Compare markets for Fund Listings

As a listed fund, there are three main routes to markets, the Main Market, the Specialist Fund Segment of the Main Market and AIM.

Listed funds for Main Market, SFS and AIM
	Main Market	SFS	AIM
Transferable securities to be freely negotiable	✔	✔	✔
Type of funds	Closed ended	Closed ended	Closed ended
Offering document	UKLA approved prospectus	UKLA approved prospectus	AIM admission document
UK Corporate Governance Code	Applies	NA	Code of choosing
Sponsor/NOMAD	Sponsor	NA	NOMAD
Free float	10%	No prescriptive free float	No prescriptive free float
Investment diversification	✔	NA	NA
No more than 10% invested in other closed ended funds	✔	NA	NA
Feeder funds	✔ (The feeder has to control the master)	✔	✔

Listed funds for Main Market, SFS and AIM
	Main Market	SFS	AIM
Sponsor/NOMAD	Sponsor, for certain transactions	NA	NOMAD, retained at all times
Annual financial report	✔	✔	✔
Half-yearly financial report	✔	✔	✔
Publication of inside information as soon as possible	✔	✔	✔
Drawing up and maintaining an Insider List	✔	✔	✔
Major shareholder notification regime	✔	✔	✔
UK Corporate Governance Code	✔	NA	Best practice
PDMR disclosures	✔	✔	✔
Pre-emption rights	✔	As per company law	As per company law
Significant transactions	✔ (if outside investment strategy)	NA	NA
Changes to investment policy	Shareholder approval for material changes	No specific requirements	Shareholder approval for material changes