Procedures for Depository Securities
I. GENERAL PROVISIONS
Art. 1 Substance
This Directive outlines the procedures for the listing of certain Depository Securities. It specifies the requirements for planning and executing a listing, including supporting documents and deadlines.
Art. 2 Scope of Applicability
This Directive applies to all Depository Securities except for FDIs and MERJ Depository Shares issued over certain international securities and recognized mutual funds.
See also:
- Directive Admission of Certain International Securities and Recognized Mutual Funds
- Directive Procedures Equity Securities
- Directive Procedures Debt Securities
- Directive Foreign Companies
Art. 4 Requirements for Unsponsored Global Depository Receipts
Applications to list Unsponsored Global Depository Receipts are limited to those issued over securities listed on another exchange in a recognized jurisdiction where the issuer's periodic reporting has complied with the financial reporting requirements laid down in these Listing Rules for the last three years.
Art. 5 Annexes to Applications
- Formal Applications
The following annexes must be submitted with the application for transactions requiring a formal application:- Listing Particulars or an equivalent document containing information specified in the Listing Particulars Scheme – Depository Securities, unless exempted under the Listing Rules.
- Duly signed issuer declaration by the issuer of the underlying securities pursuant to LR40;
- Extract from the Commercial Register or equivalent confirming the authorized and issued outstanding capital of the underlying securities;
- The documents required in Appendix A and B of the MERJ Group AML-CFT Policy Manual for the issuer and Depository (unless already on file);
- Proof of holding rights (e.g., legal text for foreign book-entry or digital asset securities);
- Official Notice pursuant to LR32;
- Recognized Representative Declaration;
- Copy of the deposit agreement; and
- For new issuers, a Certificate of Good Standing or comparable document demonstrating the issuer's legal existence.
- Unsponsored Depository Securities over Underlying Securities
The following annexes must be submitted with the application for Unsponsored Depository Securities with underlying securities:- Listing Particulars or an equivalent document containing information specified in the Listing Particulars Scheme – Depository Securities;
- Duly signed issuer declaration from the Depository pursuant to LR40;
- Proof of holding rights (e.g., legal text for foreign book-entry or digital asset securities);
- Official Notice pursuant to LR32;
- Recognized Representative Declaration; and
- Copy of the depository agreement.
- Depository Securities over other Underlying Instruments
- Listing Particulars or an equivalent document containing information specified in the Listing Particulars Scheme – Depository Securities;
- Duly signed issuer declaration from the Depository pursuant to LR40;
- Recognized Representative Declaration; and
- Copy of the depository agreement or custody agreement.
- Documents must be submitted by email to listing@merj.exchange with secure digital signatures (e.g. Docusign) where required.
III. FINAL PROVISIONS
Art. 6 Entry Into Force
This Directive shall enter into force on 1 January 2025.