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Eligibility to List Investment Funds on the Irish Stock Exchange

Quality/Macro areas

  • The Fund
  • The Investment Manager
  • Custodian
  • Auditor
  • The Directors
  • Shares/Units
  • Prime Brokers
  • All Service Providers & Directors
   Directors Disclosure areas
  • Persons Responsible
  • Units/Shares
  • Fund and its capital
  • Investment Policy
  • Investment Restrictions
  • Directors & Service Providers
  • Assets & Financial Position

The Irish Stock Exchange impose a number of investment restrictions on listed funds. The main ones of note are:

  • No more than 20% of the value of the gross assets of a fund may be lent to or invested in the securities of any one issuer.

  • No more than 20% of the value of the gross assets of a fund may be exposed to the creditworthiness or solvency of any one counterparty (other than a prime broker).

  • A fund may not take legal or management control of the issuer or any of its underlying assets.

  • A fund must adhere to the principal of risk spreading in relation to its use of derivatives and money market instruments, other than for the purpose of efficient portfolio management.

  • Up to 40% of the value of the gross assets of a fund may be allocated to any other fund, provided that the fund operates on the principal of risk spreading. [Only applicable if the fund is a fund of funds or a multi-manager fund.] Please also note that the Investment Manager of a fund must undertake to monitor the underlying investments to ensure that in aggregate the above mentioned provisions are not breached. Where such breach does occur it must be provided that the Investment Manager must take immediate corrective action.

  • No more than 20% of the value of the gross assets of the a fund which is a fund of funds may be invested in other funds whose principal investment objectives include investing in other funds. [Only applicable if fund is a fund of funds.]