règlement du marché de la Bourse de Bruxelles] Le Ministre des Finances, Vu la loi du 6 avril 1995Documents pertinents retrouvés type loi prom. 06/04/1995 pub. 29/05/2012 numac 2012000346 source servi

Article 24

of the Law of April 6, 1995; « Board » : the Board of Directors of Euronext Brussels; « CBF » : the Banking and Finance Commission (« Commission bancaire et financière » / « Commissie voor het Bank- en Financiewezen »); « Disciplinary Commission » : the Disciplinary Commission » (« Commission disciplinaire de marché » / « Tuchtcommissie van de markt »)

Article 20b

is of the Law of April 6, 1995; « Equity » : the sum of the relevant company's capital and reserves, plus any retained earnings or less any losses carried forward (« fonds propres » / « eigen vermogen »); « Euronext Brussels Securities Markets » : the Euronext Markets for Securities operated by Euronext Brussels, listed in Rule B-2102; « First Market » : the Regulated Market organized pursuant to Book II, Chapter 3 (« Premier Marché » / « Eerste Markt »); « Law of April 6, 1995 » : the Belgian Law of April 6, 1995 on secondary markets, the status and supervision of investment firms, intermediaries and investment advisers (« Loi relative aux marchés secondaires, au statut des entreprises d'investissement et à leur contrôle, aux intermédiaires et conseillers en placements » / « Wet inzake de secundaire markten, het statuut van en het toezicht op de beleggingsondernemingen, de bemiddelaars en beleggingsadviseurs »); « Management Committee » : the Management Committee of Euronext Brussels; « Market Authority » : the Market Authority (« Autorité de marché » / « Marktautoriteit »)

Article 15

of the Law of April 6, 1995; « New Market » : the Regulated Market organized pursuant to Book II, Chapter 5 (« Nouveau Marché » / « Nieuwe Markt »); « Price Sensitive Information » : any information of a specific or precise nature, which has not been made public, relating to any Issuer or prospective Issuer, any Financial Instrument issued or to be issued or any transaction or prospective transaction in any such Financial Instrument, which, if it were made public, could have a significant effect on the price of a Financial Instrument or influence an investor's decisions to purchase or sell a Financial Instrument; « Public Auctions Market » : the market organized pursuant to Book II, Chapter 8 (« Marché des ventes publiques » / « Markt van de openbare veilingen »), it being understood that this market is not a Regulated Market; « Public Debt Instruments Compartment » : the compartment of the First Market referred to in Book II, Chapter 6 (« Compartiment des rentes » / « Rente-deelmarkt »); « Public Debt Instruments Decree » : the Ministerial Decree of February 5, 1996 on the trading of public-sector securities (« Arrêté ministériel fixant le règlement du marché boursier des rentes » / « Ministerieel besluit tot vaststelling van het reglement van de beursmarkt in renten »), as the same may be amended or replaced; « Second Market » : the Regulated Market organized pursuant to Book II, Chapter 4 (« Second Marché » / « Tweede Markt »); « Sponsor » : the Person referred to in Rule B-3201/2; « Trading Facility » : the Regulated Market organized pursuant to Book II, Chapter 7; « Transaction Statement » : the statement referred to in Rule B-2305/1 (« bordereau » / « borderel »). B-1.2. Construction B-1201 Unless specifically provided otherwise, Book I, Chapter 1, sections 1.2 through 1.8 shall apply to this Book II. B-1202 References in Book I to decisions or determinations made or to be made, or other acts performed or to be performed, by the Euronext Market Undertakings or the Relevant Euronext Market Undertaking, as the case may be, which fall within the scope of the Market Authority's duties and powers referred to in Rule B-10202, shall in respect of Euronext Brussels be construed to refer to decisions, determinations or other acts made or performed, or to be made or performed, by the Market Authority. B-1.3. Settlement of Disputes B-1301 Notwithstanding Book I, Rules 1801 and 1904, item (

1. iv)of Rule 2802/2 and item (
2. iv)of Rule 2803/3, any dispute arising between Euronext Brussels and a Member or an Issuer as to possible infringements of this Rule Book shall be referred to the Market Authority, the Disciplinary Committee or the Appeal Commission, as the case may be, in accordance with the Rules set forth in this Book II. CHAPTER 2. - General Provisions Regarding Securities Markets B-2.1. General B-2101 Scope This Chapter 2 sets forth certain market rules applicable to all Euronext Brussels Securities Markets. These rules shall be without prejudice to the Rules set forth in Book I, unless specifically provided otherwise. B-2102 Euronext Brussels Securities Markets Euronext Brussels operates the following Euronext Markets for Securities : (
3. i)the First Market, (
4. ii)the Second Market, (iii) the New Market and (
