Wednesday December 10 2014
News Source: Global Exchanges
Focus: Listing Rules
Type: General
Country: Israel
Link: http://www.tase.co.il/Eng/NewsandEvents/PRArchive/2014/Pages/PR_20141207.aspx
As part of its strategy to encourage the listing and trading of high tech companies on the Tel Aviv Stock Exchange (TASE) and the implementation of the Committee to Promote Investment in Public Companies Engaged in R&D, the TASE Board of Directors approved listing rules for traded high-tech funds.
The rules stipulate a NIS 400 million threshold for the initial public offerings (IPO) for such funds and require that they operate under the model of closed-end mutual funds. These funds will be entitled to invest up to 30% of the capital raised in non-traded financial assets, which may be adjusted to 50% in the future should investors be granted government guarantees to mitigate investor risk. At least 5% of the sum raised will be invested by the fund manager. The funds will be able to operate as fixed-term funds limited to a life span of 15 years.
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