Procedure and requirements for the listing of new companies on Oslo Stock Exchange's Main List, SMSB List, and the Primary Capital Certificates List

Transkript

1 Enclosure to Circular no. 2/98 Procedure and requirements for the listing of new companies on Oslo Stock Exchange's Main List, SMSB List, and the Primary Capital Certificates List I. Introduction In the following, Oslo Stock Exchange will describe the requirements that must be satisfied by a company applying for admission to listing of is shares or primary capital certificates on one of the Stock Exchange's lists. (Below, shares and primary capital certificates together are referred to by the common term "securities"). Based on meetings it holds with companies, written material etc., Oslo Stock Exchange will make a specific review of all the quantitative and qualitative matters that are decisive for the Exchange's assessment of a company's suitability for a stock exchange listing. In those cases where Oslo Stock Exchange's management, as the result of an overall assessment, is in doubt about whether a company or its management satisfies the requirements, the company will be so advised, and this will be reported in a any proposal to the Stock Exchange Board. The final decision lies with the Stock Exchange Board. To ensure adequate liquidity in the company's securities subsequent to a stock exchange listing, it is of paramount importance that the securities are correctly priced. In the event of any new issue and or distribution sale carried out in connection with the listing, it will therefore be important that the company, on listing, has an adequate number of shareholders and that the composition of these will promote liquidity in the company's securities. Section 2-1 of the Stock Exchange Regulations stipulates the minimum requirements that must be satisfied if a company is to be admitted for listing on the Stock Exchange. These requirements are: The share must be "of interest to the general public" It must be expected that the shares will be the "subject of trading on a regular basis" Emphasis is to be placed on "the enterprise's financial position" and "other circumstances of importance in evaluating whether the security is suitable for Stock Exchange listing" The market value must be at least "NOK 10 million" (Main List), "NOK 8 million" (SMSB List), or "NOK 10 million" (Primary Capital Certificates List). The business in which the company is engaged must have been in existence for at least three years. Side 16

2 Accounts must have been submitted in accordance with Norwegian legislation "for the preceding three financial years". "At least 25% of the shares" shall be distributed amongst the general public (in addition, in the case of primary capital certificates, the application for an admission to listing must encompass at least 100,000 primary capital certificates). In the case of the Main List, there must be at least 500 shareholders, for the SMSB List at least 100 shareholders, and for the Primary Capital Certificates List there must be at least 200 primary capital certificate owners who each hold securities constituting a round lot (i.e. securities for approximately NOK 10,000). In principle, the shares shall be freely negotiable. The requirements laid down in the EU Council's Directive no. 24 of 5 March 1979 in respect of stock exchange listings on a public stock exchange have been incorporated into the current Stock Exchange Regulations. The Stock Exchange Board may grant exemption from certain requirements. The following discusses in detail the criteria on which the Stock Exchange Board bases its assessment of whether a company is suitable for admission to listing. The Stock Exchange Board may give weight to other criteria on the basis of a general assessment. 2. Process of dealing with the application 2.1 Before processing the applications Before an application is dealt with, the company's management will be called to a meeting with the management of Oslo Stock Exchange, where i.a. the following matters will be reviewed: 1. A presentation of the company's business concept and activities. 2. A presentation of the company's management and Board of Directors. 3. A review of the company's published accounts, accounting principles, internal financial reporting, and resources in the accounting field. 4. A review of the resources the company has available to satisfy the reporting and information obligation that lie with a listed company. 5. A report on possible new issues, dispersal sales etc. that are assumed will be carried out. 6. A review of possible exemptions. 7. A review of other special circumstances. Prior to the meeting, the Stock Exchange should have received material describing the company and its financial status, e.g. annual reports, draft stock exchange introductory prospectus, shareholder register (20 largest shareholders) etc. Side 17