5. iv)the Trading Facility. Each of these markets is a Regulated Market. The First Market includes the Public Debt Instruments Compartment. Only listing on the First Market constitutes an « official listing » (« cote officielle » / « officiële notering ») for purposes of the Listing Directive and the Belgian legal provisions that refer to this notion. In addition, Euronext Brussels operates a Public Auctions Market which is not a Regulated Market. B-2.2. Transparency B-2201 Post-Trade Publication Transactions carried out in the order book, Block Trades and out-of-hours trades shall be published by Euronext in accordance with Book I, Rule 4504/2. B-2202 Price List Each Trading Day, Euronext Brussels shall publish a « price list » (« liste des cours » / « koerslijst ») in respect of Transactions carried out on the Euronext Brussels Securities Markets. The price list shall include the following information : (
6. i)for each Security : (
7. a)in respect of Transactions executed through the order book : the opening price, the highest price, the lowest price and the closing price;(
8. b)the trading volume of the Trading Day, which shall include Block Trades in the relevant Securities;(
9. c)the highest price, the lowest price and the trading volume of Block Trades in respect of each Security; (
10. ii)any trading halts and suspension of trading, other than volatility interruptions; (iii) any application for admission of Securities to listing, within two Trading Days of receipt of the application; (
11. iv)at the latest on the Trading Day prior to the listing of a Security, any procedures imposed by the Market Authority pursuant to section B-2.4; (
12. v)any decision to delist any Security;and (
13. vi)the information required to be published pursuant to the Public Debt Instruments Decree. B-2203 Decisions The Market Authority shall publish all its decisions in the manner set forth in Book I, Rule 1501. B-2.3. Rules of Conduct B-2301 Scope of Section B-2.3 Without prejudice to the rules of conduct set forth in Book I, Chapter 3, this section B-2.3 sets forth certain rules of conduct which the following Members must observe when trading on a Euronext Brussels Securities Market : (
14. i)Members organized under the laws of Belgium;and (
15. ii)Members not organized under the laws of Belgium, insofar as those Members are not subject to rules of conduct of their Home State which offer equivalent protection. B-2302 General Rules of Conduct In carrying out Transactions on a Euronext Brussels Securities Market, Members shall : (
16. i)act in a faithful and fair way in order to promote the integrity of, and fair dealing on, such markets; (
17. ii)act with due skill, care and diligence, in the best interests of their Clients, taking into account the professional knowledge of each Client; (iii) comply with any code of conduct and rules applicable to Transactions in order to protect the interests of their Clients and the integrity of the market; (
18. iv)in the case of Clients to whom Members provide investment advice, inquire into such Clients' financial situation, experience in the field of investments in Securities and investment objectives, as the Member reasonably deems necessary in light of its duty to protect the interests of its Clients in respect of the services requested by them; (
19. v)undertake reasonable steps to inform, within a reasonable time period, their Clients in an appropriate way in order to enable them to take well informed and balanced decisions;Members shall upon simple request of their Clients report in an honest and complete manner on all the obligations that they have towards their Clients; Members shall refrain from proposing any action or encouraging Clients to engage in any course of action that would cause or contribute to a breach of any applicable law, including (without limitation) in respect of any obligation towards the State; (
20. vi)avoid any conflicts of interest with Clients and, if such conflicts cannot be avoided, treat all Clients in a fair and equal way and, if necessary, implement appropriate measures, such as reporting or complying with internal rules on confidentiality or declining to intervene; Members shall not unfairly place their own interests above the interests of their Clients and give preference to the interests of their Clients over their own interests if well informed Clients would reasonably expect Members to do so; and (vii) dispose of and effectively employ the appropriate resources and procedures needed for a satisfactory performance of their business. B-2303 Rules to be Observed Prior to the Execution of Transactions B-2303/1 Client identification. When entering into a relationship with a Client to whom it provides investment advice, the Member shall inquire into such Client's : (
21. i)financial situation; (
22. ii)experience in the field of investments in Securities; and (iii) investment objectives in terms of risk profile and duration of the intended investments. B-2303/2 Terms and conditions. Prior to entering any order for the account of a Client, the Member shall ascertain that the Client agrees with the terms and conditions applicable to the proposed Transaction. These terms and conditions shall at least include the following items : (
23. i)a representation to the effect that the Client is aware that its identity may be disclosed to the Market Authority at any time and that the Client consents to such disclosure, or, if the Client is itself an intermediary, a covenant to the effect that it shall notify to, or cause any subsequent intermediary to notify to, the ultimate beneficiary that its identity may be disclosed to the Market Authority at any time and to obtain such beneficiary's consent to such disclosure; (
