Updated 04/02/2025
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Article 25 - Directive 2001/34/EC (Listing Directive)

Article 25

1. Where the application for admission to official listing relates to shares offered to shareholders of the issuer on a pre-emptive basis and shares of the latter are already listed on the same stock exchange, the competent authorities may provide that the listing particulars shall contain only the information provided for by Schedule A of Annex I:

(a) in Chapter 1,

(b) in Chapter 2,

(c) in Chapter 3, headings 3.1.0, 3.1.5, 3.2.0, 3.2.1, 3.2.6, 3.2.7, 3.2.8, and 3.2.9,

(d) in Chapter 4, headings 4.2, 4.4, 4.5, 4.7.1, and 4.7.2,

(e) in Chapter 5, headings 5.1.4, 5.1.5, and 5.5,

(f) in Chapter 6, headings 6.1, 6.2.0, 6.2.1,6.2.2, 6.2.3, and

(g) in Chapter 7.

Where the shares referred to in the first subparagraph are represented by certificates, the listing particulars shall contain, at least, subject to Article 33(2) and (3), in addition to the information mentioned in that subparagraph, that provided for in Schedule C of Annex I:

(a) in Chapter 1, headings 1.1, 1.3, 1.4, 1.6 and 1.8,

and

(b) in Chapter 2.

2. Where the application for admission to official listing relates to convertible debt securities, exchangeable debt securities or debt securities with warrants which are offered on a pre-emptive basis to the shareholders of the issuer and where the latter's shares are already listed on the same stock exchange, the competent authorities may provide that the listing particulars shall contain only:

(a) information concerning the nature of the shares offered by way of conversion, exchange or subscription and the rights attaching thereto,

(b) the information provided for in Schedule A of Annex I and mentioned in the first subparagraph of paragraph 1, except for that provided for in Chapter 2 of that Schedule,

(c) the information provided for in Chapter 2 of Schedule B of Annex I, and

(d) the conditions of and procedures for conversion exchange and subscription and the situations in which they may be amended.

3. When published in accordance with Article 98, listing particulars as referred to in paragraphs 1 and 2 shall be accompanied by the annual accounts for the latest financial year.

4. Where the issuer prepares both own and consolidated annual accounts, both sets of accounts shall accompany the listing particulars. However, the competent authorities may allow the issuer to attach to the listing particulars either the own or the consolidated accounts alone, provided that the accounts not attached to the listing particulars furnish no material additional information.