- The same requirements for listing in the O-List as for the A-List with regard to senior management, Board of Directors and capacity for stock market information
- Requirements for training in stock market information and insider rules prior to listing
- More extensive requirements for spread of share ownership
- An application for listing may be denied if the listing is judged to seriously damage confidence in Stockholmsbörsen and other areas of the securities market
The Board of Stockholmsbörsen has decided to implement stricter listing requirements for companies seeking to have their shares listed on Stockholmsbörsen. This change forms part of the Exchange's ongoing efforts to develop and improve the requirements for listed companies. The purpose is to satisfy investors' needs for information and openness in the best possible manner and to increase requirements for expertise in listed companies in order to maintain a well functioning stock market. To a certain extent, the new requirements represent an adaptation of regulations to the practices that have successively been developed within Stockholmsbörsens Listing Committee, the body responsible for making decisions on the listing of companies on Stockholmsbörsen. In brief, the new requirements entail the following:
- A company without a documented ability to earn profits shall demonstrate that it has sufficient financial resources to be able to conduct operations during at least the next 12-month period.
- The company shall fulfill stock exchange requirements regarding senior management, composition of its Board of Directors, financial control and its capacity for providing stock market information. Among other aspects, at least two members of the Board must be independent in relation to the company's principal owners. At least one of these Board members shall have experience of the requirements placed on a listed company. From senior management, only the President should be a Board member.
- Board members, senior executives and the company's external auditors must undergo training organized by Stockholmsbörsen before the company can be listed. This training covers such matters as the Exchange's listing contract, the extent and formulation of stock market information and insider rules.
- Stricter requirements for the spread of the company's shares have been implemented. At least 25 percent of shares (previously 10 percent) and 10 percent of votes shall be owned by the general public.
- The company shall have at least 500 shareholders (previously 300), each owning at least one trading unit. A trading unit is the number of shares corresponding to approximately SEK 10,000.
- Even if a company fulfills the requirements for listing, Stockholmsbörsen may refuse listing should this be judged to potentially severely damage confidence in Stockholmsbörsen and other areas of the securities market.
The new requirements apply to companies initiating listing procedures at Stockholmsbörsen as of July 1, 2002.
