# Appendix 2: The regulated markets
With the exception of permitted investments in unlisted securities investment will be restricted to those stock exchanges and markets listed in the Prospectus. The Regulated Markets shall comprise:
- Any stock exchange in the European Union and also any investments listed, quoted or dealt in on any stock exchange in the UK, US, Australia, Canada, Japan, New Zealand, Norway or Switzerland which is a stock exchange within the meaning of the law of the country concerned relating to stock exchanges;
- The market organised by the International Capital Markets Association; NASDAQ:The market in US government securities which is conducted by primary dealers which are regulated by the Federal Reserve Bank of New YorkThe over the counter market in the US conducted by primary dealers and secondary dealers which are regulated by the US Securities and Exchange Commission and by the National Association of Securities Dealers Inc., and by banking institutions regulated by the US Comptroller of the Currency, the Federal Reserve System or Federal Deposit Insurance Corporation;The market conducted by listed money market institutions as described in the Financial Services Authority publication entitled “The Regulation of the Wholesale Cash and OTC Derivatives Markets”: “The Grey Paper” (as amended or revised from time to time);The over-the-counter market in Japan regulated by the Securities Dealers Association of Japan; AIM - the Alternative Investment Market in the UK, regulated by the London Stock Exchange;The French Market for Titres de Creance Negotiable (over-the-counter market in negotiable debt instruments);NASDAQ Europe;The over-the-counter market in Canadian Government Bonds regulated by the Investment Dealers Association of Canada;SESDAQ in Singapore and KOSDAQ in South Korea;
- Any of the following exchanges:

| Argentina | The Buenos Aires Stock Exchange |
| --- | --- |
| Bahrain | The Bahrain Stock Exchange |
| Bangladesh | The Dhaka Stock Exchange |
| Bermuda | The Bermuda Stock Exchange |
| Botswana | The Botswana Stock Exchange |
| Brazil | BM&F BOVESPA |
| Chile | The Santiago Stock Exchange |
| China | The Shanghai Stock Exchange The Shenzhen Stock Exchange |
| Colombia | The Colombia Stock Exchange |
| Croatia | The Zagreb Stock Exchange The Varaždin Stock Exchange |
| Egypt | The Cairo and Alexandria Stock Exchange (CASE) |
| Ghana | The Ghana Stock Exchange |

| Hong Kong | The Stock Exchange of Hong Kong |
| --- | --- |
| India | The Stock Exchange of Ahmedabad The Bangalore Stock ExchangeThe Bombay Stock Exchange The Bhubaneswar Stock Exchange Association Ltd The Calcutta Stock Exchange The Cochin Stock Exchange The Coimbatore Stock Exchange Ltd The Delhi Stock Exchange Association Ltd The Gauhati Stock Exchange The Hyderabad Stock Exchange The Inter-connected Stock Exchange of India The Jaipur Stock Exchange The Ludhiana Stock Exchange The Madhya Pradesh Stock Exchange The Madras Stock Exchange The Magadh Stock Exchange Association The Mangalore Stock Exchange Ltd The Over-the-Counter Exchange of India The Stock Exchange of Mumbai (BSE) The National Stock Exchange of India (NSE) The Pune Stock Exchange The Saurashtra Kutch Stock Exchange Ltd The Uttar Pradesh Stock Exchange Association The Vadodara Stock Exchange Ltd |
| Indonesia | The Jakarta Stock Exchange The Surabaya Stock Exchange |
| Israel | The Tel Aviv Stock Exchange |
| Kazakhstan | Kazakhstan Stock Exchange |
| Kenya | The Nairobi Stock Exchange |
| Kuwait | Kuwait Stock Exchange |
| Lebanon | The Beirut Stock Exchange |
| Malaysia | The Kuala Lumpur Stock Exchange |
| Mauritius | The Stock Exchange of Mauritius |
| Mexico | The Mexican Stock Exchange |
| Morocco | The Casablanca Stock Exchange |
| Namibia | The Namibian Stock Exchange |
| Nigeria | Nigerian Stock Exchange |
| Oman | The Muscat Securities Exchange |
| Pakistan | The Karachi Stock Exchange The Lahore Stock Exchange |
| Panama | The Panama Stock Exchange |
| Peru | The Lima Stock Exchange |
| Philippines | The Philippines Stock Exchange |
| Qatar | The Doha Stock Exchange |
| Russia | The Moscow Interbank Currency Exchange The Russian Trading System The Saint Petersburg Stock Exchange |
| Saudi Arabia | The Saudi Stock Exchange |
| Serbia | The Belgrade Stock Exchange |
| Singapore | The Singapore Stock Exchange Limited (SGX) |
| South Africa | The Johannesburg Stock Exchange |
| South Korea | The Korea Stock Exchange |
| Sri Lanka | The Colombo Stock Exchange |
| Taiwan | The Taiwan Stock Exchange |
| Thailand | The Stock Exchange of Thailand |