24. ii)the method of calculation or the total amount of the fees payable in respect of the proposed Transaction, which shall neither be unjustified nor excessive; (iii) a representation to the effect that, except for any disclosure required by Belgian law or requested by the Market Authority, Members shall use the information provided to them by their Clients solely for the purposes for which such information has been provided. B-2303/3 Informing Clients. Prior to any Transaction, a Member shall inform the Client about the characteristics of the relevant Admitted Financial Instrument and the collateral or margin requirements applicable thereto. In addition, the Member shall inform a Client to whom it provides investment advice of any specific risk factors related to such Transaction. B-2304 Rules to be Observed in the Execution of Transactions B-2304/1 Best execution. Orders shall be executed as promptly as possible and on the best terms available at that time in the interest of the Client. B-2304/2 No frontrunning. When requested to execute one or more orders for a Client, a Member shall not, prior to the execution of such orders, initiate or execute in a conscious and deliberate manner any Transaction for its own account or for the account of a third party in the same Admitted Financial Instrument or any Financial Instrument of which the price is directly related to such Admitted Financial Instrument, with a view to taking advantage of the orders of the Client. B-2304/3 Counterparty. A Member shall inform its Client before acting as counterparty in any trade not carried out in the order book if such Client has contractually agreed to keep such information confidential. B-2305 Rules to be Observed Subsequent to the Execution of Transactions B-2305/1 Transaction Statement. A Member shall, no later than the Trading Day following the day on which the Transaction was executed, confirm each Transaction to its Client in a Transaction Statement which shall state the price and other terms and conditions at which the Transaction was executed. The Transaction Statement may be transmitted to the Client in writing or electronically, or, with the Client's express consent, kept by the Member for such Client's review. B-2305/2 Complaints. The Client must notify the relevant Member in writing, as promptly as reasonably possible and no later than five Trading Days after execution of a Transaction, of all complaints and remarks in respect of such Transaction. A Member shall not be under any obligation to consider any complaints or remarks received after expiration of this period. B-2305/3 Summary. A Member shall keep at the disposal of each Client a summary of the orders that have not yet been executed, the executed Transactions, the Financial Instruments held for such Client's account and up-to-date information on the Client's cash account. At least every six months, a Member shall inform each Client of the total assets held for its account. B-2306 Conflicts of Interest B-2306/1 Clients' interests. Members shall give priority to the interests of their Clients. Members shall inform their Clients about any conflicts of interest and take appropriate measures to resolve any such conflict. Members shall refrain from initiating trades that are useless or contrary to the interests of their Clients. B-2306/2 Precautions. A Member shall duly segregate activities that are likely to generate conflicts between its own interests and those of its Clients, particularly with regard to trading for its own account and portfolio management activities. A Member shall refrain from, and adopt appropriate measures to prevent its personnel from, offering, giving, soliciting or accepting any benefit that, in light of the Member's professional activity, may produce a serious conflict between the interests of the beneficiary and such Member's Clients. B-2306/3 Chinese Walls. Subject to appropriate segregation within their organization between brokerage and/or dealing activities, on the one hand, and Sponsor and/or Liquidity Provider services, on the other hand, and subject to implementation of appropriate Chinese Walls, Members may both trade in a Security and act as Sponsor and/or Liquidity Provider in respect of the same Security. This Rule B-2306/3 shall be without prejudice to a Member's obligation to secure appropriate segregation between brokerage and dealing activities in accordance with Book I, Rule 2102/4. B-2307 Private Investments by Personnel B-2307/1 Appropriate measures. Members shall adopt appropriate policies and procedures regarding private investments made by their personnel. B-2307/2 No privileged treatment. Orders for personnel shall not be executed at a better price than those for Clients, nor be preferred in the allocation of Securities. B-2307/3 Disclosure. A Member shall promptly inform the Market Authority of all significant sanctions imposed on any member of its personnel for violations of rules of conduct, with indication of the identity of the employees concerned and the reasons for the sanctions. B-2308 Confidential Information Members shall see to it that any Persons acting on their behalf observe a duty of discretion with respect to confidential information regarding Clients or received from Clients, and they shall take appropriate measures in order to prevent dissemination of such confidential information by such Persons. B-2.4. Special Procedures Applicable to Listing of Securities B-2401 In respect of any admission of Securities to listing or situations similar to admission to listing, the Market Authority may impose special procedures that may include any of the following elements, as the Market Authority deems necessary : (
