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Listing Conditions

Listing Conditions

This provides a summary only of the listing requirements for investment funds applying to list on the ISE. The funds Publications section of this website contains the complete set of listing requirements and procedures.

The Applicant must

  • Be a passive investor and must not take legal or management control of the issuers of its investments;
  • Comply with the ISE requirement to operate on the principle of risk spreading and specific investment restrictions (depending on the fund type);
  • 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;
  • Be a separate legal entity from the investment manager, be appointed by written  agreement with the applicant, comply with specific custody and sub-custody requirements and have suitable and relevant experience
  • All service providers and the directors must be able to demonstrate that any conflicts of interest arising in respect of their role with the applicant will be resolved in a manner which will not prejudice the applicant or its shareholders.
  • The shares or units of the applicant must be capable of being traded on an equal basis, be freely transferable, save that certain transfer restrictions necessary to protect the applicant or its shareholders as a whole are permitted.

The Directors must

  • Collectively have appropriate and relevant expertise and experience, individually, take full responsibility for the listing particulars and must not be corporate bodies;

The Investment Manager must

  • Demonstrate appropriate expertise and experience to manage the applicant (The ISE will automatically be satisfied in this regard where the investment manager is authorised under the Alternative Investment Fund Manager Directive to manage the applicant’s assets. In any other case, the ISE will require additional information and evidence supporting the investment manager’s suitability such the investment manager’s regulatory status and assets under management);

The Depositary must

  • Be a separate legal entity from the investment manager, be appointed by written agreement with the applicant, complies specific custody and sub-custody requirements and have suitable and relevant experience. (The ISE will automatically be satisfied in this regard where the depositary is authorised under the Alternative Investment Fund Manager Directive to take custody of the applicant’s assets)

The Auditor must

  • Be independent of the applicant and its service providers;
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