FSRA Guidance On Listing Applications And Eligibility

KEY TAKEAWAYS

• Securities must be listed on the Official List before being traded on any ADGM exchange.
• Issuers are encouraged to engage early with FSRA and submit draft documents to identify and resolve issues before applying.
• Direct listings (without a capital raise) are allowed but must still meet all listing criteria, including the free float requirement.
• A new class of securities requires a fresh eligibility assessment, regardless of prior listings by the same issuer.
• Certain offerors and securities are exempt from the prospectus requirement, but a listing application is still mandatory.
• Listed entities must comply with ongoing obligations like disclosures and reporting, or face regulatory action from FSRA.