Closed ended investment funds (“issuers”) seeking admission to listing on a regulated market such as the ISE must first submit a suitable prospectus to a competent authority for approval. The competent authority in Ireland is the Central Bank and the Central Bank’s approval process can be found on their website.
A draft prospectus should be submitted to the ISE for review at the same time as the draft prospectus is being submitted to the competent authority. Please note that in addition to complying with the listing rules of the ISE an issuer must also comply with the requirements of the Prospectus Directive (Directive 2003/71/EC) which is regulated by the Central Bank of Ireland (CBI). Chapter 14 of the Listing and Admission to Trading on the Irish Stock Exchange – Requirements (hereinafter “Chapter 14”) sets out the full application process and listing requirements for issuers wishing to list shares/units on the ISE in a closed ended investment fund.
In summary, the listing process comprises the following distinct stages:
1 Appoint a sponsor. A sponsor registered with the ISE must be appointed by every issuer. The sponsor is responsible for dealing with the ISE on all matters in relation to the application and for ensuring the issuer’s eligibility for listing prior to any submission to the ISE. A current list of registered sponsors is available on this website - see Authorised Sponsors. The conditions for listing a closed ended investment fund are in Chapter 14.
2 Comply with the ISE conditions for listing. Every fund and its sponsor must be satisfied that it can meet all the conditions for listing prior to applying to the ISE. The ISE should be consulted in advance in the case of any uncertainty. A summary of the main conditions for listing can be found here.
3 Submit draft listing document/prospectus to the ISE for approval. An issuer must submit, through its sponsor, a prospectus for review and comment by the ISE. The prospectus should be submitted to the ISE in draft form electronically to firstname.lastname@example.org at the same time as the draft prospectus is being submitted to any competent authority.
The prospectus should demonstrate compliance with the ISE’s conditions for listing.
4 Approval of listing document/prospectus and submission of listing documents. Once the prospectus is approved by the competent authority the approved prospectus plus, various ancillary documents must be submitted to the ISE by 10.00 a.m. on the day the issuer wishes to list its shares/units. The ancillary documents required for admission to listing can be found in Chapter 14
5 Listing. Once the ISE is in receipt of the ancillary documents, the certificate of approval from the competent authority and a confirmation that shares or units have actually been issued, the listing will proceed on the day requested by the issuer.
6 Fees. An application fee and an annual fee must be paid to the ISE prior to admission to listing. Details of fees can be found here.
7 Ongoing Obligations. Once listed an issuer should continue to comply with the conditions for listing and must comply with the ongoing obligations of the ISE. The ongoing obligations of the ISE can be found in Chapter 14. Please note that in addition to complying with the ongoing obligations of the ISE, issuers must also comply with the requirements of applicable European Directives.
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