| Turkey | The Istanbul Stock Exchange |
| --- | --- |
| Ukraine | The PFTS Stock Exchange The Ukraine Stock Exchange |
| United Arab Emirates | The Abu Dhabi Securities Market The Dubai Financial Market The Dubai International Financial Exchange |
| Uruguay | The Montevideo Stock Exchange The Electronic Stock Exchange of Uruguay |
| Vietnam | The Vietnam Stock Exchange |
| Zambia | The Lusaka Stock Exchange |

- For investments in financial derivative instruments:-
- The market organised by the International Capital Markets Association;The over-the-counter market in the US conducted by primary and secondary dealers regulated by the Securities and Exchange Commission and by the National Association of Securities Dealers, Inc. and by banking institutions regulated by the US Comptroller of the Currency, the Federal Reserve System or Federal Deposit Insurance Corporation;The market conducted by listed money market institutions as described in the Financial Services Authority publication entitled “The Regulation of the Wholesale Cash and OTC Derivatives Markets”: “The Grey Paper” (as amended or revised from time to time);The over-the-counter market in Japan regulated by the Securities Dealers Association of Japan; AIM - the Alternative Investment Market in the UK, regulated by the London Stock Exchange;The French Market for Titres de Creance Negotiable (over-the-counter market in negotiable debt instruments);The over-the-counter market in Canadian Government Bonds regulated by the Investment Dealers Association of Canada; and
- American Stock Exchange, Australian Stock Exchange, Bolsa Mexicana de Valores, Chicago Board of Trade, Chicago Board Options Exchange, Chicago Mercantile Exchange, Copenhagen Stock Exchange (including FUTOP), Eurex Deutschland, Euronext Amsterdam, OMX Exchange Helsinki, Hong Kong Stock Exchange, Kansas City Board of Trade, Financial Futures and Options Exchange, Euronext Paris, MEFF Renta Fija, MEFF Renta Variable, Montreal Stock Exchange, New York Futures Exchange, New York Mercantile Exchange, New York Stock Exchange, New Zealand Futures and Options Exchange, OMLX The London Securities and Derivatives Exchange Ltd., OM Stockholm AB, Osaka Securities Exchange, Pacific Stock Exchange, Philadelphia Board of Trade, Philadelphia Stock Exchange, Singapore Stock Exchange, South Africa Futures Exchange (SAFEX), Sydney Futures Exchange, The National Association of Securities Dealers Automated Quotations System (NASDAQ); Tokyo Stock Exchange; TSX Group Exchange.

These exchanges are listed in accordance with the requirements of the Central Bank, which does not issue a list of approved exchanges.
The aggregate amount of a Fund which may be invested in securities traded on the Karachi Stock Exchange and the Lahore Stock Exchange is 30% of the net asset value of that Fund.
A definition of “Developing Market” is included under the “Definition” section.

