The admission to trading of open-end funds different from ETFs is regulated by article 2.4.1 of the Rules of the markets organized and managed by Borsa Italiana S.p.A. Borsa Italiana asks the issuer to send the listing application along with the required documentation as specified in the Instructions accompanying the rules.
Within two months from the day the documentation to be produced following submission of an application is completed, Borsa Italiana shall resolve and inform the issuer of the acceptance or rejection thereof and simultaneously notify the decision to Consob.
The time limit may be interrupted by means of a notification from Borsa Italiana where it is found necessary to acquire additional information and documents.
The admission procedure shall be completed when Borsa Italiana, after ascertaining that the prospectus has been made available to the public, establishes the start date and the market segment in which the Fund is to be traded. The public shall be informed by means of a Notice.
a) Requirements and listing process
Article 2.2.35 of the Rules of the markets organized and managed by Borsa Italiana S.p.A. (following the “Rules”) defines the requirements for the admission to listing open-end funds different from ETF.
The listing application form and the relevant annexes can be found in the Instruction accompanying the Rules of the Markets organised and managed by Borsa Italiana.
1. Units/shares of open-end funds other than ETFs may be admitted to listing, provided they are compliant with Directive 2009/65/EC and for which the prospectus provides for their listing on a regulated market.
2. The listing of open-end funds other than ETFs requires the presence of an appointed intermediary that has entered into the undertakings referred to in Article 4.3.11 of the Rules. If the relationship is terminated for any reason, Borsa Italiana must be notified in writing, in the manner specified in the Instructions for specialists on the ETFplus market.
Issuer disclosure requirements
As set out in article 2.6.2 paragraph 6 of the Rules and the article IA.2.1.11 of the Instruction, the issuers shall communicate the following, in the manner, within the time limits and with the details laid down in the Instructions:
a) the net asset value (NAV) of the share/unit;
b) the number of shares/units outstanding.
b) Listing fees
Borsa Italiana introduces a new pricing scheme with great discounts to the issuers that want to list the open-end funds on ETFplus market.