3 On the basis of the information provided, the Stock Exchange's management will indicate if there are areas which, in its opinion, should be adjusted, or if the company should postpone its application until unsatisfactory circumstances have been remedied. 2.2 Deadline for presenting application A complete application with enclosures must be received by Oslo Stock Exchange at the latest 14 days prior to the Stock Exchange Board meeting at which the company wants the application to be dealt with. All circumstances must then have been clarified. In special cases, e.g, in the case of applications for exemptions, a longer period may be needed to process the application. The Stock Exchange will advise about this as soon as possible if and when the need arises. 2.3 The application The requirement relating to the application for listing are laid down in Chapters 3 and 3a of the Stock Exchange Regulations. The application must be complete, and all requirements laid down in the Stock Exchange Regulations must be referred to and dealt with. The application shall not make reference to the draft introductory prospectus. A draft introductory prospectus shall be enclosed. This implies that work on the prospectus must have come so far that it adequately deals with all relevant matters. In the case of applications for exemptions from the Stock Exchange Regulations and listing requirements, the grounds for such a request must be stated separately. 2.4 Introduction meeting After the application for admission to listing has been approved, the company's management must participate in an introduction meeting with the management of Oslo Stock Exchange before the company can be listed. At the introduction meeting, the following main aspects will be reviewed in particular: The duty of disclosure Publication of accounts Duties relating to prospectuses The duty to make an offer to acquire shares The duty to flag Insider trading 2.5 Listing The company may be listed when the Stock Exchange Board's decision in respect of the application for admission to listing has been published, all conditions have been Side 18

4 satisfied, and the introduction meeting has been held. In its decision, the Stock exchange Board will normally set the latest date for listing. All formal matters must have been documented in writing not later than 12 noon on the day before the first day of listing: 1. A company certificate from the Register of Business Enterprises, confirming the capital that is to be listed. 2. The registered serial number of the securities with the Norwegian Central Securities Depository (VPS). 3. Who is the account operator for issuer. 4. Information on the estimated market value of a set round lot. 5. The name of the person responsible for liaising with the Stock Exchange on behalf of the company. 6. Whether the companies shares are listed or an application has been submitted to have them listed on another stock exchange. 7. Ticker code (threee letters), decided in association with the Stock Exchange. 8. The printed introductory prospectus. 9. Confirmation that all conditions for listing have been complied with, including dispersal. A print out from the Norwegian Central Securities Depository or a confirmation from another account operator is necessary. 3. Criteria for assessing an application for a stock exchange listing 3.1 Interest to the general public The Stock Exchange Board stipulates the requirement regarding the number of round lot owners and the size of a round lot. Currently, the following apply: Main List: 500 round lot owners SMSB List: 100 " Primary capital certificate list: 200 " Round lot: Approx. NOK 10, Round lot owners that are included in the basis may not be: 1. Members of the company's Board of Directors, Corporate Assembly, Committee of Shareholders' Representatives, Control Committee, the company's Auditor, Chief Executive Officer or a senior employee. 2. Persons to whom anyone in 1 or 2 above are married to or is cohabiting with and children of such persons who have not reached the age of majority. 3. Companies in which persons in 1 or 2 above have the type of influence specified in Section 1-2 of the Joint-Stock Companies Act (Norway) alone or with others therein. 4. Other companies in the same group of companies. Side 19

5 (The Stock Exchange Regulations, Section 2-1, eighth paragraph). Basically, the companies may assume that if they satisfy the requirements for dispersal with regard to the number of round lot owners set by the Stock Exchange Board, they satisfy the quantitative element in the requirement for interest to the general public. However, if it is appears that the company, because of its business concept or in some other manner is conceived as not being expected to be of interest to the general public, satisfaction of the number of round lots in itself will not be sufficient to satisfy the more qualitative assessments of the general interest requirement. 3.2 Trading on a regular basis Companies can normally assume that satisfaction of the dispersal requirement (cf item 3.1) also implies that the requirements of the Stock Exchange Board in respect of expected "trading on a regular basis" are satisfied. Shareholder agreements - to the extent that the company or those holding positions of trust are cognisant of them - or articles in the Articles of Association that obstruct \ trading on a regular basis in the securities shall be referred to separately in the application. Such circumstances may imply that the satisfaction of the dispersal requirement is not adequate to meet the requirement of "trading on a regular basis". 3.3 The company's financial status The following will be considered, individually and in concert: 1. Equity The company must have positive equity. Any new issue to satisfy this requirement must be underwritten when the application for admission to listing is forwarded and be carried out before listing takes place. 2. Liquidity The company must operate at a profit, or if in a pre-commercial phase have sufficient funds available in the form of bank deposits, securities etc. to be able to operate for about two years with the planned scope of activity. In special cases it might be accepted that the company in some other manner indicates that it will have adequate liquidity over the next two years. 3. Profit To be admitted to listing on the Main List, it is necessary for the company to have reported an operating profit. However, in the evaluation, consideration will be given to cyclical companies. In very special cases, companies that have reported losses so far or in the last fiscal year may be admitted to listing on the Main List. Special grounds must be indicated in the application. It must be shown that the Side 20

