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Ongoing obligations on the Professional Securities Market


Issuers of depositary receipts and debt admitted to the PSM are required to meet certain ongoing obligations, as detailed below.

Ongoing obligations for issuers of depositary receipts

Inside information

  • Must be disclosed to the market as soon as possible and in all jurisdictions in which the securities are listed
  •  Drawing up and maintenance of an insider list

Annual report and accounts

  • Publication of an Annual Report within 6 months of the end of the financial period to which it relates

Distribution rule 

  • 25 per cent of DRs must be in public hands

Ongoing obligations for issuers of debt

Inside information

  •  Must be disclosed to the market as soon as possible and in all jurisdictions in which the securities are listed
  •  Drawing up and maintaining an insider list

Accounting standard

  •  Local GAAP

Annual report

  • Debt issuers on PSM must publish their annual report within 6 months of the financial period to which it relates

Ongoing reports

  •  PSM debt securities are exempt from half-yearly reports, interim management statement (IMS) and annual information updates
Other requirements
  • All holders of debt securities must be given equal treatment in respect of rights
  • Any changes to the rights must be disclosed to the public without delay

Dissemination of information    

  • Issuers need to meet criteria related to methods and timing of disseminating information as set out in DTR 6.3