7.1.1. Application

This part applies to:

1. (a) a Listed Fund; and
2. (b) a Fund Manager of a Listed Fund.

7.1.2. Conditions for admission of Units to trading

An Authorised Investment Exchange may not admit Units to trading unless:

1. (a) the Units have been admitted to the Official List maintained by the Authorised Investment Exchange in accordance with section 66 of the Framework Regulations; and
2. (b) in relation to Units of Listed Funds other than Overseas Listed Funds:
3. (i) the Fund is a Non-Exempt Fund registered under the AIFC Collective Investment Scheme Rules;
4. (ii) there are Offering Materials in relation to the relevant Units and the Authorised Investment Exchange has satisfied itself that such Offering Materials satisfies the requirements in AIFC Collective Investment Scheme Rules.

Guidance:

Listing Exempt Funds Exempt Funds may be admitted to the Official List, but not to trading, as they can only be offered on a private placement basis to certain investors.

7.1.3. Application of MAR to Listed Funds

The following parts of MAR shall generally apply to Listed Funds, with all necessary modifications (such that references to "Security" or "Securities" shall be read as references to "Unit in a Listed Fund" or "Units in a Listed Fund", respectively; references to the "Issuer" shall be read as references to the "Listed Fund"; and references to "Reporting Entity" shall be a reference to "the Listed Fund and its Fund Manager" (except the second reference to "Reporting Entity in Rule 6.1.1 shall be a reference to the "Listed Fund" only):

1. (a) MAR 5 (Market Abuse);
2. (b) MAR 6 (Market Disclosure).

The following parts of MAR shall not apply to Listed Funds, or a Reporting Entity that is the Fund Manager of Listed Fund (in its capacity as such):

1. (c) MAR 1 (Offer of Securities);
2. (d) MAR 2 (Governance of Reporting Entities);
3. (e) MAR 3 (Financial Reports); and
4. (f) MAR 4 (Sponsors and Compliance Advisors).

7.1.4. Disclosure of Financial Reports and Valuation

The Fund Manager of a Listed Fund (other than an Overseas Listed Fund) must disclose to the market any interim and annual reports and any valuations that the Listed Fund is required to prepare and disclose to Unitholders under CIS 10 promptly on their being available.