6 company with some degree of certainty will be able to operate at a profit after a short period. 4. Investment plans The company must explain investment plans for the next few years, and provide realistic financing plans. 5. Operating revenue Before being admitted to listing on the Main List, is will normally be expected that the company has significant operating revenue from its core activities. 3.4 Other matters In the case of "other matters", emphasis will be placed on the following qualitative issues: 1. Management The company shall have adequate competence and management capacity to be able to implement the business concept and the activity the company plans. Those individuals making up the company's management or Board must not previously have acted in such a way or been engaged in activities that makes them unsuited for participation in the management of a stock exchange listed company. There should be sufficient continuity of management for the market to be able to expect organisational stability in the near future. The Chief Executive Officer and the other senior management should normally be appointed before the application for admission to listing is made. 2. Competence and accessibility The company shall have sufficient competence to satisfy the duty of disclosure and to provide correct information. The company shall be organised in such a manner that the Stock Exchange always has access to the person in the company who is appointed to liaise with the Stock Exchange, or another representative. The company must have sufficient professional competence to be able to present accounts including interim accounts comply with generally accepted accounting principles. The company's activities must be organised in such a manner that the necessary information, without undue delay, finds its way to the company's management. Side 21

7 The company's internal organisation of its financial management shall ensure sufficient quality and speed in the financial reporting. 3. Composition of the Board of Directors The composition of a company' Board of Directors must make reasonable control of the company's management possible. Such a Board composition must appear from the application. 4. Management companies The quality of the management companies must be assessed on a par with the requirements of a normal company that is applying for admission to listing on the Stock Exchange. A separate declaration must be made to the Oslo Stock Exchange. 5. Auditor's reports The Auditor's report for the latest accounting year must have been given without qualification. If there were any points raised in the report these will be reviewed to decide whether they are so serious that they make the company unsuited for listing. 6. Change of auditor The company must advise of any change of auditor during the last three years and explain the ground for these changes. In its assessment of the suitability of the company for listing, Oslo Stock Exchange will consider the grounds given. 7. Legal proceedings If the company is involved in or has given notice that it might be involved in legal proceedings that of such a scope that they will have a significant impact on the company if the decision handed down is in its disfavour, such circumstances must be mentioned separately. 8. Special requirements Other, specific requirements may be stipulated for companies in special industries and/or in special situations. 3.5 Market value The company's total market value shall be at least NOK 10 million for admission to listing on the Main List or on the Primary Capital Certificates List, and at least NOK 8 million for admission to listing on the SMSB List. If the market value cannot be estimated the book value of the equity will be decisive. 3.6 Requirement relating to three years' operations Basically, the requirement is that the business in which the company is engaged has been in existence for three years. Exceptionally, the Stock Exchange Board may grant Side 22