25. i)buy and sell orders may be centralized by the Market Authority, which may require that all orders be for no less than a specified number of Securities or be limited orders; (
26. ii)investors may be allowed only to enter a single order at a specific price; provided that investors may enter several orders if such orders provide for different limits; (iii) depending on the outcome of the orders received, the Market Authority may decide to : (
27. a)compute an opening price on the basis of the orders that were entered;or (
28. b)proceed to a first listing in the trading system; (
29. iv)in order to facilitate listing of the relevant Securities, the Market Authority may, in the case referred to in point (
30. a)of item (iii) above, reduce one or more orders, regardless of whether such orders were limited to the opening price or not; (
31. v)the Market Authority may allow higher volatility thresholds to facilitate listing of the relevant Securities. B-2402 Upon admission of Securities to listing, the Market Authority shall promptly publish the opening price and any rules for the allotment of the Securities. CHAPTER 3. - First Market B-3.1. Scope B-3101 This Chapter 3 sets forth certain specific rules governing admission of Securities to listing on the First Market and continuing obligations of Issuers whose Securities are listed on the First Market. This Chapter 3 shall not apply to the Public Debt Instruments Compartment, which shall be governed by the rules referred to in Book II, Chapter 6, unless specifically provided otherwise in such rules. B-3.2. Application Procedure B-3201 Application File B-3201/1 Application. Applications for admission of Securities to listing on the First Market shall be submitted in writing to the Market Authority contemporaneously with the filing of a draft prospectus with the CBF (if such prospectus is required by law). B-3201/2 Sponsor. The application shall be supported by one or more Sponsors who shall have the qualifications and the responsibilities set forth in one or more Notices. B-3201/3 Application file. The application file shall include the following items : (
32. i)the articles of association of the Issuer; (
33. ii)the draft prospectus as filed with the CBF, it being understood that the final prospectus shall be communicated upon its approval by the CBF (if applicable); (iii) the written commitment by the Issuer or by a qualified financial intermediary appointed by the Issuer to provide paying agent services; (
34. iv)insofar as available and if not included in the prospectus, the annual accounts of the Issuer for the last three consecutive financial years preceding the application; (
35. v)if not included in the prospectus, a list of the directors and officers who own Shares of the Issuer and a description of their shareholdings; (
36. vi)if not included in the prospectus, a description of the business sectors in which the Issuer currently operates and expects to operate in the future, a financial forecast for at least the following three years and an overview of the technical and human resources of the Issuer; (vii) a copy of any agreement with the Sponsor and/or any Liquidity Provision Agreement executed by the Issuer; (viii) a written undertaking by the relevant shareholders to comply with any lock-up requirements; (
37. ix)a written undertaking by the Issuer or the applicant, as the case may be, to comply with all listing and ongoing requirements applicable in respect of admission to listing on the First Market; and (
38. x)a written undertaking by the Issuer or the applicant, as the case may be, to pay the handling charges, initial listing fees and recurring listing fees prescribed by Euronext Brussels by one or more Notices, when such charges and fees become due and payable. B-3201/4 Depositary receipts. The application file for listing of depositary receipts on the First Market shall include the documents and information referred to in items (i), (ii), (iii), (iv), (vii), (
39. ix)and (
40. x)of Rule B-3201/3; provided that : (
41. i)item (
42. i)of Rule B-3201/3 shall apply to both the Issuer and the issuer of the underlying Securities;and (
43. ii)item (
44. iv)of Rule B-3201/3 shall apply only to the issuer of the underlying Securities and not the Issuer. B-3201/5 Special requirements. With regard to the application for listing on the First Market of certificates of Securities, as referred to in Article 503 of the Belgian company code (« Code des sociétés » / « Wetboek van vennootschappen »), warrants, units of collective investment vehicles and other special categories of Securities, Euronext Brussels shall by Notice specify the information and documents to be included in the application file. B-3202 Review of Application B-3202/1 CBF. The Market Authority shall inform the CBF of any application for admission to listing within two Trading Days of receipt of such application. The CBF may communicate its observations to the Market Authority within eight Trading Days of the date on which it was informed. B-3202/2 Additional