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Fiduciary Exchange Services

Gibraltar Stock Exchange

GSX Limited (“GSX”) was granted its authorisation to commence operations as Gibraltar’s first ever regulated stock exchange on the 10th October 2014.

GSX currently offers a listing exchange for Open-Ended Funds that are licensed, registered, authorised and/or regulated as a Collective Investment Scheme. GSX will be extending its listing services to other asset classes such as Closed-Ended Funds in 2015 and bonds, Insurance Linked Securities (‘ILS’) and structured products in 2016.

To that end, GSX is a regulated exchange that operates in many ways as a European fund distribution platform.

The GSX Exchange operates within a robust and dynamic regulatory environment, the tone of which is set by the Gibraltar Financial Services Commission (the “Regulator”) in a manner which retains the characteristic advantages of a small and specialist onshore jurisdiction.

Gibraltar has emerged as a popular alternative jurisdiction for investment funds and their managers, offering robust fund legislation, favourable tax advantages, efficient regulation, the flexibility of a small jurisdiction, and quality infrastructure all within an EU-compliant framework.

GSX will be responsible for maintaining an orderly market, the oversight of its listings and Member Firms and liaising with the Listing Authority. We believe that GSX will play an integral role in cementing Gibraltar’s position as a full-service financial hub within the EU. It is its ambition to put Gibraltar at the heart of the global fund industry.

The Advantages of a Listing

A listing provides a secure platform for investors and managers alike. It delivers a reliable, fast-to-market, and cost-effective service that enables applicants to market to investors looking for greater transparency and visibility through an EU listing.

A listing promotes investor awareness of an issuer’s financial standing and credibility. The Fund is required to comply with the standards of the exchange and its listing rules. Over time, the exchange plans to adopt a graduated progression to a full-service stock exchange providing trading and execution services across a wide range of products, but not limited to debt and equities.

For a non-EU fund a listing brings the following benefits:

• Visibility in the EU and assistance in distribution

• Compliance with EU laws

• No modifications to funds required

• Increased fund marketability

• Increased investor confidence

• Increased investor transparency

Leveraging Gibraltar’s unique competitive advantages, offering a first class listing service including but not limited to:

• Access and connectivity between investors

• An innovative website

• A cost-effective solution

• Fast-to-market

• An accessible and responsive regulator

Listing of Open-Ended Collective Investment Schemes - Need to Know

Other than the conditions specified in the CIS Codes, the following general conditions must be met for those wishing to apply for listing:

• An applicant must be duly incorporated or otherwise validly established according to the relevant laws of its place of incorporation or establishment of a GSX Recognised State, and must operate in conformity with its Constitutive Documents.

• An Applicant must be an Open-Ended Fund and must be regulated by the Competent Authority of a GSX Recognised State or be otherwise acceptable to GSX Limited and the Listing Authority.

• An Applicant must have audited accounts for the last financial year.

• An Applicant may not change its principal investment objectives and policies as set out in its Listing Particulars unless the consent of the unit-holders representing a majority of the Units of the Applicant that are in issue has been obtained in advance.

• An Applicant must not be permitted to issue bearer shares and/or units under its constituting documents.

• The Applicant must satisfy GSX and the Listing Authority that its Controllers, together with any appointed investment manager, have sufficient and satisfactory experience in the management of investments of the type in which the Applicant intends to invest, or currently invests.

• The Controllers of the Applicant must be able to demonstrate their ability to act independently of any appointed investment manager of the Applicant.

• The aggregate market value of the units of an Applicant must be at least €1,000,000 or the foreign currency equivalent within 12 months of the Applicant’s launch if the Applicant is a new Fund, or above €1,000,000 if the Fund has been active for more than 12 months.

Once listed, an Applicant must continue to comply with all requirements of the CIS Codes.

Contact

For further information and an outline of the application process please contact Kerry Turton, on telephone +350 200 76651 or email kerry.turton@fiduciarygroup.com