The ISE has issued a Consultation Paper setting out changes to the Listing Rules arising due to the ending of the delegation agreement with the Central Bank relating to prospectus review. The relevant European legislation allows delegation of certain tasks, but only up to 31st December 2011. The delegation arrangements are therefore coming to an end with effect from 12th December 2011.
However, the ISE will remain the competent authority for listing and will continue to set the Listing Rules and assess compliance of issuers with those Listing Rules including the conditions for listing. The Listing Rules relating to the process of application for listing have been changed to reflect the changes in procedures and checklists for listing conditions have been introduced across all security types. The opportunity has also been taken to make other minor changes, including the renumbering of Chapter 14, covering closed ended funds.
As the changes are primarily consequential it is not anticipated that the changes will give rise to any substantive issues. For that reason the consultation period is shorter than normal in order to ensure that the changes can be finalised and take effect on 12th December 2011. Any comments or suggestions relating to these changes should be submitted to the ISE by 23rd November 2011.
Consultation paper
Consultation Paper re consequential rule changes
Listing Rules amendments
Listing Rule Amendments
Revised Chapter 14 (CEIF)
Chapter 14 Collective Investment Undertakings of the Closed-End Type
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