information. In connection with its review of an application for listing, the Market Authority may request such additional documents and information, and carry out such other inquiries, as it deems necessary. B-3202/3 Timing. The Market Authority and the applicant shall jointly agree upon a time schedule in respect of the listing process. B-3203 Admission to Listing B-3203/1 Decision. The Market Authority shall decide on an application for listing within two months from receipt of the application or of such additional information as may have been requested by the Market Authority to make the application complete. Failure to decide within this time limit shall be deemed to be a rejection. B-3203/2 Validity. The admission decision shall remain valid for three months, but the Market Authority may extend this period once for a maximum of three months at the written request of the applicant. B-3203/3 Publication. The Market Authority shall publish the date on which admission of the relevant Securities to listing on the First Market will become effective, any special admission condition determined pursuant to Rule B-3301/9, as well as relevant particulars for the trading of such Securities. B-3204 Rejection of Application B-3204/1 Rejection. The Market Authority may reject an application for listing on any appropriate ground, including (without limitation) on the ground that : (
45. i)the application does not meet one or more of the listing conditions imposed by or pursuant to this Chapter 3;or (
46. ii)the applicant has failed to comply with any of the obligations resulting from the listing of the same Securities in any other country. B-3204/2 Procedure. A decision to reject an application shall state the reasons for rejection and be sent to the applicant by registered mail. The applicant may appeal against such decision before the Appeal Commission in accordance with the rules set forth in the Royal Decree of April 11, 1996 on the Commission of appeal (« Arrêté royal relatif à la Commission d'appel » / « Koninklijk besluit betreffende de Commissie van beroep »). Any such appeal must be filed within 15 days from the date of receipt of the notification of the decision or, absent such notification, within 15 days following expiration of the term of two months referred to in Rule B-3203/1. B-3.3. Listing Conditions B-3301 General B-3301/1 Issuer. The Issuer must be duly incorporated according to the laws governing it and carry out its activities in accordance with its articles of association or other constitutional documents. B-3301/2 Securities. The relevant Securities must be validly issued in accordance with applicable law and the Issuer's constitutional documents. B-3301/3 Physical form. The physical form of Securities, if any, shall conform to the requirements specified by Belgian law. B-3301/4 Transferability. The Securities must be freely transferable; provided that the Market Authority may derogate from this requirement in respect of approval clauses the use of which does not disturb the market. B-3301/5 Underlying Shares. Securities entitling holders to acquire Shares are eligible for listing only if : (
47. i)the underlying Shares are admitted to listing or trading on a Regulated Market or other organized market that is subject to equivalent standards;or (
48. ii)there are adequate assurances that such Shares will be so admitted at the time at which the right to acquire them can be exercised. B-3301/6 Prospectus. Admission to listing is subject to prior clearance by the CBF, and publication of any prospectus required by law. B-3301/7 Settlement. Transactions in the relevant Security will be settled through an organization satisfactory to Euronext Brussels. B-3301/8 Concomitant public offering. In case of a concomitant public offering of the Securities, the first listing of such Securities shall become effective only following completion of the subscription period, except in the case of tap issues of Securities for which the closing date for subscription is not fixed. B-3301/9 Special conditions. The Market Authority may make admission to listing subject to any special condition that it considers appropriate in the interest of protecting investors and of which it has explicitly informed the applicant, including (without limitation) any supplementary conditions in respect of market capitalization, Equity or lock-up requirements. B-3302 Shares B-3302/1 Equal rights. Shares of the same class must have identical rights. B-3302/2 All Shares of the same class. The application for listing must relate to all Shares of the same class that are issued or proposed to be issued. The Market Authority may derogate from this requirement in respect of Shares which : (
49. i)belong to blocks serving to maintain control over the Issuer;or (
50. ii)are subject to lock-up clauses; provided that the market is properly informed and there is no risk of prejudice to the interests of holders of the Shares to be listed. B-3302/3 Market capitalization. The foreseeable market capitalization of the relevant Shares and Shares of the same class already listed or, if such market capitalization cannot be assessed, the Issuer's Equity must be at least EUR 15 million. B-3302/4 Annual accounts. The Issuer and, if applicable, the issuer of the underlying shares must have published or filed audited annual accounts, drawn up in accordance with the accounting standards of the Member State in which it is established, IAS or any other accounting standards allowed by Belgian law and accepted by the Market Authority, for at least three consecutive financial years preceding the application for listing or for such financial years as span a period of at least 36 consecutive months preceding said application. The Market Authority may waive this condition in full or in part if : (
