The Guidelines for Listing and Trading on the EWSM (the EWSM Guidelines) set out the process for listing and admission of debt securities to the EWSM. The process is summarised below.
- Appoint a listing agent. You must appoint a recognised listing agent to liaise with the Listing Authority (the MFSA) and the EWSM.
- Prepare your prospectus. Your prospectus must comply with the EU Prospective Directive and the EWSM’s Guidelines.
- Submit your documentation. Your listing agent will submit your prospectus to the MFSA. Your listing agent will also submit your prospestus and the EWSM Automatic Admission Checklist to the EWSM for review.
- Review by the MFSA and EWSM. Your documents are reviewed by the MFSA and the EWSM. Comments are returned within three business days on the first submission and two business days on any subsequent submission.
- Final submission. Once comments are cleared, your listing agent will submit your final prospectus and listing documents to the MFSA and the EWSM for approval.
- Approval. Your listing agent will receive confirmation that your prospectus is approved by the MFSA and that the securities are ready to be admitted to trading on the EWSM.
- Admission to trading. Your listing agent submits the final admission application documents to the EWSM. Depending on your requirements, this can be on the same day as the MFSA approves your prospectus or a later date.
- Announcement of admission. The EWSM announces the admission of your securities’ to the market.
- Publication. The approved prospectus is published by the MFSA. The securities are included in the recognised list of debt securities by the EWSM.