Municipal bonds at BIMx

Why it matters for a mayor's office

Admission to the BIMx Regulated Market gives the local authority visibility with a broader investor base, a trading infrastructure aligned with European standards and a transparency framework that can make future issues easier.

Specific rules

• Municipal bonds are admitted to the BIMx Regulated Market.
• The file must be submitted through an Initiating Participant, a broker that is an exchange member.
• For issues traded on the BVM, admission to BIMx is a separate process, with no automatic transfer.
• The authority appoints two contact persons for BIMx, for the duration of the process and after admission.

The admission file

• the application for admission of the bonds to trading (template provided by BIMx);
• the certificate of registration of the bonds with the CNPF;
• the local council decision on admitting the bonds to BIMx; for bonds already listed on the BVM, the decision on admission to the BVM;
• the Admission and Maintenance Undertaking for bonds (document provided by BIMx);
• proof of payment of the applicable fee, under the BIMx Schedule of Fees and Commissions in force;
• the issuer's statement designating the two contact persons for BIMx;
• the municipal bond admission document, following the BIMx template, and other documents required by the Rules, as applicable.

The offering prospectus, the documents on the issuer and the information about the issue used on the BVM can be reused if they are valid and up to date. The Listing and Operations Department confirms, for each issue, what can be used.

Steps for the local authority

1. Confirming interestThe mayor's office confirms in writing its interest in starting the BIMx admission process.
2. Decision of the competent bodyThe local council adopts or updates, as applicable, the decision on admitting the bonds to BIMx.
3. The file with the Initiating ParticipantThe file is prepared and checked together with the broker, which submits it to BIMx.
4. Contact personsTwo contact persons for BIMx are appointed.