Set Up a Team in the Company
A team in charge should be set up in the company to carry out the due work for ECM application. As it will be essential to fulfill company responsibilities and to manage relationships with the Capital Makets Board (CMB), the ISE, the Central Registry Agency (CRA), market advisor, and investors after the admission of the company shares to the ECM Directory, it would be a good idea to include staff to perform such functions in the set-up team.

Market Advisor Agreement
Companies planning to be traded on the ECM must sign an agreement with a market advisor to carry out the due preparations. The minimum requirements for that agreement are set by the Exchange.

Choose an Intermediary Institution
Companies may make an agreement with an intermediary institution at their own discretion to sell their shares by a public offering or private placement method.

Choose an Independent Audit Firm
A company intending to be traded on the ECM must sign an agreement with an independent audit firm authorized by the CMB to audit and write an opinion report for its financial statements constructed according to the capital market regulations.

Capital Increase & Amendment of Articles of Incorporation
The articles of incorporation of a company should comply with the capital markets regulations and a capital increase decision should be taken by the authorized body of the company. The general assembly of the company should be convened to take the necessary decisions on amendment of articles of incorporation to make it consistent with the capital markets regulations. The capital increase decision should be taken by the general assembly if the company is subject to the “paid-in capital system” or by the company board if it is subject to the “registered capital system”.

Price Setting
If the sales price of company shares is different from their face value or the Exchange value, then a price calculation report should be formed and publicized.

Application Dossier Arrangement
The company and its market advisor arrange dossiers including the reports and documents required for the ISE and the CMB applications. The company and its market advisor are jointly responsible for the truthfulness of the prepared documents and in that respect they should seal and sign the relevant documents in the application dossier. In principle, required information and documents should accompany the ISE application.

ISE and CMB Applications
Applications are made simultaneously to the CMB for registration and to the ISE for admission to the ECM Directory for company shares. Submitting the application dossier in its entirety will allow these institutions finalize their assessment faster.

ECM Directory Admission and Commencement of Trading on the ECM
CMB registered shares are admitted to the ECM Directory following the public offering or private placement upon the ISE Executive Council’s decision and commence trading on the ECM two days following the announcement of the decision.