9/7/2010 AAA 18.04 CZK 0.89% CETV 426.90 CZK -1.86% ČEZ 828.00 CZK -0.78% ECM 135.01 CZK -0.54% ERSTE GROUP BANK 723.90 CZK -1.91% KITD 180.01 CZK -0.83% KOMERČNÍ BANKA 4,026.00 CZK -1.80% NWR 217.70 CZK -2.68% ORCO 195.00 CZK 8.00% PEGAS NONWOVENS 433.00 CZK -1.14% PHILIP MORRIS ČR 8,808.00 CZK -1.59% TELEFÓNICA O2 C.R. 390.40 CZK -1.16% UNIPETROL 225.10 CZK -0.40% VIG 930.00 CZK -0.49%

MTF Market

The MTF market is a non-regulated market, i.e. all conditions regarding acceptance, access and trading are defined exclusively by the Stock Exchange. The essential rules for the facility’s operation are described in Art. 69 - 73 of Act 256/2004 Coll., on trading on the capital market. Companies traded on this market are not subject to the stricter rules defined for companies traded on regulated markets (such as the clearing of accounts according to IFRS, the publication of a prospectus (in some cases), or broader disclosure duties).

The investment instruments accepted on this market must comply with the conditions stipulated in the Exchange Rules, Part IV – MTF rules (mtf_rules.pdf).

Acceptance Conditions

The application for the acceptance of investment instruments is filed by the issuer or an Exchange member authorized by the issuer. The application must be delivered in writing and in an electronic format if possible, with respect to the nature of the documents. The application must apply to all of the securities and the issue must be transferrable without restrictions.

The following documents must be submitted to ensure the successful acceptance of an issue:

  • Application for acceptance;
  • As regards a private placement, it is necessary to submit a document comprising basic data about the investment tool and the issuer’s financial position and entrepreneurial activities;
  • Prospectus of the investment instrument in the event of a public offer;
  • Confirmation from a central depository regarding the registration of the issue (as regards dematerialised investment instruments), or 4 templates of the physical investment instrument (as regards physical - certificated investment instruments);
  • The company’s Articles of Association, if shares or similar investment instruments are concerned;
  • Issue conditions, as regards the issue of bonds or similar investment instruments.

The application for the acceptance and the fulfilment of the disclosure duties may be submitted in Czech or English.

Acceptance Procedure

The General Director must decide about the acceptance of an issue or a tranche within 10 days of the delivery of the respective application.

Issuer’s Duties

The definition of basic information which the companies are obliged to provide can be found in Art. 5 of the MTF Rules.

The information submitted to the Exchange is:

  • Annual report;
  • All changes regarding rights relating to the traded investment instrument (e.g. participation in a General Meeting, a claim for dividend);
  • Changes in the volume of issue, par value, form and ISIN of the investment instrument;
  • For bonds and similar investment instruments - information regarding changes in the interest rate, premature repayment, meetings of bond holders, and other important changes arising from the nature of the investment instruments;
  • Information that may lead to a significant change in the investment instrument rate or the issuer’s ability to comply with obligations arising from the investment instruments.

The obligation to disclose information may be fulfilled in Czech or English. The information which the Stock Exchange obtains from the issuers as part of compliance with the disclosure duty will be published (see About Exchange/PSE Trading Data). 

Fees

Companies with issues traded on the MTF market are obliged to pay fees to the Stock Exchange in connection with the acceptance thereof. For detailed information, see Regulation Governing Fees and the Tariff of Exchange Fees (fees.pdf, tariff.pdf).

The fee (one time) for acceptance of investment instruments CZK 10,000.00