Reclassification of Trade-able Listings to Technical Listings

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Reclassification of Trade-able Listings to Technical Listings

On July 19, 2021, several listings of issuers approved as Trade-able Listings on the Dutch Caribbean Securities Exchange (“DCSX”) with the status “Trade Approved” have been reclassified as Technical Listings. In this article, we will first provide an explanation about our listings categorization at the DCSX followed by the reasoning behind the reclassification, and the process required for reapplication as a trade-able listing.

 

Trade-able vs Technical

The DCSX has Trade-able and Technical Listings on its platform. Trade-able listings are what are known as “traditional” listings with the main purpose to raise capital or provide liquidity to the shareholders. At the exchange when tradeable listings are approved they are immediately identified with the status of “Trading Approved”. When a listing is identified as “Trade Approved” it means that the process of Dematerialization of Shares and/or Deposit with Custodian are still pending to be completed in order to start trading on the primary (main) market. Once that process is completed the listing will be assigned with a “Trading” status.

Technical Listings differ from Trade-able Listings in their purpose. The purpose of technical listings is not to raise capital but to elevate the company’s profile on the market and to elevate the compliance level of the legal entity, at the same time it is considered a preparation to become tradeable in the future DCSX trading platform. They are allocated on the secondary market.

 

The Reclassification 

The reclassification from Trade-able to Technical of several listings of issuers that took place on July 19 was made In accordance with our rules & regulations, and our requirements for Tradable Listings, following multiple notifications thereon with the mandated listing advisors. The listings of Issuers whose securities were approved to list and trade on the DCSX that did not provide any feedback on the notifications provided were reclassified as technical listings.

In this case, we are specially talking about the following issuers:

 

These now technically listed securities cannot be traded on the DCSX. Subject Issuers can re-apply for a trade-able listing upon filing the following supporting documents via their mandated listing advisor:

  • A completed and signed Change Request Form;
  • Declaration of no material change or updated Prospectus;
  • A copy of a new shareholder resolution resolving to re-apply for a tradable listing and transfer the securities to the custodian of the DCSX;
  • A copy of a new board resolution resolving to re-apply for a tradable listing and transfer the securities to the custodian of the DCSX;
  • A signed securities transfer/dematerialization form, and
  • Any other document the exchange may request at the time of re-application.

 

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