Effective 11 March 2024, Euronext Dublin are open to admitting retail bonds on the Global Exchange Market (“GEM”) bringing numerous benefits to this market and provides additional opportunities for issuers to list on GEM.

The GEM market of Euronext Dublin, whilst traditionally aimed at professional investors, have now removed reference to investors being “particularly knowledgeable in investment matters” and the market being “aimed at professional investors”.

Commenting on the changes, Helen Berrill, Director of Arthur Cox Listings Services, said: “We welcome these changes to the existing GEM rules. This allows for new opportunities for issuers to list on this market and ensures Euronext Dublin keeps pace with competitor exchanges around Europe.”

It should be noted that this change does not impact bonds previously admitted to GEM as a professional investor market.

Additional Conditions for Retail Securities listing on GEM:
a) Where bonds admitted to listing and trading on GEM are made available to retail investors, the following statement must be included in the listing particulars:

“Issuers on GEM, a multilateral trading facility (MTF), are not subject to the same rules as issuers on a regulated market. The risk in investing in debt securities on GEM may therefore be higher than investing in debt securities listed on a regulated market. Investors should take this into account when making investment decisions”.

b) Issuers must make it clear in the listing particulars that they have complied with the product governance requirements in Directive 2014/65/EU, as amended, outlining the target market assessment in respect of the Notes and which channels for distribution of the Notes are appropriate.

For further information, please contact the Arthur Cox listings team at [email protected]