{"id":1269,"date":"2015-11-02T14:13:00","date_gmt":"2015-11-02T13:13:00","guid":{"rendered":"http:\/\/haavind.local\/en\/2015\/11\/02\/merkur-market-opens-on-13-january-2016-the-first-mtf-in-norway\/"},"modified":"2022-07-21T12:51:39","modified_gmt":"2022-07-21T12:51:39","slug":"merkur-market-opens-on-13-january-2016-the-first-mtf-in-norway","status":"publish","type":"post","link":"https:\/\/haavind.stage01.dekodes.no\/en\/merkur-market-opens-on-13-january-2016-the-first-mtf-in-norway\/","title":{"rendered":"Merkur Market opens on 13 January 2016 – the first MTF in Norway"},"content":{"rendered":"\t
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Merkur Market opens on 13 January 2016 – the first MTF in Norway<\/h1>\n\n

On 13 January 2016, Merkur Market opens as a new marketplace for trading of shares and equity certificates. Merkur Market will be an alternative market place primarily directed towards small and medium-sized companies (SME-companies) and will permit listing of companies that are not public limited companies (ASA) or equivalent types of foreign companies.<\/p>\n\t\t\t\t\t\t\t\t\t\t\t\t\t

<\/div>\n\t\t\t\t\t
\n\t\t\t\t\t\t02 November, 2015 \u00b7 5 min. reading time<\/span>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\n
\n\t\t\t\tWritten by<\/span>\n\t\t\t\t
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\n\t\t\t\t\t\tCornelius Sogn Ness<\/span>\n\t\t\t\t\t\tPartner<\/span>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/a><\/div>\n\t\t\t\t
\n\t\t\t\tTopics<\/span>\n\t\t\t\t
Corporate M&A<\/a>Stock exchange and capital markets<\/span><\/div>\n\t\t\t\t<\/div>\n\t\t\t<\/div>\n\n

On 13 January 2016, Merkur Market opens as a new marketplace for trading of shares and equity certificates. Merkur Market will be an alternative market place primarily directed towards small and medium-sized companies (SME-companies) and will permit listing of companies that are not public limited companies (ASA) or equivalent types of foreign companies.<\/p>\n\n\n

Merkur Market will fill a space in the market between the regulated market places Oslo B\u00f8rs and Oslo Axess and the unregulated NOTC-list of the Norwegian Securities Dealers Association.<\/strong><\/p>\n\n\n\n

Merkur Market will have status as a multilateral trading facility (MTF) equivalent to Nasdaq First North in Stockholm and AIM in London and will only to a limited extent be subject to the provisions of the Norwegian Securities Trading Act. The Merkur Market regulations are in line with the requirements of MiFID II, and the marketplace will be tailored to the new requirements for MTF\u2019s in general and to SME Growth Market-requirements in particular.<\/p>\n\n\n\n

Merkur Market will serve as an alternative to listing on the NOTC-list and Oslo Axess but can also be a first step towards a full listing on Oslo B\u00f8rs. Trades will be executed in the same way as on Oslo B\u00f8rs and Oslo Axess in Millenium Exchange, but with considerably simplified rules for admission to listing and continuing obligations.<\/p>\n\n\n\n

Set out below is a comparison of the most important listing requirements and continuing obligations for Merkur Market compared to Oslo B\u00f8rs, Oslo Axess and the NOTC-list: <\/strong><\/p>\n\n\n\n

\"merkur\"<\/figure>\n\n\n\n
\"axess\"<\/figure>\n\n\n\n
\"boers\"<\/figure>\n\n\n\n
\"notc\"<\/figure>\n\n\n\n

Status:<\/strong>\nMultilateral trading facility (MTF)\nRegulated market\nRegulated market\nUnregulated\n\n\nCompany form:<\/strong>\nAS, ASA  or equivalent types of foreign companies and issuers of equity certificates\nASA or equivalent types of foreign companies\nASA or equivalent types of foreign companies and issuers of equity certificates\nAS, ASA or equivalent types of foreign companies\n\n\nMarket value: <\/strong>\nNo minimum market value\nMinimum NOK 8 million\nMinimum NOK 300 million\nMinimum NOK 20 million\n\n\nLiquidity: <\/strong>\nA declaration on liquidity\n12 months\u2019 liquidity\n12 months\u2019 liquidity\nN\/A\n\n\nFree float:<\/strong>\n10 percent\n25 percent\n25 percent\nN\/A\n\n\nMinimum no. of holders: <\/strong>\nN\/A\n100\n500\nMore than 50\n\n\nHistory and activity:<\/strong>\nInterim or annual report\nInterim or annual report\nThree years\nOne year\n\n\nMinimum price per share:<\/strong>\nNOK 1\nNOK 1\nNOK 10\nN\/A\n\n\nBoard:<\/strong>\nAt least one board member must have competence on regulations\nTwo independent board members, and everyone must have competence on regulations\nTwo independent board members, and everyone must have competence on regulations\nN\/A\n\n\nFinancial reports:<\/strong>\nIFRS, NGAAP or other recognised accounting standards\nIFRS and US GAAP\nIFRS and US GAAP\nN\/A\n\n\nDue Diligence:<\/strong>\nLimited legal and financial DD; no requirement for independent advisors<\/p>\n\n\n\n

