Revised listing rules issued by Euronext Dublin in June 2018 have substantially reduced certain reporting obligations to better reflect the levels of investor protection within the UCITS and non-UCITS regulatory regimes.
The reduced reporting obligations will apply to:
- UCITS funds listed on the Main Securities Market ("MSM");
- Irish regulated funds listed on the Global Exchange Market ("GEM"); and
- Other EU funds subject to equivalent regulation listed on GEM.
With immediate effect, such funds are obligated to report and publish only the following information:
- Annual report;
- Regulated information, including information required to be disclosure under the Market Abuse Regulation (such as inside information and notification of transactions by Directors or closely associated persons);
- Proposed or actual material changes to the general character or nature of the listed fund;
- Information likely to affect the suitability of the fund for listing, or the interests of unitholders as a whole, or a significant portion thereof;
- Information which may affect the rights attaching to the listed securities;
- Proposed changes in capital structure;
- Information required to be notified under sections 1047-1062 and 1069 of the Companies Acts 2014;
- Transactions or holdings of the Investment Manager in the shares of the fund;
- A decision to cancel the listing of a fund, subfund, class or series;
- The NAV per unit, or any material amendment thereto;
- A change in the name of the listed fund, subfund, class or series;
- A change in the financial year end;
- A material change in the listed funds constitutive documents;
- A change in sponsor, registrar, auditor or transfer agent;
- A change of director, administrator, investment manager, depositary, prime broker or any credit institution holding cash outside the custody network; and
- A decision to transfer the listing to an alternate market.
This change will mean that many regular notifications such as dividend payments, changes in service provider fees, changes in investment policy and AGM notices will no longer be required. Listed funds may continue to make such notifications on an elective basis.
A copy of the updated rules published by Euronext is available here ISE Listing Rules
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.