51. i)the Issuer can present an equivalent economic track record;or (
52. ii)such waiver is otherwise desirable in the interests of the Issuer or the investors and the Market Authority is satisfied that investors have the necessary information available to be able to arrive at an informed judgment on the Issuer and the relevant Shares. The Market Authority may subject a waiver pursuant to item (
53. ii)above to such supplementary conditions in respect of market capitalization, Equity or lock-up requirements as it deems appropriate. B-3302/5 Free float. A sufficient number of Shares of the relevant class must be in public hands in Member States or in other countries in which Shares of such class are listed, or, in the case of an initial public offering, it must reasonably be expected that this condition will be met within a short period. This condition shall be deemed satisfied if 25 % or more of the Shares of the relevant class are in public hands. The Market Authority may accept a percentage lower than 25 %, but not lower than 10 %, if the market may reasonably be expected to operate properly with such lower percentage in view of the large number of Shares and the extent of their distribution to the public. In all cases, the Shares in public hands must represent a least EUR 5 million. B-3302/6 Corporate governance. Euronext Brussels may by Notice impose corporate governance conditions or substitute disclosure obligations (« comply or explain »). B-3303 Debt Securities B-3303/1 Debt. The application for listing must relate to all debt Securities of the same issue. B-3303/2 Amount. The amount of the relevant loan may not be less than EUR 200,000, except in the case of tap issues where the amount of the loan is not fixed or if the Market Authority is satisfied that there will be a sufficient market for the relevant debt Securities. B-3303/3 Rating agency. The Market Authority may as a condition to admission to listing require that the relevant debt Securities be rated by a rating agency. B-3303/4 Public-sector debt. The conditions for admission of debt Securities issued by Belgian public-sector entities to listing shall be as set forth in the Public Debt Instruments Decree. B-3304 Depositary Receipts B-3304/1 Conditions. The admission of depositary receipts to listing on the First Market shall be subject to the following conditions : (
54. i)the general conditions set forth in Rule B-3301, which shall apply in respect of the Issuer and the depositary receipts, as the case may be;provided that Rule B-3301/1 shall also apply in respect of the issuer of the underlying Securities and Rule B-3301/2 shall also apply in respect of the underlying Securities; and (
55. ii)in the case of depositary receipts that represent Shares, Rules B-3302/2 and B-3302/5, which shall apply in respect of the depositary receipts, and Rules B-3302/3 and B-3302/4, which shall apply in respect of the issuer of the underlying Securities; or (iii) in the case of depositary receipts that represent debt Securities, Rules B-3302/2 and B-3302/5, which shall apply in respect of the depositary receipts, Rule B-3302/4, which shall apply in respect of the issuer of the underlying Securities, and Rule B-3303/3, which shall apply in respect of the relevant loan. B-3304/2 Waiver. The Market Authority may waive any of the conditions referred to in Rule B-3304/1. Any waiver granted by the Market Authority shall be published and shall be generally applicable in comparable circumstances. B-3305 Other Securities B-3305/1 Conditions. The admission to listing on the First Market of certificates of Securities, as referred to in Article 503 of the aforesaid Belgian company code, warrants, units of collective investment vehicles and other special categories of Securities shall be subject to the following conditions : (
56. i)the general conditions set forth in Rule B-3301;and (
57. ii)such additional conditions as Euronext Brussels may define by Notice. B-3305/2 Waiver. The Market Authority may waive any of the conditions referred to in Rule B-3305/1. Any waiver granted by the Market Authority shall be published and shall be generally applicable in comparable circumstances. B-3306 Indices If an application for admission to listing is filed in respect of a Security the value of which is linked to an index or a basket of Securities, such index or basket must first be recognized by the Market Authority on the basis of objective criteria. B-3.4. Continuing Obligations of Issuers B-3401 General This section B-3.4 sets forth the obligations which the Issuer must meet continuously so long as its Securities are admitted to listing on the First Market. B-3402 Listing of Newly-Issued Securities of the Same Class Subject to the same derogation possibilities as those set forth in Rule B-3302/2, when additional Securities of the same class as Securities already listed are publicly issued, within the m