8 exemption from the three-year duration requirement. By activity is meant that the most of the current activity has been carried on for at least three years. The Stock Exchange Board may consider granting exemption from the duration requirement in the case of: 1. Discontinuance due to formal reasons In those cases where the spinning off of a former department into a separate ASA, acquisitions, mergers, demerger and the like are the reason for the requirement relating to continuation of activity not being satisfied, while the real activity can be documented for example by way of pro forma figures the Stock Exchange Board will normally grant exemption if the other requirements are satisfied. 2. The activity has existed for less than three years In special cases the Stock Exchange Board, pursuant to the Stock Exchange Regulations, may grant exemption from the three-year duration requirement if this is in the interest of the general public and the investors and that market has sufficient information to make an informed decision about the company and the securities for admission to listing is being sought. This assumes that the other qualitative and quantitative conditions have been met, in addition to the following: 1. Any new issue and other financing is arranged before the application is made. 2. The company is well arranged, i.e. the company's business concept and its realisation of this concept appears in a lucid fashion. 3. The market in which the company operates is relatively lucid for investors. 4. A satisfactory organisation exists with adequate competence. However, in those cases where exemption is granted, the Stock Exchange Board will normally require that pro forma accounts are prepared and that a well-founded forecast of the next year's earnings is made. 3.7 Account for the last three years must have forwarded The company shall have submitted accounts for the last three years in accordance with Norwegian legislation. The Stock Exchange Board may grant exemption % distribution of the shares At least 25% of the shares for which an application for admission to listing has been made must be distributed amongst the general public (cf item 3.1). The Stock Exchange Board may grant exemption to this distribution requirement when such a distribution is expected to be reached within a short period of time, or if the shares are deemed suitable for stock exchange listing because of the existence of a large number of shares of the same share class with wide distribution amongst the general public. The dsitribution requirement will be practised strictly. Side 23

9 3.9 Requirement regarding the number of round lots The Stock Exchange Board has set the minimum limits for the number of round lot owners at 500 for the Main List, 100 for the SMSB List, and 200 for the Primary Capital Certificate List (cf item 3.9). Under normal circumstances the Stock Exchange Board will not grant exemption from the requirement regarding the number of round lots The value of a round lot The value of a round lot shall be approximately NOK 10,000. Because of a desire to have a round lot made up of a round number of shares, the value of a round lot may vary somewhat from this amount Negotiability of shares In principle, stock exchange listed shares shall be fully negotiable. If a company's Articles of Association, or legislation or regulations allow for a discretionary right to refuse to consent to a share acquisition or there are other restrictions on negotiability, the Stock Exchange Regulations (Section 2-3) stipulate that such a right may only be exercised if there are reasonable ground for withholding consent or applying other restrictions on negotiability and the exercising of such a right must no cause disturbances in the market. When considering a company's suitability for listing, emphasis will be placed on whether the company has such restrictions on negotiability Voting rights If, pursuant to the company's Articles of Association or legislation or regulations, it has a discretionary right to refuse the exercising of voting rights, the Stock Exchange regulations (Section 2.-4) stipulates that such a right may only be exercised if there are reasonable grounds for such refusal. When considering a company's suitability for listing, emphasis will be placed on whether the company's Articles of Association include voting right restrictions More than one class of shares Pursuant to the Stock Exchange Act (Section 4-2, 2) if a joint stock company's shares are divided into two or more classes, application for stock exchange listing must apply to all the classes, and each class must separately satisfy the admission conditions. The Stock Exchange Board may in special cases make exceptions from this provision. Normally, an application shall be made to list all share classes. The Stock Exchange Board has granted exemption when one share class represents only a small amount of Side 24

10 the total share value, when the shares in one class have not been issued, when the company is listed on another exchange, or when there are other special circumstances Different voting power for share classes Differences in voting power for share classes will not normally be a hinder to stock exchange listing Ceiling on ownership and voting rights In some companies, either legislation or the Articles of Association limit the ownership stake each individual shareholder may hold or the maximum number of votes that can be cast. Maximum limits which unreasonably prevent natural exercising of ownership power or make the share unsuitable for e.g. institutional investors may result in the securities not being considered suitable for listing Management companies If the management functions of the company are performed by others, the company may be admitted to stock exchange listing subject to the following conditions: 1. The company shall ensure that the management company is obliged to comply with Sections 4-7 and 4-8 of the Stock Exchange Act, i.e. the duty of disclosure, as well as any other rules by which the company would be bound had the company carried out the business or operations itself. 2. The company must acknowledge that infringements of the Stock Exchange Act or Stock Exchange Regulations caused by the management company will for the purpose of Sections 6-2 and 6-3 of the Stock Exchange Act, i.e. the penal provisions, be treated as if the infringement were committed by the company itself. Oslo Stock Exchange has prepared a draft declaration which regulates such circumstances. Other matters 4.1 Main List vs. SMSB List A company that satisfies the requirements for admission to listing on the Main List shall normally be listed on the Main List. In the case of a company originally listed on the SMSB List, but which subsequently satisfies the requirements for a Main List listing, the Stock Exchange Board may decide that the company be moved up to the Main List "on application". There are currently no regulations governing movements from the Main List to the SMSB List. However, the Stock Exchange, on application from a company, may move Side 25

