The Enterprise Securities Market (ESM) is a market for securities of smaller growth companies. It is authorised as a multi-lateral trading facility (MTF) under the European Communities (Markets in Financial Instruments Directive) Regulations 2007.
The ISE has established ESM Rules for Companies.
The ISE monitors issuers' compliance with the ESM Rules including:
- Ensuring that issuers meet the conditions for admission to the market;
- Monitoring compliance by issuers with continuing obligations.
ESM Rules for Companies
A company that has, or is seeking to have, its securities admitted to trading on the ESM, is required to comply with the ESM Rules.
The ESM Rules set out:
- The requirement to appoint an ESM adviser
- Conditions for admission to trading on the ESM;
- Content of the ESM Admission document
- Application procedures;
- Continuing obligation requirements; and
- Compliance and enforcement procedures.
PreAdmission Announcement(Schedule 1 template)
Admission application form