1. In relation to Exchange Notice N02/24, published on March 11, 2024, in which the London Stock Exchange (the “Exchange”) announced that it would accept applications for the admission to trading of Bitcoin and Ethereum Crypto ETN in the second quarter of 2024, we can confirm that applications can be made from April 8, 2024.
2. Subject to the approval by the Financial Conduct Authority (the “FCA”) of the base prospectuses, which shall include Crypto ETNs on the Main Market and also on the FCA Official List, the Exchange proposes that the The first day of admission to trading of these Crypto ETN securities will be Tuesday, May 28, 2024.
3. We have decided to launch the Crypto ETN market on May 28, 2024 to allow the maximum number of issuers to be present in the market on the first day of trading. In choosing this date, we have taken into consideration that we must ensure that issuers meet the consideration requirements detailed in the Crypto ETN fact sheet and, more importantly, it will also allow those issuers who plan to admit securities on the date launch, time to prepare documentation to establish a Crypto ETN program which will require the FCA to approve a base prospectus.
4. Issuers proposing to establish a Crypto ETN program to list securities on the Main Market on May 28, 2024 must submit to the Exchange, no later than April 15, 2024, the following information:
to. A letter setting out details of how the issuer and/or the Crypto ETN meets the requirements for consideration detailed in the Crypto ETN fact sheet, available on the Exchange's website (https://docs.londonstockexchange.com/ sites/default/files/documents /crypto_etn_admission_fac tsheet.pdf), and
b. A draft base prospectus is included in the base prospectus highlighting where the matters set out in (a) above are disclosed.
5. Subject to the Admission and Disclosure Rules, issuers will not be able to participate in the first day of Crypto ETN trading on May 28, 2024 if:
to. The Issuer has not satisfied the Exchange that it has met the consideration requirements set forth in the Crypto ETN fact sheet.
b. The application for admission of an Issuer is submitted to the Exchange after April 15, 2024, and/or
C. The FCA had not approved an issuer's base prospectus as of midday on Wednesday 22 May 2024.
6. Applications for Crypto ETN admission should be sent to admissions@lseg.com and ETFDeskLondon@lseg.com
This Stock Market Notice will be available on the website:
https://www.londonstockexchange.com/resources/london-stock-exchange-notices
Source: LSEG
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