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21.08

In addition to the information required by Chapter 11, every listing document issued by or on behalf of an investment company no part of whose share capital or units is already listed must contain the following:—

(1) details of all costs and charges e.g. the fees of any management company payable from the investment company's assets which an investor would be likely to consider material, and all deductions made from money subscribed for securities;
(2) a statement of any costs of establishing the investment company which are to be paid by the investment company together with an estimate of their size and the period over which they are to be amortised;
(3) details of the investment objectives, policies and restrictions which will be observed on the investment of the investment company's assets and the intended diversification of assets by country or region and, in the case of a newly formed investment company, a statement that (save to the extent agreed otherwise with the Exchange at the time of listing) such investment objectives, policies and restrictions will not be changed for at least three years following the issue of the listing document without the consent of the shareholders of the investment company in general meeting. In addition the listing document shall clearly distinguish between those investment objectives, policies and restrictions which may only be altered with shareholders' approval, those which may be altered without shareholders' approval and those which are required by rule 21.04(3)(a) and (b) to be complied with in order for the investment company to maintain its listing under this Chapter. The listing document must also disclose the extent to which it is intended to invest in options, warrants, commodities, futures contracts, unlisted securities and precious metals and must include an appropriate negative statement if there is an intention not to invest in any such investments;
(4) details of the distribution policy and the approximate dates on which distributions will be made;
(5) details of the principal taxes levied on the investment company's income and capital (including taxes withheld at source on distributions received by the investment company) and tax, if any, deducted on distributions to shareholders;
(6) a summary of the borrowing powers of the investment company, if any, stating that at no time will it exceed a certain amount, and stating the circumstances under which borrowings might take place;
(7) a statement as to whether certificates for securities will be issued in registered or bearer form, or in both forms;
(8) the name, address and description of any management company, custodian, investment adviser, distribution company and any alternate custodian;
(9) the full names, addresses and descriptions of every director of the investment company and every director of the management company;
(10) a description of the relevant experience of any management company, investment adviser and the directors of the investment company;
(11) particulars of what reports will be sent to registered shareholders and when;
(12) a statement as to whether or not the directors of the investment company, the management company, any investment adviser or any distribution company, or any associate of any of those persons, is or will become entitled to receive any part of any brokerage charged to the investment company, or any re-allowance of other types on purchases charged to the investment company;
(13) a warning that an investment in the investment company is subject to abnormal risks, if the nature of the investment policy so dictates;
(14) details of the investment company's foreign exchange policy and in particular details of any foreign exchange controls or restrictions of relevance to the investment company or its investment policy or objectives;
(15) in the case of an existing investment company, full details of all listed investments and all other investments with a value of more than five per cent. of the investment company's gross assets, and details of at least the ten largest investments, stating:—
(a) a brief description of the business;
(b) proportion of the share capital owned;
(c) cost;
(d) directors' valuation and, in the case of listed investments, market value;
(e) dividends or other income received during the year from such investment (indicating any abnormal dividends);
(f) dividend cover or underlying earnings; and
(g) [Repealed 1 January 2013]
(h) net assets attributable to the investment; and
(16) in the case of an existing investment company, an analysis of any provision for diminution in value of investments, naming the investments against which provision has been made and stating for each investment:—
(a) cost;
(b) provision made;
(c) book value; and
(d) reason for the provision.