This provides a summary only of the listing conditions of the ISE for closed ended investment funds. In addition to the listing conditions imposed by the ISE, an applicant must also comply with the Prospectus Directive (Directive 2003/71/EC) regulated by the Central Bank of Ireland. The Funds Publications section outlines the complete set of listing conditions.
The Fund must:
- Invest and manage its assets in a away which is consistent with the object of spreading investment risk;
- Have a minimum subscription of US$100,000 if it is not supervised by a regulatory body acceptable to the ISE;
- If it is a company, have at least two directors who are independent of the investment manager, investment adviser and/or their affiliated companies;
- Appoint a custodian that is a separate legal entity from the investment manager, is appointed by written agreement with the fund, complies with specific custody and sub-custody requirements and has suitable and relevant experience;
- The Investment Manager must demonstrate appropriate expertise and experience to manage the fund. The ISE will normally be satisfied in this regard where the investment manager has at least $100 million of third party funds under discretionary management. In any other case, the ISE will require additional information and evidence supporting the investment manager’s suitability;
- All service providers and the Directors must be able to demonstrate that any conflicts of interest arising in respect of their role with the fund will be resolved in a manner which will not prejudice the fund; and
- The Shares or Units of the fund must be capable of being traded on an equal basis and be freely transferable, save that certain transfer restrictions necessary to protect the fund or its shareholders as a whole are permitted.