11 the company to the SMSB List if the requirements for listing on the SMSB list are satisfied, but not those for listing on the Main List. 4.2 Secondary listing Companies already listed on a recognised foreign stock exchange may apply for a secondary listing on Oslo Stock Exchange. A secondary listing implies that the minimum number of round lot owners who have their securities registered with the Norwegian Central Securities Depository (VPS) is set at 100. Whether the company is to be listed on the Main List or the SMSB List will depend on the total number of shareholders. The company will be subject to Oslo Stock Exchange's general requirements for listing of companies. 4.3 Foreign companies Foreign companies may report in either the Swedish, Danish, or English langauge. Internationally generally accepted accounting principles may be applied. Foreign companies shall sign a separate listing agreement. 4.4 The Norwegian Central Securities Depository (VPS) If the Stock Exchange Board is to consider an application for admission to listing, a prerequisite is that the company's shares are registered with the Norwegian Central Securities Depository (VPS). In the case of foreign companies, such registration may be arranged after an application has been decided but before listing takes place. 4.5 ASA at the time listing takes place It will normally be a requirement that the company has been converted into an ASA (public limited company) before an application for admission to listing can be made. This issue shall be dealt with in the application. 4.6 A company undergoing a merger or demerger Companies in which a General Meeting has adopted a resolution, or a Board resolution has been passed if this suffices, to merge or demerge at the time the application is made may be approved for stock exchange listing. Normally, it will assumed that adequate pro forma accounts are prepared if the merger or demerger is substantial. 4.7 Application prior to new issue/dispersal sale Side 26

12 Oslo Stock Exchange accepts that applications for admission to listing are made before a planned new issue or distribution sale has been carried out. A decision to admit to listing is conditional on the new issue or distribution sale being carried out if this is necessary for the criteria for listing being satisfied. The company will not be listed until all the conditions in the decision have been satisfied. 4.8 Restrictions on sales of shares by main shareholders If previous majority shareholder(s) are to significantly reduce their stake in connection with a stock exchange listing, this is to indicated. This might have an influence on the suitability of the share for listing. The procedures to be followed in such a sale shall also be described. Normally, the Stock Exchange Board will assume that a certain continuity of ownership by the main shareholders is a prerequisite for the continuity in the company that is assumed for a stock exchange listing. Such a continuity assumption will normally continue for a period of about one year into the future. 4.9 Related parties The application shall deal with all circumstances concerning related parties. If certain circumstances are unclear or special, this may have an impact on the security's suitability for listing. In the case of transactions between the company and related parties that are not insignificant, all of the agreement's terms and salient points are to advised. Furthermore, efforts should be made to illustrate these transactions in relation to corresponding transactions between independent parties Pro forma figures Pro forma figures shall be prepared in those cases where the official accounts do not reflect the activity to which the application for admission to listing refers. Normally, pro forma figures shall always be compiled if an application has been made for exemption from the three-year duration requirement because of discontinuity (cf item 3.6, section 1), the company is merging with another company or has merged during the current accounting year, or the company has acquired a major activity in the current accounting year. Correspondingly, pro forma figures shall be presented in the case of any sale of activities or a demerger in the same period. The pro forma figures shall have been reviewed by the auditor and a statement issued Interim reports limited audit Companies applying for admission to listing on the Exchange and who present interim reports or preliminary annual accounts shall normally arrange to have the latest interim report or the preliminary annual accounts subjected to a limited audit. Side 27

