Fast Path Eligibility The issuers’ side US-listed issuers (or about to-be-listed companies) that are incorporated outside the European Economic Area are eligible to Our Fast Path offering Access to the Fast Path Listing Procedure is not available for issuers already listed on an EU regulated market, which is a position implicitly derived from the Prospectus Directive. Although this procedure has been drawn-up to list shares on NYSE Euronext, any type of securities can, in principle, be listed through this procedure, including bonds or equity linked securities. Subsequent issuances and offerings by an issuer listed via the Fast Path Listing Procedure can follow the same route. There may be circumstances under which the distribution of shares in Europe could result in a public offering triggering the obligation to file a prospectus with the competent European regulator. However, depending on the jurisdiction where such shares are offered, there may be ways to avoid such distribution in the public in Europe and the corresponding obligation to file a prospectus in Europe compliant with all the relevant public offering rules. The Fast Path Listing Procedure represents both a general movement towards integration of the capital markets and the efforts by European regulators to attract foreign issuers. It facilitates the listing of non EU issuers listed on the NYSE on one of Euronext’s four regulated markets, and lightens their disclosure obligations while still maintaining a high level of investors’ protection. Indeed, such issuers will benefit from the recognition by EU regulators of SEC standards, thereby benefiting from the transatlantic bridge built by the NYSE Euronext merger and the transatlantic platform it offers to investors and issuers. In the near future, EU regulators should take advantage of the Transparency Directive, formalising their willingness to lighten the ongoing disclosure obligations of non-EU issuers that are bound by ongoing disclosure obligations in their home country that are equivalent to those provided under the Transparency Directive. Although the Fast Path Listing Procedure is at this stage limited to SEC reporting companies listed on the NYSE, nothing should prevent its extension in the future to other foreign companies subject to continuous disclosure requirements in jurisdictions other than the US, provided that the same level of disclosure required under the Prospectus Directive and Transparency Directive is also required under the law of their home state. This first step, limited to technical listings and offerings to qualified investors could, based on early experiences, be swiftly extended to public offerings, which clearly is allowed by the Prospectus Directive. https://euronext/en/listings/fast-path-eligibility
Posted on: Sat, 15 Mar 2014 18:12:45 +0000
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