The Euronext Brussels Free Market was created in 2004 just like the Euronext Paris Free Market; the latter exists since 1996 and currently has 250 securities. 

The Free Market addresses small and medium-sized firms who would like to finance their development and benefit from the reputation bestowed on listed companies without necessarily having to satisfy all the requirements related to a listing on a regulated market such as “Eurolist by Euronext” (the segment resulting from the merger of the First, Second and New Markets).

For Belgian companies, the main differences with regard to the regulated market are:

• No obligation to distribute/offer a minimum percentage of shares to the public (“free float”).
• No obligation to publish accounts in IFRS format.
• No obligation to submit to the Lippens Code of corporate governance.
• No obligation to publish accounts twice a year, nor price sensitive information, in a structured way, such as information which could have an influence on the price.
• No obligation for shareholders to publish crossings at every 5% stage.

Nevertheless, companies that would like to be admitted to listing on the Free Market must prepare a prospectus and get it approved by the CBFA (Banking, Finance and Insurance Commission).  This prospectus describes the company’s activity, its prospects and the characteristics of the securities to be listed (shares, bonds, convertible bonds…). The issuer is assisted in the preparation of this file by a “sponsor,” a financial intermediary, who is also in charge of investing securities with investors.