13 Companies applying for exemption from the Stock Exchange Regulations in their application shall have their latest interim accounts or preliminary accounts subjected to a limited audit. Børssirkulære nr. 3/98 (B3, O2) Oslo, 5. februar 1998 Vår ref: IN/14099 Til børsmedlemmer og utstedere av obligasjoner Vedrørende utarbeidelse av prospekt for obligasjoner 1. Innledning Verdipapirhandelloven 5-2 og 5-3 åpner for muligheten til helt eller delvis å frita fra kravet til å offentliggjøre prospekt i forbindelse med emisjon, det vil si ved tilbud om tegning eller kjøp av omsettelige verdipapirer. I tilfellet hvor det senere søkes om børsnotering av verdipapiret, gjelder fortsatt børsforskriftens krav til prospekt. Børsforskriften 20-2 har imidlertid en generell unntaksbestemmelse som åpner for muligheten til helt eller delvis å frita fra plikten til å utarbeide prospekt når særlige grunner tilsier det. I henhold til ovennevnte vil Oslo Børs vurdere søknader om delvis fritak fra plikten til å utarbeide prospekt når særlige grunner tilsier det. Det antas at en slik særlig grunn typisk vil kunne være obligasjoner som på grunn av sin art normalt vil bli omsatt blant profesjonelle investorer. For slike obligasjoner kan det - for hvert enkelt obligasjonslån - søkes om delvis fritak fra plikten til å utarbeide prospekt i forbindelse med søknad om børsnotering, jfr. punkt 2 nedenfor. En annen særlig grunn vil kunne være at obligasjonene utstedes av følgende utstedere: finansinstitusjoner som fortløpende eller gjentatte ganger utsteder obligasjoner, utstedere som utøver sin virksomhet på grunnlag av statsmonopol, dersom utsteders innlån er dekket av en ubetinget og ugjenkallelig statsgaranti, eller utstedere som er stiftet i henhold til særlov og hvis obligasjoner ved opptak til offisiell børsnotering sidestilles i den nasjonale regulering med obligasjoner som utstedes eller garanteres av staten. For ovennevnte utstedere kan det, for inntil ett år av gangen, søkes om delvis fritak fra plikten til å utarbeide prospekt både i forbindelse med emisjonen og i forbindelse med søknad om børsnotering, jfr. punkt 3 nedenfor. Et vesentlig moment i vurderingen av søknad om delvis fritak fra plikten til utarbeide prospekt vil være hvorvidt utsteder allerede har obligasjoner eller aksjer notert på Oslo Børs. 2. Prospekt for obligasjoner som på grunn av sin art normalt vil bli omsatt blant profesjonelle investorer Side 28

14 I verdipapirhandelloven er det gjort unntak for plikten til å utarbeide prospekt ved tilbud som fremsettes overfor profesjonelle investorer. Verdipapirhandelloven 5-2 lyder som følger: «Reglene i 5-1 gjelder ikke tilbud som bare retter seg til personer som investerer i verdipapirer som ledd i sin yrkesvirksomhet og som er registrert hos børsen som profesjonell investor. Børsen kan fastsette krav til omfang av investeringsvirksomheten, herunder kapitalforhold, som vilkår for registrering. Reglene i 5-1 gjelder ikke tilbud eller erverv av verdipapirer som legges ut i enkeltstørrelser med pålydende eller krav på vederlag på minst ECU.» Profesjonelle investorer er definert i «forskrift om registrering som profesjonell investor» av 15. desember 1997, samt nærmere beskrevet i børsens sirkulære nr. 16/97. I forbindelse med emisjon er det ikke nødvendig å søke om fritak dersom tilbudet kun retter seg til registrerte profesjonelle investorer. I forbindelse med søknad om børsnotering gjelder i tillegg børsforskriftens regler. Børsforskriften 20-2 annet ledd åpner for at børsstyret helt eller delvis kan frita fra plikten til å utarbeide prospekt når særlig grunner tilsier det. Børsstyrets kompetanse er delegert til børsdirektøren. Børsen kan bare gi dispensasjon etter denne bestemmelsen i den utstrekning Rdir 80/390/EØF, som er omfattet av EØS-avtalen, åpner for det. Etter direktivets artikkel 10 kan børsen gi tillatelse til at enkelte opplysninger utelates eller tas med i en kortfattet form i prospektet, når obligasjonene på grunn av sin art normalt vil bli omsatt blant profesjonelle investorer. Det antas at obligasjoner som på grunn av sin art normalt vil bli omsatt blant profesjonelle investorer i denne sammenheng vil kunne defineres som obligasjoner med pålydende tilsvarende NOK eller mer. På denne bakgrunn kan det søkes om delvis fritak fra plikten til å utarbeide prospekt for hvert enkelt obligasjonslån, i henhold til børsforskriften 20-2 annet ledd, når obligasjonene på grunn av sin art normalt vil bli omsatt blant profesjonelle investorer. Det vil her bli lagt vekt på at utsteder allerede har obligasjoner eller aksjer notert på Oslo Børs. Ved delvis fritak vil Oslo Børs legge til grunn at det som et minimum må utarbeides et prospekt som omfatter: lånebeskrivelse i henhold til børsforskriften 21-2 nr. 1 eventuell låneavtale mellom utsteder og tillitsmann styreerklæring i henhold til børsforskriften 20-3 og 21-2 nr. 6.3 siste årsrapport og eventuell delårsrapport annen vesentlig informasjon som offentliggjøres etter utarbeidelsen av årsrapporten Oslo Børs gjør imidlertid oppmerksom på at det kan være aktuelt å kreve et visst minimumsinnhold i års- og delårsrapporten. 3. Prospekt for enkelte finansinstitusjoner, låntagere som utøver sin virksomhet på grunnlag av statsmonopol og låntagere som er stiftet i henhold til særlov Side 29

