Listing criteria and listing process
The amendments relating to listing criteria and listing process have been influenced by the market development, the amendments to the Finnish securities markets legislation and practical experience.
The amended stock exchange rules include a new listing condition relating to operating as a listed company. The administration, result monitoring, risk management and disclosure compliance of the company as well as the liabilities relating thereto shall, taking into account the extent and the scope of operations of the company, be organised in an appropriate manner. The aim is that the company is able to produce reliable and sufficient up-to-date information on the development of its business and financial status. The listing application shall include a description of how the above mentioned issues are organised.
The advisor responsible for listing of a new company (lead manager) shall submit to Helsinki Exchanges a written statement regarding the company. The statement contains the advisor's opinion that the company meets the conditions for admission to listing, is capable of acting as a listed company and that the information provided on the company and its future outlooks is relevant and sufficient.
The conditions of listing of a company to the Main List shall be supplemented with a shareholders' equity requirement of at least 4 million euro as well as with a share capital requirement of at least 2 million euro. The conditions of listing of a company to the NM List shall be supplemented with a requirement according to which the company shall have adequate operating capital. The NM Prospectus shall include a more detailed description of the risks relating to the company and its business operations and a cash flow statement for the past 12 months as well as an opinion of the company that the disposable assets available to the company are sufficient at least for the following 12 months.
Listing Committee
In accordance with the amended rules, the admission of new companies to listing on the Main List, the I List and the NM List shall be decided by the Listing Committee, subordinated to the Board of Directors of Helsinki Exchanges. The Listing Committee shall comprise of five members. Two of the members shall represent commercial and industrial life and securities markets.
Disclosure requirements
The financial reporting requirements are supplemented in order to help investors to assess listed companies and assist the listed companies in disclosing information.
A cash flow statement shall be included in an interim report and a financial statement bulletin. The statement shall indicate separately the cash flows from operating, investing and financing activities.
The financial statement bulletins and the interim reports of an I List, NM List and Pre List company with less than three years operational history or whose shareholders' equity is less than the share capital, shall contain a justified opinion of the company on the adequacy of disposable assets available for the following 12 months. The changes aim at providing more information on young and higher-risk companies' financial situation.
The entry into force of the amendments is subject to the approval of the Ministry of Finance.
