Raising Capital > Listing Sponsors

Listing Sponsors

Listing Sponsor

The listing sponsor is a company accredited by Euronext. Euronext has created this status of advisor, named “Listing Sponsor”, to play the lead role in the listing process, their presence being intended to bolster investor confidence. Prior to any listing, there is a certain amount of legal “housekeeping” and preparation to be undertaken to ensure that shares are suitable for listing, companies comply with relevant legal requirements and current and future investors needs are met. The listing sponsor is a key player for companies and investors and the primary contact for Euronext.

The appointment of a listing sponsor by the issuer is mandatory for an admission to listing on Euronext Growth, Euronext Access+ and Euronext Access. The companies, admitted to trading on Euronext Growth or Euronext Access+, shall have a listing sponsor on a permanent basis after the admission.

The role of the Listing Sponsor:

PRE-ADMISSION

ADMISSION

POST-ADMISSION

ASSESING SUITABILITY FOR LISTING

The Listing Sponsor supports the Company once the admission decision is made :

  • Supports the Company in choosing the market best suited for its size and objectives;
  • Helps the Company in selecting the operation partners;
  • Performs regulatory due-diligence measures;
  • Prepares the Company with lawyers/ legal advisors and statutory auditors; and
  • Advises regarding the shareholding & management structure

COORDINATING THE LISTING PROCESS

The Listing Sponsor steers the admission operation :
 

  • Coordinates the stakeholders;
  • Calibrates the timetable and the operation;
  • Provides the prospectus or information document, a Company’s valuation if applicable and all the required material information;
  • Monitors and provides support during the examination of the file by the market authorities (regulator and Euronext); and
  • Advises regarding the operation’s marketing.

ONGOING OBLIGATIONS
 

The Listing Sponsor supports the Company on a daily basis in its stock market life :

  • Maintains regular contact with the Company and be the primary contact for Euronext;
  • Continuously ensures compliance with the legal and regulatory requirements (including publication) and contractual obligations; and
  • Advises and assists the listed Company in its interaction with the market, especially by doing its utmost for organizing one investor meeting per year at the minimum.

 
Eligibility Criteria for Listing Sponsors
The eligibility criteria to obtain Listing Sponsor status has been reinforced. The listing sponsor shall set up internal rules implementing the requirements of the EU Market Abuse Regime and the relevant anti-money laundering and sanctions measures as enforced by the relevant public competent authorities. The eligibility criteria are :

 

 

 

Eligibility Requirements

 Listing Sponsor Requirements

Activity

Active in advising companies on capital structure, strategy and related issues and has provided services related to mergers and acquisitions for a two (2) year period.

Track Record

Completed at least two (2) equity transactions involving on or more companies which transactions included the drafting of a prospectus or an information document.

Staff

Demonstrated that its staff -at least two (2) individuals- is suitably qualified and experienced in order to implement and maintain its operations as Listing Sponsor.

Compliance

Set up internal rules implementing the requirements of the EU market abuse regulation and the relevant anti-money laundering and sanctions measures as enforced by the competent authorities.

Insurance

Adequate professional indemnity insurance with a reputable insurer against liability arising from its activities as Listing Sponsor.

Specific Case

Euronext may also take into consideration an application form from a Company which has been in existence for less than two (2) years, provided that its staff is particularly qualified and has a high level of experience.

 
Besides, after having be accredited, the listing sponsor shall inform Euronext on an annual basis of its activities, its organizational structure, its staff, its contact details and the list of companies for which it acts as Listing Sponsor by submitting the annual certification in the form prescribed on Euronext website. The listing sponsor’s activity will be assessed by Euronext on a yearly basis.

Find our list of listing sponsors here.

To learn more about these changes, please contact: Cécilia Marguin and Damien Pelletier.