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Investment Funds


PROFILE

Profile

  • First Sponsoring Broker to list an investment fund on the Irish Stock Exchange (ISE) in 1989 and today remains a leading Sponsoring Broker for fund listings
  • Acts as Listing Agent to debt securities i.e. Asset Backed Securities, Bonds, Warrants, ECP Programmes and Covered Securities seeking a listing on the ISE and/or approval by the CB
  • Authorised to act as Irish Paying Agent to closed ended funds and debt securities seeking an Irish listing
  • Well-established client base which includes international and Dublin-based banks, law firms, investment, pension and insurance funds managers, fund administration groups, global custodians, and other financial services groups


Benefits of Listing on the ISE
An ISE listing is a valuable marketing tool for any investment fund or debt security -

  • Increases distribution capability i.e. target certain categories of institutional investors as well as investors in particular jurisdictions, which are otherwise prohibited or restricted from investing in unquoted securities
  • Provide a quoted market price, facilitating particular investors who need to have their investments “marked to market”
  • ISE is regarded as a leading location in the world for listing offshore investment funds and debt securities with a flexible and simplified process


INVESTMENT FUNDS & DEBT SECURITIES PROFILE

Fiona Mulhall

       Director


NCB was instrumental in promoting the concept of Ireland's IFSC in the early 1980's and has played a key role in its development since that time.
The initiative for encouraging the listing of investment funds in Dublin arose out of the development of the International Financial Services Centre (IFSC) in Dublin as a centre for the establishment and administration of funds. The Irish Stock Exchange (the "Exchange") operates a well established and very successful regime for the listing of offshore and IFSC domiciled investment funds under its code, 'The Investment Funds - Listing Requirements and Procedures'. This rulebook codifies the Exchange's eligibility criteria, disclosure requirements and the continuing obligations for listed funds and is seen as “Best Practice” by industry.

Pursuant to the Exchange's code, every fund applying for admission of units to the Official List of the Irish Stock Exchange must appoint a sponsoring broker. The principal role of the sponsoring broker is to ensure that the fund is guided and advised as to the application of the Exchange's listing rules and, where relevant, the UK Listing Authority's Listing Rules.

The Irish Stock Exchange provides a streamlined and progressive listing regime for securities issued in the international capital markets, such as Asset Backed Securities, Bonds, Warrants, ECP Programmes and Covered Securities. Combining a comprehensive set of listing rules, a commitment to very aggressive timing on processing listing applications and a complete streamlined listing process, the Exchange’s regime is highly transparent and user friendly, contributing and supporting the securitization industry, both domestically and internationally.

Pursuant to the listing rules, every structure must appoint a listing agent who is responsible for ensuring the Exchange’s rules and relevant European Legislation are complied with.

NCB provides the services of a listing agent to issuers of securitisations seeking a listing on the Exchange and approval of their prospectus by the ICentral Bank of Ireland (the "CB"). NCB also may act as Irish paying agent to closed-ended funds and debt securities seeking a listing.

NCB also provides advice and guidance in respect of compliance with continuing obligations and regulations of the Exchange together with the relevant requirements of European Legislation.

NCB liaises between issuers/funds on an ongoing basis.

OUR TEAM

At the very cornerstone of our relationship with the client is our commitment to providing sound, appropriate, and independent investment advice. While every client relationship is different, the absolutely critical element of all successful ones is trust. Clients trust us not because we ask them to, but because we earn it. And we earn it because we consistently deliver on promises.


Meet The Team

Meet The Team

Fiona Mulhall
Director

+353 1 6115910

fiona.mulhall@ncb.ie

Margot McDonagh
Associate Director

+353 1 6115611

margot.mcdonagh@ncb.ie

Lorena Thornton
Associate Director

+353 1 6115915
lorena.thornton@ncb.ie

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INVESTMENT FUNDS
Eligibility to List Investment Funds on the Irish Stock Exchange

Quality/Macro areas:

  • The Fund
  • The Investment Manager
  • Custodian
  • Auditor
  • The Directors
  • Shares/Units
  • Prime Brokers
  • All Service Providers & Directors

Directors Disclosure areas:

  • Persons Responsible
  • Units/Shares
  • Fund and its capital
  • Investment Policy
  • Investment Restrictions
  • Directors & Service Providers
  • Assets & Financial Position
Read More

DEBT SECURITIES
Eligibility to List Debt Securities on the Irish Stock Exchange

The issuer must normally be a special purpose vehicle newly established at time of first listing on the Exchange, for the purpose of issuing the securities.

An application for listing of securities of any class must relate to all securities of that class.

A listing is based on the main premise that investors should be able to make an informed assessment of the relevant securities.

The Exchange examines the risk the investor faces by virtue of the structure.

