The Board of Oslo Børs has approved the final rules and admission requirements for Oslo Axess. Feedback from the market is positive and a number of companies have indicated that they want to be listed on Oslo Axess, so everything is now ready for the launch of the new marketplace, which will open for business in May.
Oslo Børs received authorisation in December 2006 to establish a new authorised marketplace for shares and primary capital certificates. The marketplace will be known as Oslo Axess. Since receiving authorisation, Oslo Børs has circulated the proposed rules for Oslo Axess, together with proposed changes to the rules for the existing stock exchange market, for consultation with interested parties including market participants.
"There is no doubt of the need for a listing offer in addition to the current OTC market and the normal Oslo Børs stock exchange market. This has been our impression for some considerable time, and our views were confirmed by the consultations we carried out. With Oslo Axess we will offer a quality marketplace where companies have the same duties and responsibilities to the market as those of companies listed on the normal stock exchange market", explains Bente A. Landsnes, President and CEO of Oslo Børs.
Feedback from the market has been very positive, and now that the Board of Oslo Børs has approved the final form of the rules, work is under way for the launch of the new marketplace in May. Oslo Børs is working towards having the first applications for admission to Oslo Axess ready for consideration at the April meeting of the Board of Oslo Børs.
In conjunction with the launch of Oslo Axess, Oslo Børs is tightening some features of the requirements for admission to listing on the normal stock exchange market. In addition, the current Main List and SMB List will be amalgamated to a single stock exchange list. The main difference between Oslo Axess and the Oslo Børs market will be the less onerous requirements for admission to Oslo Axess. However, once companies are listed on Oslo Axess they will have to follow the same rules and regulations as apply to companies listed on the Oslo Børs market, and investor protection will be just as good as on Oslo Børs. This serves to differentiate Oslo Axess from what are known as the alternative marketplaces that have been established in a number of European countries over recent years.
The rules and admission requirements for Oslo Axess, together with the changes in the rules for the ordinary stock exchange market, can be found at: http://www.oslobors.no/ob/sirkulaere2
Oslo Børs has also produced an information page about Oslo Axess, where companies interested in applying for admission to Oslo Axess and investment firms will find relevant and detailed information. The page can be found at: www.osloaxess.no
Oslo Axess is an authorised marketplace for shares and primary capital certificates, and represents an offer for companies seeking access to a broader investor market and the opportunities this offers for raising capital, value creation and liquidity in their shares.
