Admission Procedure

The SeDeX Market Rule Book defines the guidelines for the "Admission Procedure for Instruments" (Sec. 20).

Specifically, the issuer is required to submit the admission application to Borsa Italiana, accompanied by the required documentation. Within 10 trading days from the day of submission of the complete application, Borsa Italiana, after verifying the accuracy of the provided information, deliberates and communicates to the issuer the approval or rejection of the application. The start date of trading is determined by Borsa Italiana through its public notice, also communicated to Consob. If the entity submitting the application has no other financial instruments admitted to trading on markets organized and managed by Borsa Italiana and/or if the admission document has never been included in a previous admission application, Borsa Italiana may approve the admission within 20 trading days from the date of completeness of the application.

For admission applications for issuers already active in the market, with known payoffs, known underlyings, and with Monte Titoli as Issuer CSD, Borsa Italiana is able to manage the listing on T+1.