Line Management Services Limited (LMS), a subsidiary of Line Group (associated with Hassans), has been approved as a Listing Member of the Gibraltar Stock Exchange (“GSX”) which was launched in November 2014.
The services of a Listing Member are required by any entity seeking to list on the GSX. The Listing Member introduces Issuers to the GSX and acts as the conduit for communications between the Issuer and the exchange. Senior Associate Caireen Provasoli is LMS’ Nominated Person for all listing membership services.
The GSX is currently only open for the listing of open ended collective investment schemes. However, by Q3 2015, it is targeted that the GSX will start listing closed ended funds, and thereafter will be looking to expand into the listing of securities other than shares. Further ahead, the listing of non-fund entities is envisaged.
Ian Felice, CEO of Line Group, commented:
“This is an extremely welcome development. Due to the association LMS has with Hassans, we will be able to offer our clients, both Gibraltar and internationally based, a seamless full service for those that wish to list on the GSX.”
Richard Bowry, Senior Associate and fund specialist at Hassans told B2B “We are delighted to be working with Line Group in relation to the listing of funds on the GSX. The Funds Team of Hassans comprises Gibraltar’s largest legal team dedicated to mutual funds work, and our combination with LMS for GSX listing purposes will, we believe, put us in a unique position of being able to offer a full legal and advisory service to funds seeking a GSX listing.”
Nick Cowan, Managing Director of the GSX, outlined the key benefits for listing a fund on the GSX: “As a new exchange, it has been possible to design the GSX with the latest technology and in a manner that reflects the current needs of the alternative funds industry. The alternative fund world has dramatically changed since the Alternative Investment Fund Managers Directive (AIFMD) came into force. In essence, non EU funds cannot market in the EU other than by way of private placement regimes if available. However shares that are listed on an exchange but not available for trading are not deemed to be marketed solely as a consequence of that listing. Listing its shares on the GSX therefore gives a fund visibility in the EU that it might not otherwise have.”
A Listing should be achievable in 4 to 6 weeks, which is competitive when compared to other exchanges, and is also extremely cost effective. The cost of listing is negligible in the overall context of running a fund, with an initial listing fee for EU funds standing at £1,750 and the annual listing fee at £1,500.”