15 Verdipapirhandelloven 5-3 tredje ledd åpner for at børsen i enkeltvedtak eller forskrift helt eller delvis kan frita enkelte utstedere fra plikten til å offentliggjøre prospekt. Bestemmelsen lyder som følger: «Børsen kan i enkeltvedtak eller forskrift helt eller delvis å frita fra plikten til å offentliggjøre prospekt ved tilbud som gjelder obligasjoner eller tilsvarende omsettelige verdipapirer, som 1. utstedes fortløpende eller gjentatte ganger av finansinstitusjoner, 2. utstedes av selskaper eller andre juridiske personer som utøver sin virksomhet på grunnlag av statsmonopol, dersom vedkommendes juridiske persons innlån er dekket av en ubetinget og ugjenkallelig statsgaranti, eller 3. utstedes av juridiske personer som er stiftet i henhold til særlov og hvis obligasjoner ved opptak til offisiell børsnotering sidestilles i den nasjonale regulering med obligasjoner som utstedes eller garanteres av staten.» Når det gjelder obligasjoner som søkes børsnotert blir disse i tillegg omfattet av børsforskriften. Børsforskriften 20-2 annet ledd åpner for muligheten til helt eller delvis å frita fra plikten til å utarbeide prospekt når særlig grunner tilsier det. Børsen kan bare gi dispensasjon etter denne bestemmelsen i den utstrekning Rdir 80/390/EØF åpner for det. Etter direktivets artikkel 6 og 12 kan børsen tillate helt eller delvis fritak fra plikten til å utarbeide prospekt for obligasjoner når det foreligger forhold som nevnt i verdipapirhandelloven 5-3 tredje ledd. Oslo Børs vil legge opp til at de ovennevnte utstedere kan søke om delvis fritak fra plikten til å utarbeide prospekt, i henhold til verdipapirhandelloven 5-3 tredje ledd og børsforskriften 20-2 annet ledd, for inntil ett år av gangen. Det kan søkes om fritak både i forbindelse med emisjonen og/eller i forbindelse med søknad om børsnotering. Ved søknad om delvis fritak forutsettes det normalt at utsteder allerede har obligasjoner eller aksjer notert på Oslo Børs. Når det gjelder det konkrete innhold i et delvis fritak fra plikten til å utarbeide prospekt, vises til beskrivelsen i punkt Avslutning Det anbefales at utsteder og/eller tilrettelegger i god tid før emisjonen og/eller søknaden om børsnotering tar kontakt med børsen for å avklare om Oslo Børs vil kunne gi delvis fritak fra plikten til å utarbeide prospekt. Det må søkes skriftlig om fritak og søkeren må dokumentere at de forhold en mener er av betydning for børsens vurdering av dispensasjonssøknaden foreligger. Dersom det er spørsmål om ovennevnte kan disse rettes til vår avdeling Utstedere Obligasjoner. Med hilsen O S L O B Ø R S Kjell Frønsdal(sign.) børsdirektør Side 30