is to further improve quality and create cheaper services for its Members and to provide a transparent and fair trading environment for domestic and foreign issuers and investors. The BLSE will continue working at achieving the standard of services comparable with those prevailing on developed capital markets. Objectives: to protect the interest of investors; to promote investment in securities; to provide liquidity and "depth" in the capital market of the Republika Srpska to introduce new financial instruments in the capital market of the Republika Srpska to provide conditions for public companies to raise the capital required to finance their development plans to promote the listing of securities issued by local companies to attract foreign investors through use of promotional campaign to connect with regional capital market to connect with regional capital market. Official market The official market is a prestigious part of the stock exchange market, where, apart from the general conditions, there are also requirements of specific conditions regarding the amount of equity, class diversification in public, business performance and objectivity of financial statements. With consideration of the level of development of the capital market of the Republika Srpska, the biggest number of securities from privatisation process is listed on the free market of the BLSE. General conditions for listing securities on organised market are: possibility to trade in an organised way with those securities securities have been paid in full freely transferable issued in non material form. On the official market those securities may be listed which apart from the general conditions meet the following criteria: Years of existence: 3 Reality and objectivity of financial statements: Audited financial statements Equity size: BAM 5,000,000 (BAM 1 = EUR 0.5113) Min. size of class of shares: BAM 1,000,000 Class diversification in public: at least 15% Number of shareholders: at least 50 Listing criteria for bonds: Years of existence: 3 Reality and objectivity of financial statements: Audited financial statements Issue nominal value: BAM 1,000,000 The bonds of the Republika Srpska can be admitted to the official market of the Stock Exchange with no specific conditions or restrictions. Currently on the official market, PIFs segment, shares of 13 Privatisation Investment Funds are listed. In the next period it is expected that the best companies apply for admission to the official market of the BLSE. Free market The free market lists securities that meet all general conditions for listing. Securities are listed on