1 | ARTHUR COX
Global Exchange Market Investment Funds
For further information on making an application to the GEM or for transfer queries please do not hesitate to contact a member of the team at firstname.lastname@example.org
HELEN BERRILL DIRECTOR OF LISTINGS +353 1 618 0556 email@example.com
LORENA THORNTON ASSOCIATE DIRECTOR +353 1 618 0332 firstname.lastname@example.org
This document 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.
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
GEM Investment Rules are available by clicking here.
DIFFERENCES BETWEEN MSM AND GEM
Market status under MiFID Prospectus Directive Eligible for EU passport Transparency Directive Statutory Audit Directive Market Abuse Directive
MSM EU regulated market Yes - closed ended funds No - open ended funds
GEM Exchange regulated market No
No Yes from July 2016
ARTHUR COX LISTING SERVICES LIMITED Earlsfort Centre, Earlsfort Terrace, Dublin 2, Ireland tel: +353 1 618 0000 | fax: +353 1 618 0618 | email: email@example.com