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At the June 2014 meeting the FTSE Governance Board approved the removal of Appendix H – Treatment of Stapled Units and the following rule clarification to the FTSE Global Equity Index Series, effective immediately.
Old Rule
4.3 Eligible Securities
Most equities are eligible for the Index. For a full list of eligible securities, please see Appendix B.
The following are regarded as ineligible:
Companies whose business is that of holding equity and other investments (e.g. Investment Trusts) which are assumed by the Industry Classification Benchmark as Subsector equity investment instruments (8985) and Non-equity investment instruments which are assumed by the Industry Classification Benchmark as Subsector non-equity investment instruments (8995) will not be eligible for inclusion. Limited Liability Partnerships (LLP), Limited Partnerships (LP), Limited Liability Companies (LLC) and Business Development Companies (BDC) will not be eligible for inclusion. Where a unit comprises equity and non-equity it will not be eligible for inclusion.
Convertible preference shares and loan stocks are excluded – until converted.
Where a company does not list all its shares in an eligible class, or does not list an entire class, the unlisted shares are not eligible for the Index, but they may be included in the Review Universe for the purpose of ranking companies by their full market capitalisation.
New Rule
4.3 Eligible Securities
Most equities are eligible for the Index. For a full list of eligible securities, please see Appendix B.
The following are regarded as ineligible: Companies whose business is that of holding equity and other investments (e.g. Investment Trusts) which are assumed by the Industry Classification Benchmark as Subsector equity investment instruments (8985) and Non-equity investment instruments which are assumed by the Industry Classification Benchmark as Subsector non-equity investment instruments (8995) will not be eligible for inclusion.
Limited Liability Partnerships (LLP), Limited Partnerships (LP), Limited Liability Companies (LLC) and Business Development Companies (BDC) will not be eligible for inclusion.
Where a stapled unit comprises an eligible security and a non eligible security (such as non equity or an Investment Trust structure) the unit will not be eligible for inclusion.
Convertible preference shares and loan stocks are excluded – until converted.
Where a company does not list all its shares in an eligible class, or does not list an entire class, the unlisted shares are not eligible for the Index, but they may be included in the Review Universe for the purpose of ranking companies by their full market capitalisation.
An updated version of the FTSE Global Equity Index Series Ground Rules is now available on the FTSE website.
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