The Exchange will perform a periodic review every 6 (six) months to determine whether the issuer complies with the post-listing requirements, as prescribed by the Exchange Rules for the respective regulated market segment.
Prime Market
Review Procedure
The periodic review for issuers whose shares are listed on the Prime Market includes an overview of the listing criteria, prescribed by Art. 99 to 106 of the Exchange Rules and post-listing requirements.
The periodic review for issuers whose shares are listed on the Prime Market includes an overview of the listing criteria, prescribed by Art. 99 to 106 of the Exchange Rules and post-listing requirements.
Official Market
Review Procedure
The periodic review for issuers whose shares are listed on the Official Market includes an overview of the listing criteria prescribed by Art. 96. of the Exchange Rules and post-listing requirements.
The periodic review for issuers whose shares are listed on the Official Market includes an overview of the listing criteria prescribed by Art. 96. of the Exchange Rules and post-listing requirements.
Regular Market
Review Procedure
The periodic review for issuers whose shares are listed on the Regular Market includes an overview of a post-listing requirements.
If, on a periodic review, the Exchange finds the issuer or the shares not to meet the listing criteria and/or detect non-compliance of the issuer with the post-listing requirements for the respective regulated market segment, the Exchange shall:
The periodic review for issuers whose shares are listed on the Regular Market includes an overview of a post-listing requirements.
If, on a periodic review, the Exchange finds the issuer or the shares not to meet the listing criteria and/or detect non-compliance of the issuer with the post-listing requirements for the respective regulated market segment, the Exchange shall:
- inform the issuer of the periodic review carried out;
- seek a response of the issuer with regard to the circumstances or reasons for default, as well as on the measures and any actions the issuer plans to take for the purpose of compliance with the listing criteria for the respective regulated market segments and/or its post-listing requirements, within 8 ( eight) days from the date of receipt of the notification;
- the statement of the issuer publicly disclose.
Upon receipt of the issuer's statement, or after the expiry of the deadline for the statement, if the issuer has not made a statement, within 60 (sixty) days from the day of conducting the periodic review, the Exchange shall, depending on the circumstances of each particular case:
- determine the period of enhanced monitoring by the issuer (up to a maximum of 6 months) during which the issuer must take specific measures, actions and/or procedures to comply with its obligations requirements under the Exchange Rules and classify the issuer into an observation segment
- adopt a resolution of relegating the shares from a higher to a lower regulated market segment, or
- adopt a delisting resolution, as a market protection measure.
If, after the expiry of the period of intensive observation, the Exchange determines that the issuer has not taken measures, actions and/or procedures, that is, in case the issuer failed to manifest and during that period the issuer still did not comply with its requirements prescribed by the Exchange Rules and the issuer's shares are listed on the Official or Prime Market, at the first next periodic review, the Exchange will adopt a resolution relegating the shares from a higher to a lower regulated market segment.
The resolution relegating the shares from a higher to a lower regulated market segment shall be published by the Stock Exchange on its website at least 10 (ten) trading days before the shares of the issuer begin trading in the lower regulated market segment.
If after the expiry of the period of intensive observation of the Issuer, the Exchange determines that the Issuer did not take the measures, actions and/or procedures stated in the Statement, or in case the Issuer failed to manifest and during the said periods the Issuer still did not comply with its obligations prescribed by the Exchange Rules, and the Issuer's shares are listed on the Regular Market, after 2 (two) consecutive periodic reviews, the Exchange shall adopt a delisting resolution.
