Amendment to circulars applicable to the admission to and exclusion from trading on BME Growth and information to be provided to the market
Amendment of circulars on requirements and procedures applicable to the admission to and exclusion from trading on BME Growth and on information to be provided to the market
On July 22, BME MTF Equity published Circular 2/2022, in which it amended (i) Circular 1/2020, on requirements and procedures applicable to the admission to and exclusion from trading in the BME Growth segment, and (ii) Circular 3/2020, on information to be provided by companies admitted to trading in that segment. The Circular came into force on the day of its publication.
The purpose of this amendment is, on the one hand, to adapt the capitalization requirements to be met by companies applying for admission to BME Growth’s multilateral trading system, in accordance with the amendments made to the Securities Market Act by Royal Decree-Law 34/2020, of November 17, and BME MTF Equity’s own operating regulations.
Consequently, companies applying for admission to trading on this market must have a capitalization not exceeding €1 billion. In the case of listing of shares issued by REITs, capitalization may exceed €1 billion, provided that compliance with the requirements for application of the exemption under Article 77(3) of the Spanish Securities Market Act is demonstrated to the Spanish Securities and Exchange Commission (CNMV) on the date of application for listing.
On the other hand, it is intended to improve the quality of the initial and periodic financial information of incorporated companies on BME Growth. Thus, first of all, the market regulations are aligned with the information required by ESMA on pro forma financial information contained in the document for admission (Prospectus or Information Document for Admission to the Market) and, more specifically, with the content on this matter in the Commission Delegated Regulation 2019/980, of March 14, 2019. A new obligation to present consolidated financial information has also been introduced, applicable in the case of companies which, being the parent company of another group of companies, are not legally obliged to file it as they belong to an unlisted parent company with which they, in turn, consolidate. Finally, the new Circular clarifies that the half-yearly financial information to be published by the issuers must include comparative figures for the same period of the previous year.