Procedures for Exchange Traded Products

Directive Procedures for Exchange Traded Products

I. GENERAL PROVISIONS

Art. 1 Purpose

This Directive governs the procedures for listing exchange-traded products (ETPs) and registering ETP issuance programs on MERJ Exchange.

Art. 2 Scope of Applicability

This Directive applies to domestic and foreign issuers and to any guarantors of ETPs. It excludes the procedures outlined in the Directive on the Procedures for Debt Securities.

II. LISTING PROCEDURE

Art. 3 Timing of Submission of Application

Listing applications must be submitted to the Listing Committee by regular mail or electronic form no later than 20 trading days prior to the intended listing date.

Art. 4 Annexes to the Application

1. The following annexes must accompany the listing application:

   1. Listing Particulars or corresponding document (as defined in LR29 or Additional Rules Exchange Traded Products Art. 13);

   2. Market-making agreement;

   3. Signed issuer declaration pursuant to LR40;

   4. Valid Articles of Association or Partnership Deed, or a negative declaration if no changes have occurred since the last submission;

   5. For permanent global certificates, a copy of the certificate;

   6. For book-entry or digital asset securities:

      1. Explanation of how rights holders can obtain proof of their holdings;

      2. Relevant legal texts and English translations (if based on foreign law);

   7. Signed issuer declaration confirming:

      1. The ETPs are not collective investment schemes under applicable law;

      2. Indemnification of MERJ Exchange in cases where the ETP is deemed a collective investment scheme;

   8. Official Notice with the following details:

      1. Issuer’s name, registered office, and address.

      2. Security details, including ISIN and security number.

      3. Transaction nature and key details (e.g., first trading date, underlying instrument, collateral).

      4. Contact person for additional information.

      5. Publication date of the notice.

2. Additional annexes for new issuers:

   1. Issuer consent.

   2. Certificate of good standing or extract from the Commercial Register.

3. For multi-currency trading:

   1. Application specifying additional trading currencies and the intended first trading date.

   2. Updated market-making agreement.

   3. Official Notice as described above.

   4. Confirmation of clearing and settlement in the additional currencies.

   5. Submissions must be signed electronically using secure digital signatures from approved Certifying Authorities (e.g., DocuSign).

   6. Translations must be notarized and submitted alongside the original language texts.

See also:

- Issuer Declaration

476KB

Issuer Declaration.pdf

PDF

Open

- Directive Form of Securities

Art. 5 Submission deadlines for annexes to applications

1. Annexes must be submitted with the listing application. If not finalized at the time of application, draft versions must be provided.

2. Finalized Listing Particulars: Must be submitted by 8:00 a.m. (UCT+4) on the first trading day.

3. Remaining annexes: By 4:00 p.m. (UCT+4) on the business day before the first trading day.

4. Official Notice: By 10:00 a.m. (UCT+4) on the first trading day.

III. FINAL PROVISIONS

A. Entry Into Force

Art. 6 Entry into force

This Directive enters into force on 1 March 2025.