The Warsaw Stock Exchange is to introduce a new market practice of introducing financial instruments to the alternative trading system (ATS) in order to enhance market transparency. The new rules will apply to applications submitted by companies and the publication of their information documents. The changes are designed to improve access to issuer information before shares are listed and to activate investors.
A summary list of issuers’ applications for the introduction of shares to NewConnect will be published on the website www.newconnect.pl as of 10 December 2015. It will provide details including the application date (both for initial public offerings and subsequent share issues), the date of the Resolution of the Exchange Management Board concerning the introduction of the shares to the ATS, the published information document and a link, as well as the proposed date of the new listing.
To give market participants the time to review such information, the GPW Management Board introduces a practice where the date of the new listing of instruments covered by the issuer’s application for introduction to trading will not be set earlier than 5 business days after the introduction to the ATS and the publication of the information document.
“The new regulations are part of the NewConnect 2.0 project designed to make the market more transparent and attractive for investors. Market participants will have the opportunity to understand the company profile and history in advance in order to take more active part in its public floatation,” said Grzegorz Zawada, Vice President of the Management Board of the Warsaw Stock Exchange.
To protect the interests of investors and to ensure the highest standards, GPW consistently enforces compliance of companies listed on NewConnect with the ATS Rules. In the case of any breach, GPW levies sanctions under the Rules and, in extreme cases, delists the shares from the alternative trading system.