Whole Section

  • Part III Listing Procedures for Investment Funds

    • 405

      The following sets out the usual steps in the listing process for investment funds:—

      (1) The applicant submits one copy of the listing application prepared in compliance with Rule 407, together with the supporting documents prescribed in Rule 409;
      (2) The Exchange considers the application and may grant approval in-principle (with or without conditions);
      (3) Where a prospectus, offering memorandum or introductory document is required, the applicant lodges the final copy of the prospectus, offering memorandum or introductory document with the government authority, and the Exchange;
      (4) The investment fund invites subscription for its securities;
      (5) The investment fund issues securities pursuant to the allotment; and
      (6) The investment fund is admitted to the Official List on satisfaction of all the conditions.
    • Time Schedule

      • 406

        The Exchange will normally decide on an application that is complete within four weeks of the date of submission of an application.

    • Contents of Application

      • 407

        The application must contain the following information:—

        (1) Structure and constitution of the investment fund;
        (2) Full title or designation, and rights and privileges of the securities for which listing is sought;
        (3) Names of the investment manager, investment adviser, administration agent and custodian of the investment fund; and
        (4) The financial track record of the investment manager and investment adviser and of persons employed by them to carry out their duties as investment manager or investment adviser, stating their employment history and work experience and details of all funds managed or advised by them.
      • 408

        The Exchange may require the applicant to provide additional information and any other documents which it requires for a proper consideration of the application.

    • Documents to be Submitted with the Application

      • 409

        One copy of the following documents must be submitted together with the prescribed listing fee:—

        (1) Prospectus, offering memorandum or introductory document containing the information required in Chapter 6. A checklist showing compliance with the provisions of Chapter 6 should also be submitted. If the investment fund is offered only to institutions and/or accredited investors without a prospectus, the offering memorandum or introductory document does not have to contain the information required in Chapter 6. However, the offering memorandum or introductory document submitted to the Exchange must be in final form containing information that such investors and their professional advisors would reasonably require taking into account market practice.
        (2) The Memorandum and Articles of Association, if applicable, must incorporate the provisions set out in Appendix 2.2. A checklist showing compliance with Appendix 2.2 must also be submitted. A trust deed must be submitted, if applicable. The trust deed must comply with applicable law. For investment funds which are incorporated in a foreign country, the Memorandum and Articles of Association or other constitutive document need not incorporate the provisions set out in Appendix 2.2.
        (3) The annual accounts of the investment fund for each of the last 3 financial years, if applicable. In the event the investment fund is unable to provide the annual accounts for each of the last 3 financial years, the investment fund is expected to provide profit estimates, forecasts and/or projections.

        Amended on 29 September 201129 September 2011.

    • Documents to be Submitted After Approval In-Principle

      • 410

        As soon as practicable after the investment fund receives approval in-principle from the Exchange, the following documents should be submitted:—

        (1) The signed listing undertaking in the form set out in Appendix 2.3.1;
        (2) A specimen of the certificate to be issued; and
        (3)120 copies of the prospectus, offering memorandum or introductory document.