The Exchange determines an issuer’s compliance with listing requirements. An issuer may consult the Exchange to resolve specific issues prior to the submission of an application. Unless the Exchange prescribes otherwise, the following sets out the usual main steps in the process for satisfying the Exchange that listing requirements have been complied with. Further details are found in Practice Note 2.2:

(1) the issuer submits to the Exchange one copy of the listing application prepared in compliance with Rules 214 and 215.

(2) the Exchange considers whether the application satisfies the listing requirements and will decide whether to issue an eligibility-to-list letter (with or without conditions). Listing will not be permitted until all terms and conditions set out in the eligibility-to-list letter have been satisfied. Where necessary, prior to the issuance of an eligibility-to-list letter, the Exchange may issue a no-objection letter as a procedural indication that, based on information available at that time, the Exchange has not identified any matters that would preclude the issuer from proceeding with the lodgement of a prospectus.

(3) where a prospectus is required to be issued, the issuer lodges the prospectus with the Authority or, if applicable, its assistant, and submits a final copy to the Exchange, if required.

(4) if deemed necessary, the Exchange will inform the issuer of any further information (additional to what is prescribed) that is required to be disclosed prior to commencement of trading. The issuer decides whether to include this information in its prospectus, or to make pre-quotation disclosure through an announcement to the Exchange. Pre-quotation disclosure must be made not later than the market day before trading commences.

(5) on satisfaction of the terms and conditions expressed in the eligibility-to-list letter, the issuer is admitted to the Official List at the absolute discretion of the Exchange. Trading of its securities commences on a date determined by the Exchange either on a deferred settlement basis or ready basis or such other basis as the Exchange may approve.