GEM is operated by the Irish Stock Exchange as a market
operator. It does not fall within the scope of the EU regulated
markets as defined in MiFID and therefore the requirements of the
Prospectus Directive and the Transparency Directive do not
apply.
GEM is an exchange-regulated market which meets the criteria of
a Multilateral Trading Facility ("MTF") within the
meaning of the Markets in Financial Instruments Directive
("MiFID"). A listing application on GEM is subject to the
rules of the Irish Stock Exchange only and reviewed and approved by
the ISE.
GEM offers a greater degree of flexibility than can be afforded
to issuers choosing the regulated market and is seen as a viable
alternative to issuers who may not be in a position to meet the
requirements of the Prospectus Directive and the Main Securities
Market.
