This applies to the following sets of rules in both English and Norwegian:
- Listing Rules for Oslo Børs
- Listing Rules for Oslo Axess
- Continuing obligations of stock exchange listed companies
- Admission to Trading Rules for Merkur Market
- Continuing obligations of companies admitted to trading on Merkur Market
- Bond Rules
- ABM Rules
Description of the new web format
Oslo Børs continually seeks to simplify both the form and content of the information it makes available. This is the rationale for the new web solution, which simplifies the way in which we make available the issuer rules and information on how they are applied in practice.
The Oslo Børs issuer rules have until now only been available in PDF format, while information on how Oslo Børs interprets the rules has been made available in the form of circulars. Oslo Børs has principally presented its practice in respect of the rules in its annual Decisions and Statements documents, as well as by publishing on its website rulings on specific cases issued by the Stock Exchange Appeals Committee.
The new web format is intended to make the issuer rules more user-friendly, with better search functionality and links to relevant acts, regulations and other publications provided. Furthermore, the new solution will make Oslo Børs’ interpretations of the rules and its practice more accessible, as relevant text from stock exchange circulars has been incorporated into the rule documents themselves either as new or extended guidance text. References to relevant cases in the Oslo Børs Decisions and Statements documents as well as to cases considered by the Stock Exchange Appeals Committee etc. have also been incorporated in the form of links.
The new web solution allows users to expand/collapse the different levels of the issuer rules, as well as to show/hide the guidance text for each rule, while users are also still able to download or print each set of rules as a PDF.
The rules have not been changed in connection with the launch of the new digital format, and where guidance text on the rules has been added or expanded, the text is based on Oslo Børs’ current practice and interpretations.
Short newsletters on changes to the rules will replace circulars
Oslo Børs has also decided to simplify the way in which it informs issuer companies and other market participants of changes to its rules and other news. With effect from 2018, Oslo Børs will no longer publish circulars, but will instead replace these with shorter newsletters. Price changes and other announcements from Oslo Børs will also be sent in the form of newsletters rather than circulars.
The circulars that have already been issued will remain available on Oslo Børs’ website under Circulars – archive. In time these will be marked as cancelled, as their relevant content is incorporated as guidance text in relation to the individual rules concerned. Oslo Børs will provide further notification upon cancellation of the circulars.
Oslo Børs will send its newsletters regarding changes to the issuer rules to its designated contacts and other recipients to whom it previously sent circulars. It is possible to subscribe to Oslo Børs’ newsletters by registering your email address on the new Information and news page.
Oslo Børs envisages that the frequency with which it updates its rule sets will be the same as previously, which is to say approximately once a year. We anticipate that the guidance text will be updated somewhat more frequently than this, through the inclusion of links to new, relevant cases. In the event of any change to the guidance text which involves a change to Oslo Børs’ interpretation or practice, Oslo Børs will publish such change in the form of a newsletter that will be distributed as set out above in section 3. Furthermore, a log of newsletters will be available on Oslo Børs’ website under Information and news.
The new guidance text on the issuer rules has been produced on the basis of a review of the circulars and the Decisions and Statements carried out in collaboration with Advokatfirmaet BAHR AS.
Readers are asked to direct any questions or comments on the new web solution to the Listing Department or the Legal Department.