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Global Exchange Market ("GEM")

Irish Stock Exchange

GEM - Investment Funds: Investment funds can now list securities on GEM. The Irish Stock Exchange released the Rules for Investment Funds effective from 4 April 2016.

What is GEM?

It is an exchange regulated market and Multi – Lateral Trading Facility as defined by the Markets in Financial Instruments Directive ("MiFID").

An investment fund can also now transfer an existing listing from the Main Securities Market of the Irish Stock Exchange ("MSM") to GEM. Remaining on an EU regulated market or listing on GEM is something that investment funds may consider. Funds will be taking into consideration a range of factors including, but not limited to, the fund’s investment restrictions, the existing investors and who the fund is being marketed to.

What European Directives will not apply to issuers listing on GEM ?

  1. The Prospectus Directive
  2. The Transparency Directive 
  3. The Statutory Audit Directive

From 3 July 2016 the European market abuse regime will apply to issuers listed on GEM.

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