The Irish Stock Exchange ("ISE") has with effect from Monday 4 April 2016, expanded the Global Exchange Market ("GEM"), an exchange regulated market to include listing of investment funds. Prior to this point, investment funds could only list on the Main Securities Market ("MSM") of the ISE. Whilst the listing conditions and the document content / disclosure of GEM are similar to those of the MSM, there is more flexibility offered to a GEM listing than would be available to a MSM listing.
TRANSFER OF LISTING FROM MSM TO GEM
For any investment fund already listed that wish to benefit from a greater degree of flexibility that can be afforded to investment funds listed on MSM, they may elect to transfer to GEM.
Transfer of listing from the MSM to the GEM will be permitted subject to the release of an announcement which will need to be submitted to the ISE for prior approval detailing the date of the transfer.
Announcement will be approved within two business days. Costs for investment funds to list on the GEM are identical to that of the MSM.
GEM INVESTMENT RULES
http://www.ise.ie/Products-Services/Sponsors-and-Advisors/GEM-Rules-for-Investment-Funds.pdf?v=132016 GEM Investment Rules are available by clicking here.
This article contains a general summary of developments and is not a complete or definitive statement of the law. Specific legal advice should be obtained where appropriate.