This provides a summary only of the listing requirements of the ISE for the fund. The funds Publications section of this website contains the complete set of listing requirements and procedures.

The Fund 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;
• Have an unqualified audit report if it has commenced investment activities;
• Adhere to the distribution policy of 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 fund, complies specific custody and sub-custody requirements and have suitable and relevant experience

 The custodian must

• Be a separate legal entity from the investment manager, be appointed by written agreement with the fund, complies specific custody and sub-custody requirements and have suitable and relevant experience

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 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);

The Auditor must

• Be independent of the fund and its service providers;

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, the Shares or Units of the Fund must be capable of being traded on an equal basis, be freely transferable, save that certain transfer restrictions necessary to protect the fund or its shareholders as a whole are permitted.