Listing Regime and Obligations

The Specialist Fund Segment is an EU Regulated Market

As such, securities admitted to SFS are eligible for a significant number of investor mandates providing a pool of liquidity for issuers admitted to the market. Issuers admitted to trading on an EU regulated market need to meet the requirements of relevant EU directives, including the Transparency Directive and Market Abuse Directive which, in the UK, are enshrined in the FCA’s Disclosure & Transparency Rules.

Eligibility

The key eligibility criteria for investment funds floating on the Specialist Fund Segment are outlined in the table below.

Eligibility criteria Closed ended funds	Closed ended funds
Transferable securities to be freely negotiable	Yes
Production of a prospectus for approval by the UKLA / other EEA competent authority	Yes (Annex XV of the Prospectus Directive)
Audited historical financial information	3 years*
London Stock Exchange Admission and Disclosure Standards	Apply
Eligible for electronic settlement	Yes
Sponsor	Not required

*or such shorter period the entity has been in operation

Continuing obligations

Continuing Obligations

Closed ended funds

Sponsor for certain transactions

Not required

Annual financial report

Yes (4 months after the

end of FY)

Half-yearly financial report

Yes (3 months after the

end of the period)

Interim Management Statements

Yes

Publication of inside information as soon as

possible

Yes

Drawing up and maintaining an Insider List

Yes

Major shareholder notification regime applies

Yes

Annual Information Update

Yes

PDMR disclosures

Yes

Pre-emption rights As per relevant

company law

Prospectus/document for further issues

(>10% shares of same class admitted to

trading)

Yes

This list is not exhaustive and should be read in conjunction with London Stock Exchange's Admission & Disclosure Standards and the FCA Handbook (Prospectus Rules and Disclosure & Transparency Rules).