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ccmalta.com/capital-markets-finance
Listing in Malta
GDP GROWTH 4.3% in 2015 (EC)
REGULATOR Malta Financial Services Authority
WORKFORCE Well qualified, English speaking
TIME ZONE Central European Time Zone (UTC+01:00)
EUROPEAN UNION Member of the EU & Eurozone
UNEMPLOYMENT RATE 5.8% in 2015 (EC), lowest in the EU BANKING
SYSTEM 10th soundest system in the world (WEF)
FINANCIAL SERVICES FRAMEWORK EU and OECD approved
Dr Maria Chetcuti Cauchi Partner, Financial Services
[email protected]
ALTERNATIVE COMPANIES LIST
www.ccmalta.com/capital-markets-finance
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MALTA Malta enjoys a stable political climate and a bi-partisan
political scene that is largely convergent on issues of national
and economic importance. Malta and Germany were the only two states
in the Euro Zone maintaining economic growth during the financial
crisis. Malta’s banks have been ranked amongst the soundest in the
world. Malta has been a member of the EU since 2004 and of the
Schengen Area since 2007. The Malta Alternative Companies List
(ACL) is a Malta Stock Exchange (MSE) initiative aimed at providing
listing opportunities for companies and investors with the
potential to grow, yet do not fulfill the rigorous requirements for
MSE Official Listing. Listing on the ACL offers the benefit of EU
Passporting, as well as, international recognition.
LEGAL BASIS FOR LISTING ON THE MALTA ALTERNATIVE COMPANIES
LISTListing on the Malta ACL is regulated by the Financial Markets
Act (2002), which was amended in 2007 to take into account EU
reforms. The administration of the Act falls within the remit of
the Malta Financial Services Authority (MFSA), which is an official
& independent body also responsible to issue Listing Rules.
BENEFITS OF LISTING ON THE ALTERNATIVE COMPANIES LIST
€ share price as M&A currency
Fast listing & approval process
Top Brand listing Access to international market
International visibility & recognition
EU Passporting
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MINIMUM REQUIREMENTS
The minimum fully paid up share capital of the applicant for
listing on the Malta Alternative Companies List is of is
€50,000.
LISTING OF DEBT SECURITIES
Listing debt securities requires a minimum of €200,000 with a
minimum subscription of at least €50,000 per individual investor
and a subsequent minimum holding of €50,000 maintained throughout
his/her investment. No trading record is required.
LISTING EQUITY SECURITIES
Listing equity securities requires a minimum of €1,000,000, with
a minimum subscription of at least €10,000 per individual investor.
Shares in the Hands of the Public must at least be 25% of the
listed shares.
The applicant is also required to provide a trading record with
filed annual accounts of the preceding 3 financial years (a
derogation may apply).
ELIGIBILITY FOR LISTING ON THE MALTA ALTERNATIVE COMPANIES
LISTTo be eligible to list on the Malta Alternative Companies List,
the applicant must be an incorporated company, with a Memorandum
and Articles of Association which is in conformity with listing
rules. This implies that securities must be duly authorised, in
accordance with the applicant’s place of incorporation. Funds must
be freely transferable and expected to enjoy adequate continuity of
dealing.
ELIGIBILITY REQUIREMENTS
Applicant to be an incorporated Co
Share capital; €50,000 min
Securities must be freely transferable
Subscription; €10,000 per investor
depends whether equity or debt
+ + + + =€€
Equity Securities; €1,000,000 min.
€
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Listing Timeline
ALTERNATIVE COMPANIES LIST
WHY WORK WITH US?
Engagement
Preliminary Meeting with
the Listing Authority
Approval & Admission to
Listing
Submit Application for ‘Admissibility of Listing’ &
‘Admission to Listing’
2-3 WEEKSCOMPLIANCE TIME
• Selecting and appointing a sponsor
3MONTHS
1-2 MONTHSPREPARATION TIME
• Compiling offering documentation & preparation of
application
1 MONTHREVIEW TIME
• The Listing Authority reviews the applications
Success Rate:Problem Solving, Integrity, Honesty
15+ YearsExperience in
Financial Services
Chambers & Partners Global, Legal 500:Ranked Lawyers
Malta-Cyprus Lawyers,
Tax advisors, Fiduciary staff: 100+
Our Ethos:Small firm personal, Big firm expertise
We’re lawyers: Lawyer -
Client Privilege
Dr Maria Chetcuti Cauchi Partner, Financial Services
[email protected]
15YEARS100%
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