BCSE Listing Rules changes

The Belarusian Currency and Stock Exchange (BCSE) informs that in accordance with the decision of the BCSE Board (Minutes No. 53 dated November 28, 2025), a new version of the BCSE Listing Rules will come into force on December 15, 2025. The rules provide for the following main innovations:

1. In order to enable legal entities and individuals to conduct transactions in securities on the organized market without the intermediary of professional participants, the admission of securities included in the BCSE quotation lists during the trading process has been extended to the process of their placement.
2. In accordance with proposals received aimed at developing listing in the Republic of Belarus, new listing levels have been created:

• International Quotation List (Global Market);
• National Quotation List (National Market);
• Basic Quotation List (Growth Market).

Listing requirements for issuers and their securities have been revised and optimized, including requirements for the issuer’s corporate governance system.

Additionally, BCSE will selectively segment securities by platforms (sectors), within which securities are grouped according to certain common characteristics of their issuers or the terms of their trading (without strict linkage to quotation lists). The following platforms have been identified:

• State-Owned Enterprises platform;
• Small and Medium Business platform;
• Innovation Market platform;
• Islamic Securities platform.