bonds
- corporate and financial bonds
- asset backed securities
- Territorial bonds
- commercial papers
issued by Italian or foreign companies.
Requirements
To be admitted to listing, companies must:
- draw up one of the following:
a) a listing prospectus in accordance with current legislation
b) an EU Growth prospectus in accordance with current legislation
c) an admission document drawn up by the issuer according to the guidelines set out in the Euronext Access Milan Rules
d) an offer document referred to in Article 102 of the Consolidated Law on Finance (TUF)
- publish and file their financial statements (in accordance with national and international accounting standards), either on a solo or on a consolidated basis, for the last year and subject to statutory audit
- notify to Borsa Italiana any rating attributed to the individual issue
- ensure that the debt instruments for which admission to the Professional segment is requested are freely transferable and are suitable for settlement via Euronext Securities Milan or via Euroclear and Clearstream Luxembourg
The listing process
The process of admission to listing of financial instruments involves the following steps:
- Informal pre-filing: the Issuer sends Borsa Italiana the draft of the Admission Document and the latest financial statements
- Formal Filing: The Issuer submits the final version of the Application Form, complete with the required documentation
- Notice of the start of trading: within 7 days before the start of trading of the instrument, Borsa Italiana, having verified that the documentation is complete, communicates by Notice the start to trading.
Issuers may also apply to Borsa Italiana for a declaration of admissibility for the listing of financial instruments to be issued under a programme. In this case, Borsa Italiana guarantees a reduced timeline (5 days) for the admission to listing of individual instruments issued on the basis of the programme for which the declaration was issued.
Borsa Italiana also offers issuers the possibility to request the listing of the instruments through its next-generation platform, MyEuronext.
For more details on the requirements and the listing process, please refer to the Market Rules.
For more information, contact us at DebtListingItaly@euronext.com