1. Appoint a Listing Sponsor to liaise with the BSX.

2. Meet the conditions and disclosure requirements. The Listing Sponsor will check the application against the conditions for listing and disclosure requirements as outlined in the Listing Regulations – Equity, Collective Investment Vehicles and Depository Receipts

3. Submit the Listing Application – a draft for approval in principle or final submission (comprised of the Letter of Application and other documents) depending on the stage of the transaction.

4. Feedback – on first submission the Listing Team will provide comments within 4 business days. On subsequent submissions comments will be provided within 2 business days.

5. Approval – once comments are sufficiently addressed, the Listing Team makes a recommendation to the Listing Committee. Following this submission, the timeline for approval in principle or final listing is:

     a. For new funds - 5 business days. 
     b. On subsequent classes from an approved fund - 1 business day.

6. Approval in principle process – the BSX provides an approval in principle option with draft documents enabling an issuer to give potential investors certainty that the securities will be listed, assuming conditions are met.

7. Admission to listing – With approval in principle, admission to listing is on a mutually agreed date, with submission of final executed forms and documentation.

For more information on submission and timeline see the Guidelines to the Listing Regulations.
 

For approval in principle: Documents may be in draft*. For more information see the Guidelines to the Listing Regulations.

• Executed letter of application*
• Offering document and BSX wrapper (if applicable)*
• Completed Listing Application Checklist*
• Audited financial statements (3 years audited accounts required for retail funds. If available for funds targeting Qualified Investors.)
• Certified copy of Certificate of Incorporation or equivalent
• Certified copy of Constitution and Amendments to date
• Certified KYC documents for directors (for AML and CTF purposes)
• Director’s Declaration Form (for each Director)

For final approval:

• Executed letter of application
• Offering document and BSX wrapper (if applicable)
• Completed Listing Application Checklist
• Audited financial statements (3 years audited accounts required for retail funds. If available for funds targeting Qualified Investors.)
• Certified copy of Certificate of Incorporation or equivalent
• Certified copy of Constitution and Amendments to date
• Certified KYC documents for directors (for AML and CTF purposes)
• Director’s Declaration Form (for each Director)
• Document(s) of title relevant to the issue
• Executed material contracts
• Certified or executed copy of Board resolution
• Issuer's undertaking Form
• Sponsor's undertaking Form 

All fees quoted in US$

*For more information see Listing Fee Schedule

Listing Funds on the BSX Brochure

Fee calculator for ILS, Debt and CLOs (including discount option)

The issuer must submit to the Exchange’s portal its Net Asset Value (NAV) for publication on bsx.com in line with the frequency outlined in the offering document (e.g. daily, weekly, monthly etc.). Details on the portal is submitted at the time of admission.

Notifications requiring an issuer announcement:

• Information or events that might have a material impact on the NAV of the security or the issuer’s financial position
• Audited annual accounts within 6 months of the financial year end
• Material changes in the investment policy
• Changes to the fund such as redemptions, subscriptions or how the NAV is calculated
• Changes to the issuer (e.g. directors or name change)
• Changes to key service provides (e.g. trustee or custodian)
• A decision on a dividend or distribution
• Events such as significant litigation proceedings, losses or acquisition of debt.

Please note: 

• Notifications should be sent to Listings@bsx.com
• Announcement should be written from the perspective of the issuer
• See template announcements in Resources

For a complete list of Continuing Obligations, see Chapter 6 of Listing Regulations – Section IV.
 

Templates
The following templates are provided to assist issuers in making regulatory announcements

• Director Appointment and Resignation Announcement and Associated Email/Cover Letter
• Director Appointment Announcement and Associated Email/Cover Letter
• Director Resignation Announcement and Associated Email/Cover Letter