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Directive 2001/34/EC - Consolidated and Admissions and Reporting Directive (CARD) (also known as Listing Directive)RecitalsTitle I Definitions and Scope of Application (arts. 1-4)Chapter I Definitions (art. 1)Article 1Chapter II Scope of application (arts. 2-4)Article 2Article 3Article 4Title II General Provisions Concerning the Official Listing of Securities (arts. 5-19)Chapter I General conditions for admission (arts. 5-7)Article 5Article 6Article 7Chapter II More stringent or additional conditions and obligations (art.8)Article 8Chapter III Derogations (arts. 9-10)Article 9Article 10Chapter IV Powers of the national competent authorities (arts. 11-19)Section 1 Decision of admission (arts. 11-15)Article 11Article 12Article 13Article 14Article 15Section 2 Information requested by the competent authorities (art. 16)Article 16Section 3 Action against an issuer failing to comply with the obligations resulting from admission (art. 17)Article 17Section 4 Suspension and discontinuance (art. 18)Article 18Section 5 Right to apply to the courts in case of refusal of admission or discontinuance (art. 19)Article 19Title III Particular Conditions Relating to Official Listings of Securities (arts. 20-63)Chapter I Publication of listing particulars for admission (arts. 20-41)Section 1 General provisions (arts. 20-22)Article 20Article 21Article 22Section 2 Partial or complete exemption from the obligation to publish listing particulars (art. 23)Article 23Section 3 Permitted omission from listing particulars of certain information (art. 24)Article 24Section 4 Contents of listing of particulars in specific cases (arts. 25-34)Article 25Article 26Article 27Article 28Article 29Article 30Article 31Article 32Article 33Article 34Section 5 Control and circulation of listing particulars (arts. 35-36)Article 35Article 36Section 6 Determination of the competent authority (art. 37)Article 37Section 7 Mutual recognition (arts. 38-40)Article 38Article 39Article 40Section 8 Agreements with non-member countries (art. 41)Article 41Chapter II Specific conditions for the admission of shares (arts. 42-51)Section 1 Conditions relating to companies for the shares of which admission to official listing is sought (arts. 42-44)Article 42Article 43Article 44Section 2 Conditions relating to the shares for which admission is sought (arts. 45-51)Article 45Article 46Article 47Article 48Article 49Article 50Article 51Chapter III Particular conditions relating to the admission to official listing of debt securities issued by an undertaking (arts. 52-59)Section 1 Conditions relating to undertakings for the debt securities of which admission to official listing is sought (art. 52)Article 52Section 2 Conditions relating to the debt securities for which admission to official listing is sought (arts. 53-57)Article 53Article 54Article 55Article 56Article 57Section 3 Other conditions (arts. 58-59)Article 58Article 59Chapter IV Particular conditions relating to the admission to official listing of debt securities issued by a State, its regional or local authorities or a public international body (arts. 60-63)Article 60Article 61Article 62Article 63Title IV Obligations Relating to Securities Admitted to Official Listing (arts. 64-97)Chapter I Obligations of companies whose shares are admitted to official listing (arts. 64-77)Section 1 Listing of newly issued shares of the same class (art. 64)Article 64Section 2 Treatment of shareholders (art. 65)Article 65Section 3 Amendment of the instrument of incorporation or the statutes (art. 66)Article 66Section 4 Annual accounts and annual report (art. 67)Article 67Section 5 Additional information (art. 68)Article 68Section 6 Equivalence of information (art. 69)Article 69Section 7 Periodical information to be published (arts. 70-71)Article 70Article 71Section 8 Publication and contents of the halfyearly report (arts. 72-77)Article 72Article 73Article 74Article 75Article 76Article 77Chapter II Obligation of issuers whose debt securities are admitted to official listing (arts. 78-84)Section 1 Debt securities issued by an undertaking (arts.78-82)Article 78Article 79Article 80Article 81Article 82Section 2 Debt securities issued by a State or its regional or local authorities or by a public international body (arts. 83-84)Article 83Article 84Chapter III Obligations relating to the information to be published when a major holding in a listed company is acquired or disposed of (arts. 85-97)Section 1 General provisions (arts. 85-88)Article 85Article 86Article 87Article 88Section 2 Information when a major holding is acquired or disposed of (arts. 89-91)Article 89Article 90Article 91Section 3 Determination of the voting rights (art. 92)Article 92Section 4 Exemptions (arts. 93-95)Article 93Article 94Article 95Section 5 Competent authorities (art. 96)Article 96Section 6 Sanctions (art. 97)Article 97Title V Publication and Communication of the Information (arts. 98-104)Chapter I Publication and communication of listing particulars for the admission of securities to the official stock exchange listing (arts. 98-101)Section 1 Procedures and period of publication of listing particulars and their supplements (arts. 98-100)Article 98Article 99Article 100Section 2 Prior communication to the competent authorities of the means of publication (art. 101)Article 101Chapter II Publication and communication of information after listing (art. 102)Article 102Chapter III Languages (arts. 103-104)Article 103Article 104Title VI Competent Authorities and Cooperation between Member States (arts. 105-107)Article 105Article 106Article 107Title VII Contact Committee (arts. 108-109)Chapter I Composition, working and tasks of the Committee (art. 108)Article 108Chapter II Adaptation of the amount of equity market capitalisation (art. 109)Article 109Title VIII Final Provisions (arts. 110-113)Article 110Article 111Article 112Article 113Annex I Schedule of Listing Particulars for the Admission of Securities to the Official Stock Exchange ListingSchedule A Layout for listing particulars for the admission of shares to official stock exchange listingSchedule A, Chapter 1 Information concerning those responsible for listing particulars and the auditing of accountsSchedule A, Chapter 2 Information concerning admission to official listing and the shares for the admission of which application is being madeSchedule A, Chapter 3 General information about the issuer and its capitalSchedule A, Chapter 4 Information concerning the issuer's activitiesSchedule A, Chapter 5 Information concerning the issuer's assets and liabilities, financial position and profits and lossesSchedule A, Chapter 6 Information concerning administration, management and supervisionSchedule A, Chapter 7 Information concerning the recent development and prospects of the issuerSchedule B Layout for listing particulars for the admission of debt securities to official stock exchange listingSchedule B, Chapter 1 Information concerning those responsible for listing particulars and the auditing of accountsSchedule B, Chapter 2 Information concerning loans and the admission of debt securities to official listingSchedule B, Chapter 3 General information about the issuer and its capitalSchedule B, Chapter 4 Information concerning the issuer's activitiesSchedule B, Chapter 5 Information concerning the issuer's assets and liabilities, financial position and profits and lossesSchedule B, Chapter 6 Information concerning administration, management and supervisionSchedule B, Chapter 7 Information concerning the recent development and prospects of the issuerSchedule C Layout for listing particulars for the admission of certificates representing shares to official stock exchange listingSchedule C, Chapter 1 General information about the issuerSchedule C, Chapter 2 Information on the certificates themselvesAnnex IIAnnex II, Part A Repealed Directives and their successive amendments (referred to in Article 111)Annex II, Part B Time-limits for transposition into national law (referred to in Article 111)Annex III Correlation TableDone at
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AI Summary of Article 51

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Version status: Entered into force | Document consolidation status: Updated to reflect all known changes
Version date: 26 July 2001 - 4 December 2026
Version 2 of 3

Article 51

If the shares issued by a company which is a national of a nonmember country are not listed in either the country of origin or in the country in which the major proportion of the shares is held, they may not be admitted to official listing unless the competent authorities are satisfied that the absence of a listing in the country of origin or in the country in which the major proportion is held is not due to the need to protect investors.

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