ARTICLE
11 April 2016

Global Exchange Market – Investment Funds

DE
Dillon Eustace

Contributor

Dillon Eustace is one of Ireland’s leading law firms focusing on financial services, banking and capital markets, corporate and M&A, litigation and dispute resolution, insurance, real estate and taxation. Headquartered in Dublin, Ireland, the firm’s international practice has seen it establish offices in Tokyo (2000), New York (2009) and the Cayman Islands (2012).
The Global Exchange Market ("GEM") of the Irish Stock Exchange will, with effect from Monday 4 April, 2016, be open for investment funds seeking to list their securities on GEM...
Ireland Finance and Banking

The Global Exchange Market ("GEM") of the Irish Stock Exchange will, with effect from Monday 4 April, 2016, be open for investment funds seeking to list their securities on GEM or for any investment funds wishing to transfer an existing listing from the Main Securities Market of the Irish Stock Exchange ("MSM") to GEM.

The GEM is an exchange regulated market and Multi-Lateral Trading Facility as defined in MiFID (Markets in Financial Instruments Directive (Directive 2004/39/EC). European directives such as the Prospectus Directive, the Transparency Directive and the Statutory Audit Directive will not apply to issuers by virtue of their listing on GEM. The European market abuse regime is, however, to be extended to cover Multi-Lateral Trading Facilities and thus will apply to GEM listed issuers from 3 July, 2016.

The GEM Investment Funds rulebook will be available on the Irish Stock Exchange website from 1 April , 2016.

Investment funds wishing to retain the benefits of listing on the Irish Stock Exchange but with a greater degree of flexibility than can be afforded to investment funds listed on the MSM may elect to transfer their existing MSM listing to GEM.

A transfer of an investment fund's listing from the MSM to the GEM may be done by way of announcement which is subject to prior approval and can be submitted using the normal channels.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

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