The memorandum summarises the ongoing obligations for funds listed on the Regulated Market (the "RM") of Euronext Dublin ("Euronext" and previously The Irish Stock Exchange).
Full details of Euronext's ongoing suitability and reporting requirements are set out in Chapters 1 and 7 of the "Code of Listing requirements and Procedures – Investment Funds" (the "Code"). This memorandum sets out a general summary only of the continuing obligations for your reference. Directors and service providers to listed funds should familiarize themselves with the full requirements of the Code.
Funds listed on Euronext are also subject to the requirements of Market Abuse Regulation (EU 596/2014) ("MAR") and Directive (2014/57/EU) on criminal sanctions for market abuse ("CSMAD"), which obligations are also summarized in our separate brochure on Market Abuse. Funds listed on the RM may also be subject to other European legislation applicable to issuers with securities admitted to trading on a regulated market in the EU.
These obligations are imposed in order to maintain an orderly and transparent market in the shares or units of listed funds, to ensure the ongoing suitability of the funds for listing, to protect shareholders' interests and to ensure that all relevant information is disseminated to the market without delay. This memorandum does not summarise the conditions for listing and suitability requirements which are set out fully under Chapter 1 of the Code and which apply for as long as a fund is listed.
Any matter to be announced must, wherever possible, be notified to Euronext or a regulatory information service before 5.30 p.m. (Irish time) on the day the decision is made.
Please consult with any member of the Dillon Eustace listings team if you have any queries in relation to any aspect of these requirements and their application to the activities of a listed fund.
SECTION A - OBLIGATIONS – APPLICABLE TO All FUNDS
A listed fund or its Sponsor should notify Euronext in advance in relation to any matter which they are aware which:
- s relevant to the continuation of the listing or may materially adversely affect the interests of shareholders as a whole or a significant proportion thereof; or
- may lead to a substantial change in the character of nature of the listed fund, including in certain circumstances where a delisting is proposed.
Any such changes will also require prior shareholder approval.
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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.