Listing Investment Funds - Process - Costs

Product range

We list hedge funds, exchange traded funds, private equity funds, multi manager funds, property funds, venture capital funds, emerging market funds, derivative funds and fund of funds.

Global reach

We have funds listed from every major fund domicile including: Ireland, Luxembourg, Cayman Islands, Bermuda, BVI, Jersey and Guernsey.

Listing process

1. Appoint a sponsor

The sponsor will advise and assist you during the listing process.

2. Review

The sponsor submits listing particulars for review by our regulatory team. The guaranteed review times are:

QIAIF

1 day

UCITS

2 days

Offshore funds

5 days initial draft

2 days subsequent drafts

3.Filing

Once approved, the listing particulars, together with the sponsor's and directors' declaration forms are signed and filed with the ISE.

4.Listing

Once shares or units in the fund are issued, the listing will proceed on the day requested.

In addition closed ended investment funds must also submit a prospectus to a competent authority for approval. In Ireland the competent authority is the Central Bank of Ireland. The approval process can be found on its website

Investment fund sponsors

The sponsor is responsible for dealing with the ISE on all matters for listing.

Fees

Ongoing obligations

Once listed a fund is subject to ongoing requirements which are detailed in the listing rules.These include:

  • File annual accounts within six months of period end
  • Notify the fund NAV immediately upon calculation
  • Announce material new developments or operational changes

Product guides

Rules and forms

FAQs

Once listed, how do I notify the ISE of a Net Asset Value?

NAVs should be emailed to nav@ise.ie or alternatively to autonav@ise.ie. The AutoNAV service is easy to use and updates your NAV information directly to the ISE website. For more information on the AutoNAV service please email autonav@ise.ie.

Does a fund have to be established for a particular period before it can list?

No. Newly established funds may be listed.

Are funds which are registered and domiciled in Ireland treated differently?

Yes. We ensure a streamlined system to facilitate the smooth listing of funds which are registered with and regulated by the Central Bank of Ireland.

Is a fund registered or domiciled in the EU suitable for listing?

Yes. We list funds which are registered or domiciled in almost every established funds centre in the world.

Do you list funds domiciled outside the EU?

Yes. We list funds which are registered or domiciled in almost every established funds centre in the world.

Must a fund be supervised by a regulatory body to be suitable for listing?

No. However, a fund which is not subject to regulation within the EU, the Channel Islands, the Isle of Man, Bermuda, Hong Kong, Australia, Canada, Japan, Singapore or the United States must be confined to sophisticated investors, (i.e. have a minimum subscription of US$100,000).

What legal structures can be listed?

A fund may be either open or closed–ended. A fund may be a company, unit trust, limited partnership or other legal entity with limited liability.

Are funds restricted from making certain investments?

A listed fund is free to invest in any type of investment. It must comply with the requirements for risk spreading. Direct investment in real property and commodities is, however, restricted.

May a fund borrow or leverage?

Yes. A fund can borrow or leverage any amount provided that the fund’s policy in this area is clear and that any limits are disclosed in the listing document.

CONTACT US

Gerry Sugrue, VP of IPM Business Development at the Irish Stock Exchange, Dublin

Gerry Sugrue

+353 1 6174280

gerry.sugrue@ise.ie

 

Aoibheann O'Neill, Associate VP of IPM Business Development at the Irish Stock Exchange, Dublin

Aoibheann O'Neill

+353 1 6175179

aoibheann.o'neill@ise.ie