The following is a brief summary of the main points of difference between the rules for Enterprise Securities Market and the Main Securities Market. Click to access the full rule books for the markets.
Enterprise Securities Market
Main Securities Market
No specific admission criteria other than the requirement for an applicant to have a minimum market capitalization of €5 million.
Detailed conditions for listing required.
No trading record required.
Normally, a 3 year trading record is required.
No minimum number of shares to be held in public hands.
Minimum of 25% of shares to be held in public hands.
No pre-vetting of ESM admission documents by the ISE.
Pre-vetting of listing particulars by the ISE prior to circulation.
In most instances, no prior shareholder approval of substantial acquisitions and disposals.
Prior shareholder approval required for substantial acquisitions and disposals.
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