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AUM of the equity funds increased nearly three folds from approximately 99 billion Baht in 2006 to 261 billion Baht in 2010. Unlike developed capital markets, proportion of equity funds to total asset under management of the industry in Thailand is stable around 11% and 15% in 2006 and 2010. Higher value of asset under management of equity funds can be decomposed into two factors, which are valuation and new flow factors. As Thai stock market index (SET) had increased from the vicinity of 700 points in 2006 to the level of 1,000 points in 2010, higher value in equity. | Guide to CISX Listing of Investment Funds in Jersey applebygLobal.com TABLE OF CONTENTS PREFACE.2 1. The Exchange s Approach to Listing.3 2. Conditions for Listing on the Exchange.3 3. Corporate Governance.4 4. Appointment of Sponsor and Representatives.4 5. The Listing Process.5 6. Continuing Obligations.5 7. Listing Fees.6 1 applebyglobal.com PREFACE Many institutional investors are constrained by their internal investment policies or by regulation to investing in securities which are listed or to limit their exposure to investments that are not listed on stock exchanges recognized for the purposes of such restrictions. The Channel Islands Stock Exchange the Exchange or CISX has been established for the purpose of providing a stock exchange listing facility for investment funds and other issuers in order to meet international investor demand. Although complying with international standards for recognised stock exchanges the Exchange has adopted a flexible and pragmatic approach to regulation similar to that which has contributed to the development of the Channel Islands as first class finance centres. The CISX has developed listing rules which place a premium on clarity and on an appropriate level of governance. We have found the Exchange to be both co-operative and responsive in meeting deadlines imposed by transaction timetables. The Exchange commenced operations on 27 October 1998 and since that time has established itself as a leading securities exchange for investment funds and specialist securities. The CISX is a Recognised Overseas Exchange under the United Kingdom Income and Corporation Taxes Act 1988 a Designated Investment Exchange under the Financial Services and Markets Act 2000 and has been given Designated Offshore Securities Market status by the US Securities Exchange Commission under Regulation S of the United States Securities Act of 1933. Unlike other European stock exchanges the CISX is not bound by any European Union Listing Directives and as