One of the main disclosure requirements which is of concern to promoters/issuers is where the collateral consists of obligations of five or fewer obligors or where an obligor accounts for 20% or more of the assets


Read More

Eligibility  to  List  Investment Funds

The Irish Stock Exchange impose a number of investment restrictions on listed funds. The main ones of note are:

  • No more than 20% of the value of the gross assets of a fund may be lent to or invested in the securities of any one issuer.
  • No more than 20% of the value of the gross assets of a fund may be exposed to the creditworthiness or solvency of any one counterparty (other than a prime broker).
  • A fund may not take legal or management control of the issuer or any of its underlying assets.
  • A fund must adhere to the principal of risk spreading in relation to its use of derivatives and money market instruments, other than for the purpose of efficient portfolio management.
  • Up to 40% of the value of the gross assets of a fund may be allocated to any other fund, provided that the fund operates on the principal of risk spreading. [Only applicable if the fund is a fund of funds or a multi-manager fund.] Please also note that the Investment Manager of a fund must undertake to monitor the underlying investments to ensure that in aggregate the above mentioned provisions are not breached. Where such breach does occur it must be provided that the Investment Manager must take immediate corrective action.
  • No more than 20% of the value of the gross assets of the a fund which is a fund of funds may be invested in other funds whose principal investment objectives include investing in other funds. [Only applicable if fund is a fund of funds.]


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Eligibility  to  List  Debt Securities

Further information relating to the obligors is necessary since the credit exposure to any one of those obligors is significant.

Disclosure of the investment considerations relevant to the investors and a description of the structure and the cash flow are also necessary together with the details of any credit enhancements or liquidity supports applied to the product.

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BENEFITS OF LISTING ON THE ISE

Why List...

Debt Securities:

  • Reputation.
  • Commitment to aggressive timing.
  • Simplified listing process.
  • Ease of communication and resolution.
  • Standalone rulebook.
  • Consistency of approach.
  • Products listing.
  • Listing fees.
  • Expertise of team.
  • Minimum continuing obligations.
  

Investment Funds:

  • Reputation.
  • Recognition.
  • Experience.
  • Specialist Knowledge.
  • Specialist Rules.
  • Flexibility.
  • Speed.
  • Costs.
  

Advantages:

  • Quasi Regulatory Status.
      –  Increases a fund's prestige & profile - recognised EU Stock Exchange
  • Transparent Information Flow.
      –  Allows investors to mark their fund investment to market
      –  Publicly available information for investors
  • Investors
      –  Increases a fund's potential investor base
      –  Provides a valuable marketing tool for targeting specific investors/countries i.e. France.
  • No Minimum Capital Requirement

Irish Stock Exchange fees

Irish Stock Exchange fees

Investment Funds

Non-EU Domiciled Funds:

  • Listing Fees
      ·  Listing Application Fee €2,180
      ·  Subsequent Application Fee €1,040
  • Annual Fees
     Payable prior to admission in the first year of listing and, thereafter on each anniversary of listing (effective date of new annual fee is therefore on anniversary of listing).
      ·  Per fund or subfund up to 5 subfunds €2,180
      ·  Per subfund over 5 up to 10 €1,320
      ·  Per subfund over 10 subfunds €880
  • Administration Charge €300

Where applicable:

  ·  Formal notice fee €550
  ·  An addition discretionary charge on complex structures
   

EU Domiciled Funds:

  • Listing Fees
      ·  Listing Application Fee €2,000
      ·  Subsequent Application Fee €950
  • Annual Fees
     Payable prior to admission in the first year of listing and, thereafter on each anniversary of listing (effective date of new annual fee is therefore on anniversary of listing).
      ·  Per fund or subfund up to 5 subfunds €2,000
      ·  Per subfund over 5 up to 10 €1,210
      ·  Per subfund over 10 subfunds €800
  • Administration Charge €300

Where applicable:

  ·  Formal notice fee €550 (+VAT)
  ·  An addition discretionary charge on complex structures

 

Debt Securities

Non-Programme Documents:

  ·   €2000 document review fee
  ·  €2000 annual fee - with the option to pay on an annual or upfront basis. Upfront payments for 10 years or more can avail of a 10% discount
  ·  €500 tranche fee - applied to the first tranche of an application for listing e.g. Class A
  ·  €250 tranche fee - applied to all subsequent tranches in the same listing e.g. Class B, Class C and Class D etc

   

Programme Documents:

  ·   €2000 document review fee
  ·  €1500 per document - for all subsequent documents/supplements submitted to the Exchange under the programme that require pre-approval.
  ·  €2000 annual fee - applied at programme level
  ·  €500 tranche fee - applied to the first tranche of each Series to be listed
  ·  €250 tranche fee - applied to all further tranches of each Series to be listed

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