Shares on the Regulated Market: requirements, file, stages

Eligibility conditions

For shares to be admitted to the Regulated Market, the BIMx Rules set conditions for both the instrument and the issuer.

• The shares are registered with the CNPF, freely transferable, fully paid up, issued in dematerialized form and recorded by book entry.
• The shares are of the same class.
• A free float of at least 10%; BIMx may accept a lower level if it considers there is sufficient liquidity.
• One of two alternative size conditions: equity of at least the MDL equivalent of EUR 1 million or an expected market capitalization of at least the MDL equivalent of EUR 1 million, calculated under the BIMx Rules.
• The issuer complies with the legal conditions for admission and the information disclosure obligations.
• The issuer appoints two contact persons for BIMx and signs up to the Admission and Maintenance Undertaking.

The admission file

• the application for admission of the shares to trading;
• the admission prospectus approved by the CNPF, with its annexes and amendments, or the document containing key information about the issuer provided for by law;
• the updated articles of incorporation;
• the financial documents and periodic reports required by the Rules, which vary according to the trading history of the issuer's instruments over the last 3 years;
• the decision of the issuer's statutory body on admitting the shares to BIMx;
• the certificate of registration of the shares with the CNPF;
• the Admission and Maintenance Undertaking;
• proof of payment of the processing fee;
• the statement designating the two contact persons for BIMx;
• any other documents BIMx may reasonably request to assess the file.

On the Regulated Market, the issuer can submit the file directly or through an Initiating Participant, meaning a broker member that assists with preparation and submission. Responsibility for the content of the documentation remains with the issuer.

The stages of the process

1. Preparation and preliminary checkThe file is prepared and, if useful, checked in advance with the Listing and Operations Department. Before the CNPF approves the prospectus, a preliminary admission agreement may be requested under the conditions set out in the Rules.
2. Submitting the complete fileAfter the CNPF approves the prospectus, either directly by the issuer or through the Initiating Participant.
3. Review and remediationBIMx reviews the documentation and communicates any shortcomings, which the issuer then remedies.
4. Admission decisionThe BIMx Council adopts the decision within the deadline set in the Rules, counted from submission of the complete documentation.
5. First day of tradingThe operational conditions are finalized, the necessary information is published and the trading start date is set.

Fees and contact

The fees for the Regulated Market and the MTF are not the same. Only the fees in the BIMx Schedule of Fees and Commissions in force on the date the service is provided apply; it is published on bimx.md in the "Exchange Fees" section. Before submission, the BIMx team confirms the specific fees to the issuer.