Listing on the Exchange means the creation of a funding possibility/financial alternative for  funding for the company entering the market and, parallel to that, for the investors trading on the exchange, it means the emergence of a new product. An important task of the Exchange is to establish an appropriate system of criteria for listing, in view of the interests of investors, and in order to protect these and to ensure transparent trading. For that purpose, the Exchange has prescribed the following conditions for companies entering the market. These are verified by the BSE on the basis of the documents in the application submitted to the Exchange.

• the security to be listed shall be negotiable;
  

• the issuer shall accept the Exchange Rules as binding upon itself and shall accept and comply with the terms set forth in of  KELER Rules;
  

• the issuer shall accept depository receipts issued by KELER Zrt. in its capacity of a depository or with reference thereto as a certificate of title to the issuer’s securities;
  

• the issuer shall undertake the commitment that in the event securities incorporating identical rights with securities on the Trading List are issued as part of capital increase or a tap issue, it shall initiate, in line with the provisions of the Listing Regulations, the listing of the new security within that series;
  

• an exchange prospectus prepared for the listing on the exchange shall be made available, supplied with the approval of the appropriate authority;
  

• the company shall operate as a public limited company or at least the respective decision (general meeting resolution)about the listing must have been made;
  

• if an investment firm is involved in the listing, the applicant and the investment firm shall submit a joint declaration, stating that during the listing procedure, the investment firm is acting on behalf of the applicant;
  

• the company shall obtain a statement by KELER Ltd. specifying that the security is accepted for account keeping and recording, as well as for settlement with the exchange;

• circle of owners;

• name and address of the share registrar of the issuer.

A precondition for starting trading is that the company shall publish, - at the official site for publications of the Exchange –at www.bse.hu:

• the prospectus prepared for the listing on the exchange;
  

• the statutes of the company;
  

• information on the language approved by the Supervisory Authority (English or Hungarian) for the fulfilment of reporting obligations during the period of continued trading of the company’s securities;

• the ownership structure;

• the name and address of the Registrar of Shares.

Listing of equity series takes place in categories “A” or “B”. For listing in category “B”, in addition to the above general requirements – which are basically requirements of the law –, the Exchange does not impose further conditions. In the case of an application for listing in category “A”, the company and the series of securities to be listed shall comply with certain further requirements (size of the series, free float, number of shareholders, completed business years). The requirements of the different categories are summarised in the table below:

In order to facilitate the administration of the listing procedure, the Exchange prepared standardised data sheets are available for download from the following site.

• Application for listing

The detailed system of the listing requirements is included in the Listing Regulations.