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Ch. 13
LuxSE Listing Venues Comparison
BdL regulated market vs Euro MTF vs LuxSE SOL — requirements, ongoing obligations, and market abuse rules
| Criterion | BdL (Regulated Market) | Euro MTF (MTF) | LuxSE SOL (Official List) |
|---|---|---|---|
| Venue type | EU regulated market | Multilateral trading facility | Official list — no trading |
| Governing framework | Prospectus Regulation + Transparency Directive + MAR | LuxSE own rules | LuxSE own rules |
| CSSF role | Competent authority — approves Prospectus Regulation prospectuses | LuxSE is competent body (not CSSF) | LuxSE is competent body |
| Admission document | CSSF-approved prospectus (Prospectus Regulation) | LuxSE listing document (own rules) | LuxSE admission document |
| MAR (Market Abuse Regulation) | Applies in full — insider dealing/manipulation criminal | Does not apply (LuxSE market integrity rules only) | Does not apply |
| Annual report deadline | Within 4 months (Transparency Directive) | Within 4 months (LuxSE rules) | Within 6 months (LuxSE rules) |
| Half-year report | Within 3 months (Transparency Directive) | Not mandatory | Not mandatory |
| Ad hoc disclosure obligation | Mandatory — as soon as possible under MAR Art. 17 | Prompt disclosure per LuxSE rules | Prompt disclosure per LuxSE rules |
| PDMR personal transaction reporting | Yes — within 3 business days | Not required | Not required |
| Major holding notifications | Yes — 5%, 10%, 15% etc. thresholds | Per admission document terms | Not applicable |
| Typical users | Large UCITS; ETFs seeking EU regulated market status | International bonds; AIFs; institutional funds | Funds wanting listing recognition without trading venue |
| Can be combined with other LuxSE venues | No — one venue only per security | No — one venue only per security | No — one venue only per security |
📌 Data sourced from Lux Investment Funds 2025, Chapters 13. Verify current requirements with CSSF at cssf.lu.