Updated code of listing requirements for investment funds
An updated code of listing requirements and procedures for investment funds was released by the Irish Stock Exchange (ISE) in July 2013, to coincide with the implementation of the Alternative Investment Fund Managers Directive (AIFMD). The updated code contains a number of enhancements, which included an overhaul of the format of the code as well as the following key changes.
- All directors, whether in situ at the time of listing or appointed afterwards, are responsible for ensuring compliance with the listing requirements.
- The requirement that a counterparty or a prime broker must have a specified credit rating for short-term debt has been removed.
- The conditions under which a fund is permitted to exercise a transfer restriction or a compulsory redemption have been significantly broadened. A fund may now exercise a transfer restriction or a compulsory redemption where it ‘is in the best interests of the fund or its shareholders as a whole’…
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