Debt listing: Ongoing requirements on the Regulated Market

One of the main differences between the two markets operated by Vienna Stock Exchange is that of the ongoing requirements. The Regulated Market has additional requirements to those of Vienna MTF as outlined below. 

Regulated Market

In addition to the ongoing requirements for Vienna MTF, the Regulated Market also requires the application of the EU transparency directive. We apply the home member state principle which means that all obligations according to the EU transparency directive (especially annual and half year financial reports) have only to be fulfilled in the (selected) home member state. 

In the case of an EEA (European Economic Area) issuer, a selection of "home member state" can be made when the denomination of the bond is 1.000 EUR or higher. In this case, the home member state can be the state where the issuer is registered or the country where the bond is listed on the regulated market (in this case Austria). Disclosure of this selection to the public by European-wide electronic dissemination systems, to the competent authority of the home member state and to the competent authority of the host member state is mandatory. 

When the denomination of the bond is less than 1.000 EUR (for an EEA issuer), then the home member state must be the state where the issuer is registered. 

For third country issuers (outside EEA), country where the bond is listed on the regulated market (in this case Austria) is the home member state. 

Further details can be found in the respective fact sheets which can be found in the downloads section.

If you have any questions or inquiries, please do get in touch with our listing experts who would be happy to assist you.