Apostolos Georgiades & Associates

REPORT ON THE LISTING REQUIREMENTS OF FOREIGN SECURITIES IN THE ASE

Foreign Securities can be listed on the Athens Stock Exchange (hereinafter “ASE”) by virtue of the EC 79/729 Directive on the co-ordination of listing requirements between the Member States and the 80/390 Listing Particulars Directive embodied in Greek legislation. As it is clearly stated in article 2 § 1 of Presidential Decree 350/1985, which constitutes the basic legislation on the listing requirements on the ASE, transferable securities issued by domestic or foreign companies limited by shares (societe anonyme) can be listed on the ASE subject to their authorization by the Board of Directors of the ASE.

Foreign securities therefore can be listed on the ASE provided that they fulfil the conditions set for the listing of domestic securities.

Companies domiciled in an EU Member State can list their securities/bonds on the ASE regardless of the fact whether they are admitted or not in another Stock Exchange of an EU Member State, due to the guarantees provided to investors and deriving from the EU coordinated legislation on capital market.

On the contrary, the appearance of foreign shares/bonds of a company domiciled in a non-EU country must provide sufficient guarantees for the protection of the investors and for that reason it is required that prior to their listing on the ASE they should already be admitted in their home country Stock Exchange or the Stock Exchange of the state where their securities exhibit the widest dispersion[...]

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