New applicants (3.05)
Subject to rule 3.05A, every application for listing by a new applicant (whether in relation to equity securities or debt securities) should be submitted to the Listing Division which may reject it or recommend the GEM Listing Committee to approve or reject it. However, the GEM Listing Committee has reserved for itself the power to approve all applications for listing from a new applicant and this means that even if such an application is recommended by the Executive Director – Listing Division or the Chief Executive, it must still be approved by the GEM Listing Committee. The GEM Listing Committee may at the request of the Listing Division give an “in principle” approval, that a particular new applicant or its business, or a particular type of security is suitable for listing, at an early stage in the application process (but will again consider the full application after the Listing Division has processed it). Otherwise the GEM Listing Committee will not consider an application from a new applicant until the Listing Division has processed the application. If the GEM Listing Committee approves a listing the Listing Division will normally issue a notification of approval in principle, and then issue a formal approval letter, in due course.
The GEM Listing Committee has delegated to the Executive Director — Listing Division the power to approve any application for listing of debt securities under Chapter 30 (debt issues to professional investors only).
Listed issuers (3.06)
Applications for the listing of equity securities by a listed issuer will be dealt with by the Listing Division and it is the Executive Director — Listing Division who will normally approve the listing and issue the formal approval letter, in due course. However, the GEM Listing Committee may determine the matter in the first instance at the request of the Listing Division where it considers it appropriate to do so. Applications for the listing of debt securities by a listed issuer shall be dealt with in the same manner as applications by new applicants as set out in rule 3.05.