Regulated Market Segments: Official Market

Criteria for Official Market listing

General terms

(art. 89. Exchange Rules)

  • The financial instrument being listed on the regulated market shall be those which may be traded in a fair, orderly and efficient manner;
  • 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,;
  • The applicant shall comply with the obligation to publish the prospectus and disclose other information, in accordance with the provisions of the CMA;
  • Financial instruments must be freely negotiable;
  • 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;
  • The use of LEI is mandatory for issuers of financial instruments listed on regulated market
  • A pre-bankruptcy, bankruptcy or liquidation proceedings are not instituted against the issuer of a financial instrument.

Security types

Terms

Shares

  • 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)

Debt securities

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

Other financial instruments

  • General terms

Post-listing requirements on Official market

Security types

Disclosure requirements

Shares

  • Financial reports (annual, semi-annual, quarterly)
  • Notification of major holdings (exceeds or falls below the thresholds of 5%, 10%, 15%, 20%, 25%, 30%, 50% and 75% of voting rights in an issuer of shares)
  • Acquisition/ disposal of own shares
  • Notification of changes in the rights attached to issued securities
  • Notification of total number of shares and/or voting rights
  • Corporate Governance Code (compliance questionnaire)
  • Invitation to the General Assembly and notice on the resolutions adopted by the General Assembly
  • Corporate Actions requirements (record date and etc.)
  • Home Member State notification
  • The choice of Official register of regulated information notification
  • The choice of Media for disclosure of regulated information notification
  • Managers’ Transactions
  • Public disclosure of inside information in accordance with the  Market abuse regulation (EU) No 596/2014
  • Management and Supervisory Board Meetings
  • Listing obligation for any new issues of shares
  • Information disclosure in both Croatian and English

Debt securities

  • Financial reports (annual, semi-annual)
  • Notification of changes in the rights attached to issued securities
  • Meeting of the Holders of Debt Securities and information about the resolutions adopted at the meeting of debt securities holders
  • Corporate Actions requirements (record date and etc.)
  • Home Member State notification
  • The choice of Official register of regulated information notification
  • The choice of Media for disclosure of regulated information notification
  • Managers’ Transactions
  • Public disclosure of inside information in accordance with the  Market abuse regulation (EU) No 596/2014
  • Management and Supervisory Board Meetings