Part

LR Listing Rules

Chapter

Open-ended investment companies

Printed on: 14/01/2025

Rulebook at: 10/02/2009

LR 16

Open-ended investment companies

LR 16.1

Application

  • 01/07/2005

LR 16.1.1

handbook-rule

This chapter applies to an open-ended investment company applying for, or with, a primary listing of equity securities which is:

  1. (1) an ICVC that has been granted an authorisation order by the FSA; or
  2. (2) an overseas collective investment scheme that is a recognised scheme.
  • 28/09/2007

LR 16.2

Requirements and eligibility for listing

  • 28/09/2007

LR 16.2.1

handbook-rule

To be listed, an applicant must comply with:

  1. (1) LR 2 (Requirements for listing); and
  2. (2) only LR 6.1.22 R to LR 6.1.24 G of LR 6 (Additional requirements for listing for equity securities).
  • 28/09/2007

LR 16.3

Listing applications

  • 28/09/2007

LR 16.3.1

handbook-guidance
An applicant for admission is required to comply with LR 3 (Listing applications).
  • 28/09/2007

LR 16.3.2

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The FSA will admit to listing such number of securities as the applicant may request for the purpose of future issues. At the time of issue the securities will be designated to the relevant class.
  • 28/09/2007

Sponsors

LR 16.3.3

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An applicant that is seeking admission of its equity securities must retain a sponsor in accordance with LR 8 (Sponsors).
  • 28/09/2007

LR 16.3.4

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In addition to the circumstances set out in LR 8.2.1 R when a sponsor must be appointed, an applicant must appoint a sponsor when it makes an application for admission of equity securities which requires the production of listing particulars.
  • 28/09/2007

Multi-class fund or umbrella fund

LR 16.3.6

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An applicant which is a multi-class or umbrella fund which seeks to create a new class of security without increasing its share capital for which listing has previously been granted, must provide the FSA with the details of the new class and no further application for listing is required.
  • 28/09/2007

LR 16.4

Requirements with continuing application

  • 28/09/2007

LR 16.4.1

handbook-rule

An open-ended investment company must comply with:

  1. (1) LR 9 (Continuing obligations) except LR 9.2.6B R, and LR 9.2.15 R;
  2. (2) LR 15.5.1 R; and
  3. (3) LR 15.6.1 R.
  • 06/03/2008

LR 16.4.2

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LR 15.6.6 R applies to an open-ended investment company if it has no executive directors.
  • 28/09/2007

LR 16.4.3

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The interests of a single person or entity which exceeds 10% of the issued shares (calculated exclusive of treasury shares) of any class of share in the capital of the open-ended investment company must, so far as they are known to it, be notified to a RIS as soon as possible following the open-ended investment company becoming aware of those interests.
  • 28/09/2007

LR 16.4.4

handbook-rule
LR 10 (Significant transactions) and LR 12 (Dealing in own securities and treasury shares) do not apply to an open-ended investment company.
  • 28/09/2007