1

Recognition / Expansion

Attract new equity in private or public companies

Marketability of products in a well regulated and exchange controlled environment

Increase visibility and to improve the tradability of their shares

Have an indicative share prices set by market forces
2

Wealth
Management

Focus on Financial planning and Asset Protection

Focus on Investment Portfolio


Increase transparency and ease of share exchange

Increase transparency and ease of share allocation
3

Regulation

Create fiscal substance in the Dutch Caribbean

Meet market entry level regulations


Increase trust through a well regulated environment

Meet regulatory requirements that require institutional investors to invest major proportion of assets in publicly listed instruments
4

International tax advantages

Increase visibility of their shares


Increase market presence


Improve tradability of their shares


Have an indicative share prices set by market forces

Offering Types


A legal entity, regardless of its industrial sector or country of origin, may request a listing on DCSX. The entity can issue its securities through a public or a private placement:

1. Public Offering: offering to the investment public, after the registration requirements with the DCSX have been complied with of new securities (IPO) or a secondary offering of previously offered stock

2. Private placement: the sale of securities or other investments products directly to a limited number of investors.


Public offering Private Placement
Listing Sponsors/ Brokers
for the public offer
Listing Sponsor
Prospectus Legal,
Accounting
Offering circular
Redulator, DCSX DCSX
Pricing, Roadshow Direct Listing


The objective is to provide a cost-effective listing, while ensuring that certain standards are met to ensure investor confidence.

To meet investor expectations in terms of transparency, companies are required to communicate key information to the market, audited annual statements, and the group management discussion and analysis.

Listing Requirements

Each potential listing must nominate a Listing Advisor and submit a listing application letter accompanied with the following:

Declarations:

  • A Director’s Undertaking
  • An Issuer’s Undertaking
  • Listing Advisor declaration

Documentation:

  • A Prospectus signed off by the Listing Advisor
  • Audited Financial Statements of previous 2 years

Continuing obligations:

  • Market data
  • Corporate actions
  • Comply with the rules of the DCSX

Specific product related listing requirements can be obtained through the Listing Advisor.

Membership Fee

Initial Membership Fee USD 60,000
Annual Membership Fee USD 5,000

Listing Advisor (LAD) Fees (for non-members)

Non-refundable LAD    
Application Fee
USD 1,000
Annual LAD Fee USD 4,000

Exchange Trading Fees

DCSX Commission on           
Trading
0.15% or 15
Basis Points
on both sides
of the trade

Listing Fees

The Exchange will charge initial listing fees, payable on application, for each class of securities for which application is made for listing. Once approved by the DCSX, annual listing fees will be due within seven (7) days of written confirmation to the LAD.


Delisting Fee

DCSX Delistng Fee       USD 1,500

Funds

Initial* First Annual** Total*** Subsequent Annual****
Fund USD 2,500 USD 2,500 USD 5,000 1. USD 2,500
2. USD 3,000
3. USD 4,000
4. USD 5,000
5. USD 6,000
6. USD 7,000
7. USD 8,000
8. USD 9,000
9. upwards: USD 500 per additional sub-fund/class.
* (per PPM, per issuer - including al share classes/sub-funds)
** (per issuer - including all share classes/sub-funds)
*** (payable on application)
**** (per line item acording to number of share classes/sub-funds/series)


Equities

Equity Securities (according to monetary/market value of securities Initial* Annual* Total*
Up to USD 10 million USD 3,000 USD 3,000 USD 6,000
Up to USD 100 million USD 5,000 USD 3,000 USD 8,000
Over USD 100 million USD 7,500 USD 3,000 USD 10,500
* (per class)
** (per class)
*** (payable on application - per class)

Debt/Bonds

Initial* Annual** Total***
Debt (Program) USD 2,500 USD 2,000 USD 4,500
Per series under program USD 750 USD 250 USD 1,000
* (per application-including all co-issuers/series/classes)
** (payable on initial application - covers all co-issuers/series/classes)
*** (payable on application)



Dual Listing Fees 50% of Regular listing fee for the respective asset class
March 2010

(Listing Advisor Fee will vary per listing advisor.)

Listing Advisors

DCSX has created a Listing Advisor status for reputable Listing Advisor firms to assist and sponsor the issuer in the listing procedure. The Listing Advisor acts as coordinator between the issuer and the exchange at all times. Any company or fund that seeks to list on DCSX must have a Listing advisor, both in the process of the listing and throughout its life as a listed entity. The Listing Advisor will be accountable for the correctness of information and ensures that an issuer fulfils its transparency requirements.

Pre Listing

The Listing Advisor will guide the issuer through the entire process of the listing. The Listing Advisor conducts due-diligence to obtain assurance that the prospectus or the offering circular provides a true and fair view of the company and that it has been prepared in compliance with the legal requirements and DCSX rules.

Post Listing

Once the company is listed, the Listing Advisor must help the listed company to fulfill its obligations to the DCSX and the investors. The Listing Advisor will inform the DCSX immediately of any discrepancy in the flow of information or when the issuer fails to meet any of its obligations.

The Listing Advisor license can be awarded by DCSX to financial service providers, legal sponsors as well as audit firms. The DCSX appoints a Listing Advisor after a formal filing has taken place and ensures that those Listing advisors will respect their commitments.

For issuers:

The Listing Advisor plays a key part in the preparation of the public offer or private placement and helps the listed company to fulfill its ongoing obligation to disclose information.

For investors:

The Listing Advisor plays a defining role for investors as it ensures that the listed company will fulfill its obligation to inform the public of market relevant data.

Regulation

The DCSX is a regulated membership organization, licenced by the Minister of Finance and supervised by the Central Bank of Curaçao and Sint Maarten. It has a set of well-defined rules to regulate and supervise the market and its participants.


Measures have been taken to ensure the DCSX, once in operation, functions fairly through:

  • ongoing information disclosure
  • supervision by The Central Bank of Curaçao and Sint Maarten
  • regulation by a board of independent experienced representatives of the financial community
  • an Appeals committee


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