LISTING SECURITIES in MALTA What You Need to Know

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LISTING SECURITIES IN MALTA What you need to know Malta offers two regulated markets on which issuers can list their securities, the Malta Stock Exchange (“MSE”) Official List for both equity and debt listings and the European Wholesale Securities Market (“EWSM”) for debt listings. The MSE also operates ‘Prospects’, a multi-lateral trading facility specifically designed for SMEs to list their equity and debt securities. KEY INFORMATION AND LISTING CONDITIONS MSE Official List Prospects (Equity / Debt)* EWSM (Debt)** (Equity / Debt)*** EU Regulated Market Yes Yes No Prospectus (Prospectus Prospectus (Prospectus Admission Document Offering / Admission Document Directive Compliant) Directive Compliant) (Prospects Template) Listing Authority MFSA MFSA N/A (Self-Regulated Market) Appointment of Sponsor / Sponsor Listing Agent Corporate Advisor Listing Agent / Advisor Minimum Denomination of Securities N/A €100,000 N/A Minimum Amount of Securities Listed €1,000,000 €1,000,000 N/A Minimum Issuer Share Capital • €1,000,000 (Equity) N/A N/A (Fully Paid-Up) • €250,000 (Debt) Minimum Free Float / • 25% (Equity) N/A N/A Securities held by Public • N/A (Debt) Whole Class to be Listed Yes Yes Yes Securities must be Freely Transferable Yes Yes Yes • 3 Financial Years (Equity) Historical Audited Financial Information N/A N/A • 2 Financial Years (Debt) Listing Application Approval Timing 1-2 months 1-2 weeks 2 weeks €12,500 - €60,000 Initial Application Fee €1,000 €5,000 (Based on Market Cap) €2,250 - €116,000 €5,000 - €32,500 Annual Exchange Fee €2,000 (Based on Market Cap) (Based on Market Cap) * MSE listing requirements vary for listing of units in collective investment schemes. ** EWSM information reflects the general listing conditions/requirements for all categories of debt listings. Additional listing requirements apply depending on the specific type of debt securities issued (e.g. Asset-Backed Securities or Convertible Debt Securities). *** Prospects information reflects a listing of securities where there is no ‘offer of securities to the public’ for the purposes of the Prospectus Directive. Any ‘offer of securities to the public’ will require a Prospectus Directive compliant prospectus. For further information please contact: Max Ganado SENIOR PARTNER [email protected] Nicholas Curmi SENIOR ASSOCIATE [email protected] 171 OLD BAKERY STREET VALLETTA VLT 1455, MALTA T. (+356) 2123 5406 E. [email protected] www.ganadoadvocates.com Disclaimer: This document is for informational purposes only and does not contain or convey legal advice and should not be used or relied upon in regard to any particular facts or circumstances without first obtaining specific legal advice. .

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