PERMITTED MARKETS FOR RETAIL INVESTOR AIF

A Retail Investor AIF must confirm to the Central Bank, in writing as part of its application for authorisation, that each stock exchange and market listed in the prospectus, or which will be listed in the prospectus in the future, is regulated, operates regularly, is recognised and open to the public. The following stock exchanges and markets may be listed in a prospectus without a requirement to confirm to the Central Bank that they are regulated, operate regularly, are recognised and open to the public.

Stock Exchanges:

  • all stock exchanges in a Member State of the European Union;
  • all stock exchanges in the remaining Member States of the European Economic Area (EEA), (Norway, Iceland and Liechtenstein);
  • a stock exchange located in Australia, Canada, Japan, Hong Kong, New Zealand, Switzerland or USA.

Markets:

  • Derivative markets approved in a Member State of the EEA
  • The market organised by the International Capital Markets Association
  • The market conducted by the “listed money market institutions” as described in the Bank of England publication “The Regulation of the Wholesale Cash and OTC Derivatives Markets” (in sterling, foreign currency and bullion)
  • AIM - the Alternative Investment Market in the UK, regulated and operated by the London Stock Exchange
  • The over-the-counter market in Japan regulated by the Securities Dealers Association of Japan
  • NASDAQ in the United States
  • The market in US government securities conducted by primary dealers regulated by the Federal Reserve Bank of New York
  • The over-the-counter market in the United States regulated by the National Association of Securities Dealers Inc. (May also be described as; the over-the-counter market in the United States conducted by primary and secondary dealers regulated by the Securities and Exchanges Commission and by the National Association of Securities Dealers (and by banking institutions regulated by the US Comptroller of the Currency, the Federal Reserve System or Federal Deposit Insurance Corporation))
  • The French market for “Titres de Creance Negotiable" (over-the-counter market in negotiable debt instruments)
  • EASDAQ (European Association of Securities Dealers Automated Quotation)
  • The over-the-counter market in Canadian Government Bonds regulated by the Investment Dealers Association of Canada.

The list of criteria set out in the ‘Regulated market which operates regularly and is open to the public’ definition is not exhaustive and the assessment should include a general overview of the market, having particular regard to issues, not mentioned in the definition, which would be relevant to the operation of the market and investment therein.

A depositary must confirm to the Central Bank, in writing as part of the application for authorisation of a Retail Investor AIF, that it can provide for the safe-keeping of the assets of the Retail Investor AIF, in relation to each of the stock exchanges and markets provided for in the prospectus, in accordance with the conditions set down in the AIF Rulebook.

Issued: 3 July 2013
Latest revision: 3 July 2013