​Listing on the Irish Stock Exchange Continues to Offer Competitive Advantage

Listing on the Irish Stock Exchange Continues to Offer Competitive Advantage

The Irish Stock Exchange (“ISE”) offers a cost effective, flexible and efficient listing option for Asian managers wishing to increase the distribution capacity, transparency and profile of their fund ranges.

There is a healthy variety of international fund structures, both regulated and unregulated, listing on the ISE from a wide range of jurisdictions. The ISE provides a tailored regime depending on the profile and requirements of each fund and Investment Manager.

How does an ISE listing provide practical advantages?

Distribution:

  • §A listing increases distribution capacity and meets the needs of institutional investors and pension funds which have limited capacity to invest in unlisted securities.
  • §Lower capital adequacy requirements for investors in listed securities.

Independent oversight:

  • Investors take comfort that a listed fund has met the suitability, diversification and ongoing compliance and reporting requirements of an internationally recognised listing authority with specific expertise in investment funds.

Transparency:

  • Ongoing reporting through www.ise.ie.
  • Investors are provided with ongoing information of changes, announcements and financial information.
  • Published NAV.

ISE FundHub:

  • Portal for Investment Managers and Professional Investors.
  • Sharing of chosen information and documentation with investors and potential investors - such as KIIDs, Prospectus, reports.
  • Investment Manager can provide its own profile with customised content.
  • Fund factsheet and analytics.

ETFs:

  • Straightforward, simplified listing regime.
  • Low cost fast track to trading on London Stock Exchange with an ISE listing which avoids the costs and procedure of a full listing in London.
  • Both active and passive ETF strategies can be listed.
  • Requirement for regular iNAV disclosure.
  • No requirement for daily portfolio disclosure for active ETFs.

Flexibility:

  • The ISE listing regime is flexible and responds to industry requirements and development.
  • The listing rules provide for tailored requirements where appropriate for specific categories of product, such as additional requirements for property funds, or additional flexibility for funds which target only very sophisticated investors.

Choice of Markets:

  • Main Securities Market (“MSM”) and Global Exchange Market (“GEM”).
  • MSM is an EU “regulated market”, GEM is an exchange regulated market or MTF.
  • The ISE listing requirements and reporting obligations of both markets are substantially similar.
  • Funds listed on GEM are not subject to the requirements of EU Directives which apply to issuers listed on regulated markets, such as the Statutory Audit Directive.

Low Cost:

  • A listing for a single fund costs approximately €5,000 in ISE listing fees.
  • The ISE does not charge per security line, unlike other exchanges.
  • Annual fees are applied only on a per sub-fund basis.

Efficient:

  • A listing is generally completed within a 2-3 week timeframe with guaranteed response times and shorter timelines being common.

Tara O’Callaghan is Head of Listings at Dillon Eustace

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