News - The Luxembourg Stock Exchange FastLane - your listing shortcut to the Euro MTF

With the aim to continuously improve the efficiency of its listing process, the Luxembourg Stock Exchange (the LuxSE) recently introduced its new (self-styled) Fastlane admission process for issuers seeking to list securities on the exchange-regulated Euro MTF (the Euro MTF). 

After an intense consultation with international stakeholders, the LuxSE published a new edition of its Rules and Regulations (the R&R)[1] introducing the FastLane, a faster listing approval process, applying to the following issuers and securities:

• non-equity securities (including 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 (other than Member States), their regional or local authorities;
• non-equity securities issued, or guaranteed, by Member States’ regional or local authorities;
• non-equity securities issued by multilateral institutions which are not Public International Bodies, and to 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, recognized by a Member State or an OECD Member State, in order to obtain the means necessary to achieve their non-profit-making objectives.

These issuers will be exempted from the obligation to draw up a prospectus and will instead need to file:

• an Admission Document (in searchable format) containing the terms and conditions of the securities for which admission on the Euro MTF is sought – which shall not be formally approved by the LuxSE; and
• a (FastLane) form for admission to trading.

The Admission Document needs to be filed at least three business days before the expected listing date but can be amended up to the beginning of the admission to trading of the securities. Further documentation may be requested by the LuxSE as deemed necessary on a case-by-case basis and all public sources for information about the issuer and the securities being listed must be included in the application.

Falling outside of the scope of the Transparency Directive and the Prospectus Regulation, the Euro MTF already benefits from less burdensome admission requirements, post listing disclosure and reporting obligations that the issuer will need to comply with once the securities are admitted.

Thanks to the FastLane, eligible issuers seeking a listing on the Euro MTF[2] benefit from a time- and cost-efficient process as it will save them from the burden of duplicating in a prospectus information otherwise already available in other public sources.

The FastLane is another proof of the LuxSE’s aim to provide issuers with a smooth and agile listing experience.

For further information, please consult the LuxSE’s website https://www.bourse.lu/home or reach out to Cédric Raffoul or Sixtine Auguet.

_{[1] available on https://www.bourse.lu/luxse-rules-regulations
[2] including its Professional Segment.}