Admitting To Trade Non-UCITS ETFs On The LSE

Author:Mr Barry McGrath and Laurence Morrissey
Profession:Maples and Calder

In a welcome development, the London Stock Exchange ("LSE") has extended their offering for non-UCITS ETFs to allow non-UCITS retail schemes ("NURS") and qualified investor alternative investment funds ("QIAIFs") admission to trading on the LSE. There are two listing routes available:

Apply to the UK Listing Authority ("UKLA") for an official listing to the LSE for admission to trading on the Main Market. This route is available for NURS, qualified investor schemes ("QIS") and alternative investment funds ("AIFs"). Apply to the LSE for admission to trading on the Main Market based on an existing European Economic Area ("EEA") listing. This alternative route to trading on the LSE is available for AIFs such as QIAIFs that are recognised as an overseas scheme by the UK Financial Conduct Authority ("FCA") in accordance with section 272 of the UK Financial Services and Markets Act 2000. Option 2 is somewhat similar to the streamlined, cost-effective route to trading that currently exists...

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