(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.