Overview

Overview of the regulatory framework for listing securities

The MERJ Listing Rules framework prescribes the regulatory framework for issuers and securities listed on any market operated by MERJ Exchange. The framework covers equities, investment entities, bonds, exchange traded products (ETPs) and derivatives.

The MERJ listing framework supports both primary and secondary listings of issuers from any IOSCO member country (135) and contains provisions for issuers of nearly all sizes and stages of development.

The framework is structures as follows:

Listing Rules - this is the main rulebook and also the rules for equities, including investment entities and SPACs.

Additional Rules - additional rulebooks are provided for each of bonds, exchange traded products and derivatives that add to or modify provisions of the main Listing Rules as applicable for each of these product categories.

Directives - a number of directives pursuant to LR5 (Directives) as provided for in the Listing Rules govern details of how the Listing Rules and Additional Rules are to be applied.

Listing Particulars Schemes - particular schemes are provided for each main product type prescribing the information that must be included, as applicable in some cases, for satisfy initial disclosure obligations for new listings. They also specify certain information that may be excluded where the issuer is permitted to present "Abridged Listing Particulars" (e.g. secondary listings).

Forms - MERJ provides standard forms for various transactions and disclosures relating to the listing framework.