Requirements for admission to trading and continuing obligations

The Admission to Trading Rules for Merkur Market are simpler and less comprehensive than the equivalent rules for Oslo Børs and Oslo Axess. 

When assessing the suitability of a company and its shares/equity certificates for admission to trading, Oslo Børs will carry out a comprehensive assessment of the suitability of the company and its securities. The specific requirements include the following:

  • A Merkur Advisor must be appointed to assist the company with the admission process
  • The company must have produced at least one audited annual or interim report
  • The company’s shares must be registered with VPS or in an equivalent electronic register
  • At least 15% of the company’s share capital must be distributed among the general public
  • The company must have at least 30 shareholders each holding shares with a value of at least NOK 5,000
  • The shares must have an expected market value of at least NOK 1 per share
  • Limited-scope financial and legal due diligence must be carried out
  • An admission document must be published by the first day of admission to trading
  • At least one board member must have sufficient expertise in the Merkur Market rules
  • The company’s management and board of directors must be judged to be suitable by Oslo Børs

There are no specific requirements relating to the company’s market capitalisation or for its operating result to be positive, for it to have sufficient liquidity to operate for 12 months following its admission to trading, for it to use IFRS accounting standards, or for it to convert to a public limited company (ASA).

Oslo Børs may, on the basis of a suitability assessment, decide against admitting a company’s shares to trading if it finds this appropriate in order to protect the interests of investors, general confidence in the stock market and the securities market, and Merkur Market’s reputation. This may apply regardless of whether a company satisfies all the requirements for admission to trading. 

In special circumstances Oslo Børs may grant an exemption from a condition for admission to trading on the basis of a case-by-case evaluation.

Main continuing obligations for companies on Merkur Market

  • Operating procedures for handling and publicly disclosing inside information and other significant corporate news
  • Prohibition against abusing inside information and spreading misleading information
  • A duty of confidentiality
  • Publishing annual reports and half-yearly reports
  • Ensuring equal treatment of shareholders

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