The Australian Stock Exchange (ASX) is in discussions with the Australian Securities and Investments Commission (ASIC) regarding a separate set of listing rules for managed funds which it hopes to have in place by the end of the year.
Richard Murphy, ASX general manager primary and structured product markets, had no comment on whether or not the proposed merger with the Sydney Futures Exchange would affect the proposed new listing rules. “We’re talking to ASIC and we hope to have the new rules by the end of the year,” he said. The ASX signalled that it was re-examining its listing rules late last year after recognising that current rules were written for companies or warrants and made it difficult for some managed fund products to list. In recognition of the difficulties faced by some trusts wishing to list the ASX exempted a number of managed investment companies from the listing rules late last year. The exemptions enabled the fund managers to redeem units off market at net asset value (NAV). That enabled them to escape the difficulties that many listed investment companies (LICs) face of trading below their NAV.
27 June 2006 00:00
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Investments
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