Shares and bonds of high-tech and fast-growing companies along with venture financing funds investment units can be admitted to the BCSE specialized Innovation Market platform.
The following requirements and conditions are applied to securities admitted to trading on the specialized Innovation Market platform:
- criteria of innovation:
the issuer creates products included in the high-tech goods list of the Republic of Belarus;
the issuer provides services, manufactures and/or applies technologies included in the priority areas list for the science and technology development in the Republic of Belarus;
the issuer carries out economic activities in accordance with the priority directions defined by the Innovative Development State Program of the Republic of Belarus;
the issuer invests in venture projects, innovative and high-tech companies of the Republic of Belarus;
- the issuer is required to have an investment memorandum or other similar document , which discloses information about the innovative activities of this issuer (the approximate form of this document is attached);
- The issuer prepares financial statements in accordance with IFRS and conducts the above-mentioned statements audit.
- special requirements depending on the BCSE admission level:
4.1. when included into the First Level Quotation List:
4.1.1. the issuer’s securities activity period from the formation (creation) moment – not less than three years;
4.1.2. the issuer has no negative financial result from the products, goods (works, services) sale nor a net loss based on the results of the last two reporting years preceding the decision moment for admitting to the specialized platform Innovation Market of the First Level Quotation List;
4.2. when included into the Second Level Quotation List :
4.2.1. the issuer securities activity period from the moment of its formation (creation) – not less than one year;
4.2.2. the issuer has no negative financial result from the products, goods (works, services) sale nor a net loss based on the last reporting year results preceding the decision moment for admitting to the specialized platform Innovation Market of the Second Level Quotation List.
Requirements for securities and issuers for admission to the specialized platform Innovation Market
|
Requirements |
Quotation List of Level 1 |
Quotation List of Level 2 |
Unlisted securities |
|
Issuer's activity period |
At least 3 years |
At least 1 year |
- |
|
Break-even requirements |
No losses based on the results of the last two reporting years |
No losses based on the results of the last reporting year |
- |
|
Financial statements audited in accordance with IFRS |
Yes |
Yes |
Yes |
|
Criteria of innovation |
Yes |
Yes |
Yes |
|
Investment memorandum (business plan) |
Yes |
Yes |
Yes |
In order to consider the possibility of admitting securities to the specialized Innovation Market platform, the issuer shall submit an appropriate application along with documents confirming its compliance with the above mentioned requirements and admission terms.
During the entire period of securities on the specialized Innovation Market platform, the issuer of these securities shall provide BCSE with periodic financial statements within the time limits established by the BCSE Listing Rules for the appropriate admission levels as well as update the previously submitted information in case of its change.