Amendments to the Listing Rules on the Macedonian Stock Exchange
From 26.10.2021, the Decision for amendments to the Listing Rules on the Macedonian Stock Exchange starts to be applied, adopted by the Board of Directors of the Stock Exchange on 20.09.2021, for which consent was obtained by Decision of the Securities and Exchange Commission from 07.10.2021.
In parallel with these changes to the Listing Rules, a new Code for corporate governance of listed companies on the Stock Exchange was adopted. The amendments to the Listing Rules are mostly related to this Code.
The amendments to the Listing Rules define criteria according to which the listed companies will be determined, which in the future will have to report in accordance with the new Code of Corporate Governance.
Listed companies that do not meet the stipulated criteria may voluntarily choose to apply the Code.
The Corporate Governance Code will apply to issuers whose shares are listed on the Official Market of the Stock Exchange in all market segments that on 31.12 of each current year meet at least three of the following four conditions:
- market capitalization worth at least 5,000,000 euros
- at least 100 shareholders
- at least 5% public share yield and
- the issuer’s shares were traded in at least 30% of the total number of trading days in the current year.
The Stock Exchange will calculate the fulfillment of the stated conditions and will inform the issuers about the fulfillment, i.e. about the termination of the fulfillment. The list of listed companies that meet the requirements will be published by the Stock Exchange on its website.
The initial determination of the companies that will be obliged to apply the Code will be done on 01.11.2021.
The companies that meet the conditions for application of the Code are obliged to report on their corporate governance practices in accordance with the deadlines prescribed in the Listing Rules, within the Annual Report on the operation of the company in a manner prescribed by the Rules. The reporting of the application of the practices from the Code of Corporate Governance is done by the companies by applying the principle “apply or explain why you did not apply”.
The consolidated text of the Listing Rules in which all the latest changes and additions are fully incorporated can be found at the following link: https://www.mse.mk/mk/content/21/1/2008/listing-rules
The Code for corporate governance of listed companies on the Stock Exchange is available at the following link:https://www.mse.mk/mk/content/14/10/2021/corporate-governance-code
by Hristijan Naumovski, associate at Lalicic & Boskoski Law Office
The above text is for information purpose only. It’s content cannot be cosnidered a legal advise. Please consult a lawyer for more specific legal information.