Exemption \u2013 market value below NOK 50 million\nStandard legal and financial DD; advisors need to be independent\nStandard legal and financial DD; advisors need to be independent\nN\/A\n\n\nListing document:<\/strong>\nAdmission document\nListing prospectus (EEA-prospectus)\nListing prospectus
\n(EEA \u2013prospectus)\nN\/A\n\n\nListing process:<\/strong>\nOrdinary process: normally 15 trading days<\/p>\n\n\n\n

Fast track: minimum 6 trading days\nOrdinary or flexible process: 8 weeks<\/p>\n\n\n\n

Fast track: 4 weeks\nOrdinary or flexible process: 8 weeks<\/p>\n\n\n\n

Fast track: 4 weeks\n4 to 6 weeks typically\n\n\nListing fees:<\/strong>\nOrdinary process: from NOK 25,000 to NOK 500,000<\/p>\n\n\n\n

Fast track: NOK 1,500,000\nOrdinary process: from NOK 446,240 to NOK 971,000<\/p>\n\n\n\n

Flexible process: from NOK 892,480 to NOK 1,942,000<\/p>\n\n\n\n

Fast track: NOK 2,800,000\nOrdinary process: from NOK 655,500 to 1,026,000<\/p>\n\n\n\n

Flexible process: from NOK 1,311,000 to NOK 2,052,000<\/p>\n\n\n\n

Fast track: NOK 2,800,000\nFrom NOK 50,000 to NOK 300,000\n\n\nContinuing obligations:<\/strong>\n\n\nTransactions: <\/strong>\nExtended announcement
\n(25% modification)\nExtended announcement
\n(5% modification) and information document (25% modification)\nExtended announcement
\n(5% modification) and information document (25% modification)\nN\/A\n\n\nPeriodic reporting: <\/strong>\nHalf-yearly report\nQuarterly report\nQuarterly report\nAnnual report\n\n\nDisclosure of large shareholdings<\/strong>
\nand primary insiders:<\/strong>\nOnly primary insider notification\nYes\nYes\nN\/A\n\n\nDisclosure of inside information:<\/strong>\nYes\nYes\nYes\nYes\n\n\nInsider list:<\/strong>\nOnly upon request\nYes\nYes\nN\/A\n\n\nEqual treatment of shareholders:<\/strong>\nYes\nYes\nYes\nN\/A\n\n\nMandatory bid:<\/strong>\nN\/A\nYes\nYes\nN\/A\n\n\nYearly fees:<\/strong>\nFrom NOK 25,000 to
\nNOK 600,000\nFrom NOK 160,000 to
\nNOK 1,180,000\nFrom NOK 160,000 to
\nNOK 1,180,000\nFrom NOK 25,000 to NOK 200,000\n\n\n<\/p>\n\n\n","protected":false},"excerpt":{"rendered":"

On 13 January 2016, Merkur Market opens as a new marketplace for trading of shares and equity certificates. Merkur Market will be an alternative market place primarily directed towards small and medium-sized companies (SME-companies) and will permit listing of companies that are not public limited companies (ASA) or equivalent types of foreign companies.<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"sector":[],"speciality":[16,30],"acf":[],"yoast_head":"\nMerkur Market opens on 13 January 2016 - the first MTF in Norway - Haavind EN<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/haavind.stage01.dekodes.no\/en\/merkur-market-opens-on-13-january-2016-the-first-mtf-in-norway\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Merkur Market opens on 13 January 2016 - the first MTF in Norway\" \/>\n<meta property=\"og:description\" content=\"On 13 January 2016, Merkur Market opens as a new marketplace for trading of shares and equity certificates. 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