The Luxembourg Stock Exchange launches a new fast-lane procedure for Euro MTF listings

As a result of consultations with international stakeholders, the Luxembourg Stock Exchange (LuxSE) has launched a new fast-lane procedure for Euro MTF listings (the Fastlane Procedure), which will not require the disclosure of certain information already available in other public sources when applying for a listing nor the formal approval of a prospectus.

1. Scope

The following securities may be exempted from the mandatory LuxSE approval requirement of the prospectus in accordance with the Luxembourg law of 16 July 2019 on prospectuses for securities, as amended (the Prospectus Act):

• non-equity securities and equity convertible bonds issued by issuers whose shares are admitted to trading on an EU regulated market or equivalent;
• non-equity securities issued or guaranteed by states (Member States excluded), their regional or local authorities;
• non-equity securities issued by or guaranteed by Member States’ regional or local authorities;
• non-equity securities issued by multilateral institutions which are not public international bodies, and of which at least one OECD Member State is a member;
• securities issued by central banks; and
• securities issued by associations with legal status or non-profit-making bodies, recognised by a Member State or an OECD Member State, in order to obtain the means necessary to achieve their non-profit-making objectives. However, the issuer may, on a voluntary basis, decide to submit a prospectus for approval, in accordance with the provisions of Chapter 2 of the rules and regulations of the LuxSE (the LuxSE Rules and Regulations).

2. Requirements to benefit from the Fastlane Procedure

The issuer must file a disclosure document (the Admission Document) which:

• at least contains the terms and conditions of the securities for which admission to trading on the Euro MTF is sought; and
• is prepared in a searchable, electronic format.

Such Admission Document does not need to be approved by the LuxSE. A first draft must be submitted at least three business days before the expected listing date and a final version must be submitted and available for publication on the LuxSE’s website at the latest at the beginning of the admission to trading of the securities.

The issuer must also fill out an application form which shall mention public sources for information about the issuer and the securities, and the LuxSE may require any additional document deemed necessary for the examination of the issuer’s request.

If you want to know more on this topic, please consult Chapter 4 of the LuxSE Rules and Regulations which has been updated to reflect the introduction of the Fastlane Procedure, and feel free to reach out to our experts in capital markets if you have any further questions.