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Listing rules and regulations
 

Listing rules and regulations

The financial instruments which may be traded on the regulated market are those for which the Exchange has obtained the Agency approval or in respect of which the approval stems from the provisions of the CMA, specifically:

  • shares or other securities equivalent to shares which represent an interest in the capital or in the shareholders’ rights in a company, as well as depositary receipts,
  • bonds and other types of securitised debt, also including depositary receipts related to such securities,
  • any other securities which entitle their holders to acquire or sell such negotiable securities or which constitute the grounds for a cash payment of the amount determined on the basis of negotiable securities, currencies, interest rate or yields, commodities, indices or other measures of size,
  • money market instruments: treasury bills, central bank bills and commercial paper, certificates of deposit, and other instruments which are customarily traded on the money market  and
  • units in collective investment undertakings, in accordance with the provisions of the CMA.

 
Zagreb Stock Exchange criteria for regulated market listing

General terms:

  1. The financial instrument being listed on the regulated market shall be those which may be traded in a fair, orderly and efficient manner;
  2. The issuer shall be duly registered or otherwise validly established in accordance with the regulations of the Republic of Croatia or the country of the issuer's domicile,;
  3. The applicant shall comply with the obligation to publish the prospectus and disclose other information, in accordance with the provisions of the CMA;
  4. Financial instruments must be freely negotiable;
  5. Efficient transaction settlement must be provided in respect of any financial instruments for which an application for listing on the regulated market has been submitted; that criterion will be deemed to be met if a financial instrument is issued in dematerialised form and entered in the central depository or central register and included in the clearing and/or settlement system;
  6. The use of LEI is mandatory for issuers of financial instruments listed on regulated market
  7. A pre-bankruptcy, bankruptcy or liquidation proceedings are not instituted against the issuer of a financial instrument.

 
Shares

Market Terms
Regular Market
  • General terms (art. 89. Exchange Rules)
  • At least 15 % of the shares shall be distributed to the public. In exceptional cases, shares may be listed even if they do not meet the free float requirement, considering a large number of same-class shares and the free float ratio, this does not compromise orderly market functioning (art. 91. Exchange Rules)
Official Market
  • General terms (art. 89. Exchange Rules)
  • At least 25 % of the shares shall be distributed to at least 30 shareholders. In exceptional cases, shares may be listed even if they do not meet the free float requirement, if at least 10% of the issue or total value of shares is held by 50 shareholders (art. 95. ZSE Rules)
  • Market cap. min. 8.000.000,00 HRK (art. 328. paragraph 2. CMA)
  • The issuer must have an investor relations function in place (art. 96 Exchange Rules)
Prime Market
  • General terms (art. 89. Exchange Rules)
  • The issuer must have an investor relations function in place (art. 96 Exchange Rules)
  • Free float min. 35% (art. 100. Exchange Rules)
  • At least 1000 shareholders (art. 100. Exchange Rules)
  • Market cap. min. 500.000.000,00 HRK (art. 101. Exchange Rules)
  • The issuer of shares shall enter into a market making contact with at least one market maker (art. 102. Exchange Rules)
  • The supervisory board of the issuer must have at least one independent member (art. 103. Exchange Rules)
  • At least one member of the audit committee shall be independent of the issuer (art. 104. Exchange Rules)
  • The audit report must not contain modifications of the auditor’s opinion (art. 105. Exchange Rules)
  • Total fees received by the statutory auditor or the audit firm from the issuer don't exceed the threshold set in Article 4(3) of Regulation (EU) No 537/2014 (art. 105. Exchange Rules)
  • The issuer of shares must not have imposed a market protection measure under the Exchange Rules for a period of 1 (one) year prior to the date of submission of the Prime Market listing application (art. 106. Exchange Rules)
  • The issuer shall develop and disclose to the public its dividend policy

 
Debt securities:

Market Terms
Regular Market
  • General terms
Official Market
  • General terms
  • The nominal amount of the loan for debt securities may not be less than 1,500,000.00 HRK

 
Structured products:

Market Terms
Regular Market
  • General terms
  • Market Maker (art. 92. Exchange Rules)

 
Units in open-end investment funds

Market Terms
Regular Market
  • General terms for listing laid down in paragraph 1. to 3. and  paragraph 5. to 7.
  • Distribution of fund units to the public
  • Market Maker

 
Other financial instruments:

Market Terms
Regular Market
  • General terms
Official Market
  • General terms

 
Listing is done by  Markets Department which can be contacted on trzista@zse.hr.
 

 
Documents:

 
 
 











 
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ADRS23.751,24 344,00
ADPL2.001,60 110,00
HT1.725,67 164,00
ARNT972,61 210,00
PODR902,11 363,00
ATPL717,49 165,00
ERNT613,53 1.145,00
OPTE529,88 4,32
KODT2516,57 980,00
Short report for 27.3.2020
Total turnover18.221.450 Kn
Regular turnover18.221.450 Kn
Equity 18.221.450 Kn
Debt 0 Kn
Structured 0 Kn
Block turnover0 Kn
OTC turnover66.554.660 Kn

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ADRIAprime0,40%822,18

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