WSE Listing Rules
A company or entity on the World Stock Exchange is a business operating in a virtual world such as Second Life. The Entity is a registered group conducting transactions using fictional currency to generate a profit and which is controlled and operated by a resident using their main Avatar or a dedicated Avatar for all business transactions.
Listing your business with the World Stock Exchange "WSE" will provide access to the global fictional currency capital markets. The listing will help you achieve your growth ambitions and successfully make the transition to becoming a public company.
We provide you with the ability to have your securities traded on an easy to use Internet based securities exchange and trading platform developed by Hope Capital. We aim to assist all virtual businesses in order to expand, innovate and to participate in the huge growth of the worlds virtual economies.
Providers of capital, known as investors will earn a return on their investments through dividends and capital growth such as an increase in the share price, thereby increasing their overall wealth, while the businesses in which they invest provide jobs and drive the economic development across virtual worlds such as Second Life.
World Stock Exchange ("WSE") offers a market for trading in securities. Trading takes place through trading participants. WSE’s market rules govern trading participants’ relationships with WSE, with each other and with clients. WSE supervises the market for securities issued by listed entities. One way it does this is by setting standards for the behaviour of listed entities through its Listing Rules.
Admission
WSE's Listing Rules govern the admission of an entities to the official list, quotation of securities, suspension of securities from quotation and removal of entities from the official list. They also govern disclosure and some aspects of a listed entity’s conduct. Compliance with the Listing Rules is a requirement for admission to the official list.
The founder/owner (applicants) of a group that applies for a listing on the WSE will automatically be required to act as the chief executive officer of the entity also known as a company and to adhere to the WSE Terms of Service, Constitution and Listing Rules.
Admission and Listing Requirements:- The entity must generate all income from a fictional currency
- The entity's main Business Activity at the date of admission must be the same as it was during the previous 90 days.
- The entity must have been operating within a virtual world for a minimum of 90 days
- The entity's total revenue from continuing operations for the previous 90 days must exceed L$300,000 or WIC$1,100.00
- CEO must provide the WSE with a valid email address for their WSE account
- CEO must have a WIC Exchange account from www.wicexchange.com
- Second Life residents are required to have been a resident for a minimum of 90 days
- Second Life Residents require Payment Info Used or Payment Info on File
- Advanced knowledge of the English Language
- Business and Company officers must adhere to the WSE Constitution, Terms of Service and Listing Rules
- Minimum of 2 Company Directors and 1 Chairman of the Board
- The CEO cannot trade any securities in the entity without approval by the WSE.
- Must submit a minimum of one announcement regarding the operational and financial performance of the company every 30 days.
- Must submit a Financial Report monthly or quarterly using the WSE financial reporting system.
Trading Halts, Suspension, Removal
Failure to adhere to the WSE Listing Rules and Constitution may result in the removal or temporary suspension of trading in a listed company. WSE has an full authority concerning the admission of an entity to the official list (and its removal) and quotation of its securities (and their suspension). WSE also has discretion whether to require compliance with the Listing Rules in a particular case (ie, apart from waiving the rules). In exercising its discretion, WSE takes into account the Hope Capital virtues on which the Listing Rules and Constitution are based.
Access to Capital
All capital received during the initial offer period is held in escrow until the offer is fully subscribed. If the initial offer is under-subscribed a meeting will be held between the applicant and the WSE. The results of this meeting will determine whether the company will refund all capital to investor's, extend the offer or remove any outstanding shares so the company can be placed on the Official List.
Constitution
The internal management of a entity on the official list is governed by the WSE Constitution. It is expected that the founder and all related parties of each entity will adhere to the WSE Constitution.