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For admission of a security to trading, the issuer must submit:
- an application for admission of a security to trading in the Secondary Market (the application must include basic identification data about the
- issuer and the issue, specify local or foreign regulated markets in which the issue is traded, or where an application for admission was filed)
- an audited prospectus of a security approved or recognised by the Securities Commission including the date, way and place of its publication
- an evidence of allocation of an ISIN
- The Power of Attorney of an issuer authorising an Exchange member to submit an application for admission of a security if an Exchange
- member applies for admission on behalf of the issuer
- annual financial statements including notes for the previous three years, and an evidence of publication of the financial statements
- text of the Announcement of the security’s admission to the Exchange’s Secondary Market
- in case of book-entered securities a certificate of a local or foreign depository on the registration of the issue, in case of certificated securities
- four samples of the certificated security
- an extract from the Commercial Register
- the issuer’s Memorandum of Association or Articles of Association
- an evidence of publication of the financial statements for the previous three years
The issuer must also submit several statements, for example a statement confirming that it is assuming any obligations arising for it from the admission of the security to trading in the Secondary market, that all the information which should have been stated in the prospectus was either stated or would be incorporated therein subsequently, and similar information.
Requirements to be met by the issuer and the issue |
| Registered capital |
pursuand to the Commercial Code |
| Value of that part of the issue which was issued through public offer |
min. CZK 100 million |
| For shares - the part of the issue which was dispersed in the public |
at least 25% |
| Period required for conducting the business activities |
at least 3 years |
No liquidity level or another term is required for issues traded in the Secondary Market (as opposed to the Main Market where liquidity requirement can be set).
Information disclosure and reporting duties
The same above-standard (= broader) information duties applicable to companies whose issues are traded in the Main Market apply to companies whose issues are traded in the Secondary Market. Basic information duties which these companies must meet are specified in Article 8 of the Requirements and the Time Schedule which is their part. This article of the Requirements contains general definition of the disclosure duties, while the Time Schedule defines in greater detail the most important disclosure duties which an issuer must meet. It lists the most significant facts required by the Exchange, more detailed description of the information sent and subsequently also the deadlines for sending the information to the Exchange.
Key information which is sent to the Exchange includes preliminary results for the previous year, quarterly indicators of the company’s performance, audited financial statements, an annual report which the issuer must submit within four months after the end of the calendar (or business) year, and a semi-annual report submitted no later than one month after the half-year’s end. Also the other information required by the Exchange is very important, for example information on changes in the company’s financial situation, personal changes in the Board of Directors, the Supervisory Board and top management, changes in ownership interests, changes in the structure of shareholders, an evidence of publication of the issuer’s decision to terminate listing on regulated markets and other factors which can result – directly or indirectly – in a change in the security’s price.
All information which the Exchange receives from the issuers as part of their information disclosure duties are sent to the Exchange in electronic form and subsequently distributed through the Exchange’s information system to the Exchange members and information agencies with whom it has concluded a contract on the provision of Exchange information. More information about the way the information is published by the Exchange can be found on the Exchange’s website (see Information/Dissemination of PSE info).
Requirements for admission of a security on the Free Market
In order to be admitted to the official Free Market the issue must meet the following terms set in the Exchange Regulations:
The listing itself is carried out based on an application for admission of a security to trading in the official Free Market submitted by the issuer or an authorised Exchange member.
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