Translation (ENFR, 2020-04-16):
# Annexe 2 : Les Marchés Réglementés
À l’exception des investissements autorisés dans des titres non cotées, les investissements seront limités aux Bourses et marchés énoncés dans le présent Prospectus. Les Marchés Réglementés comprendront :
- toutes les Bourses de l’Union européenne et tous les investissements admis à la cote, cotés ou négociés sur toute Bourse des États-Unis, du Royaume-Uni, d’Australie, du Canada, du Japon, de Nouvelle-Zé- lande, de Norvège ou de Suisse qui constitue une Bourse au sens de la loi sur les valeurs mobilières du pays concerné ;
- le marché organisé par l’International Capital Markets Association ; le NASDAQ :le marché des titres d’État du gouvernement des États-Unis conduit par les négociateurs réglementés par la Federal Reserve Bank of New York ;le marché de gré à gré des États-Unis conduit par des opérateurs réglementés par la Securities and Exchange Commission et par la National Association of Securities Dealers, Inc. et des institutions ban- caires réglementées par l’US Controller of the Currency, le Federal Reserve System ou la Federal Deposit Insurance Corporation ;le marché conduit par les institutions monétaires cotées telles que décrites dans la publication de la Fi- nancial Services Authority intitulée « The Regulation of the Wholesale Cash and OTC Derivatives Mar- kets » : « The Grey Paper » (tel que modifiée ou révisée de temps à autre) ;le marché libre du Japon réglementé par l’Association des Négociants en Valeurs Mobilières du Japon ; AIM - « Alternative Investment Market » au Royaume-Uni, réglementé par la Bourse de Londres ;le marché français des titres de créances négociables ; le NASDAQ Europe ;le marché de gré à gré des Obligations d’État canadiennes réglementé par l’Investment Dealers Asso- ciation of Canada ;le SESDAQ à Singapour etle KOSDAQ en Corée du Sud ;
- Toutes les Bourses suivantes :

| Afrique du Sud | La Bourse de Johannesburg |
| --- | --- |
| Arabie Saoudite | Le Saudi Stock Exchange |
| Argentine | La Bourse de Buenos Aires |
| Bahreïn | La Bourse de Bahreïn |
| Bengladesh | La Bourse de Dhaka |
| Bermudes | La Bourse des Bermudes |
| Botswana | La Bourse du Botswana |
| Brésil | Le BM&F BOVESPA |
| Chili | La Bourse de Santiago |
| Chine | La Bourse de Shanghai La Bourse de Shenzhen |
| Colombie | La Bourse de Colombie |
| Corée du Sud | La Bourse de Corée |
| Croatie | La Bourse de Zagreb La Bourse de Varaždin |

| Égypte | La Bourse du Caire et d’Alexandrie (CASE) |
| --- | --- |
| Émirats Arabes Unis | L’Abu Dhabi Securities Market Le Dubai Financial Market Le Dubai International Financial Exchange |
| Ghana | La Bourse du Ghana |
| Hong Kong | La Bourse de Hong Kong |
| Inde | La Bourse d’Ahmedabad La Bourse de Bangalore La Bourse de Bombay La Bhubaneswar Stock Exchange Association Ltd La Bourse de Calcutta La Bourse de Cochin La Bourse de Coimbatore Stock Exchange Ltd La Delhi Stock Exchange Association Ltd La Bourse de Gauhati La Bourse de Hyderabad L’Inter-connected Stock Exchange of India La Bourse de Jaipur La Bourse de Ludhiana La Bourse de Madhya Pradesh La Bourse de Madras La Magadh Stock Exchange Association Le Mangalore Stock Exchange Ltd L’Over-the-Counter Exchange of India La Bourse de Mumbai (BSE) Le National Stock Exchange National of India (NSE) La Bourse de Pune Le Saurashtra Kutch Stock Exchange Ltd L’Uttar Pradesh Stock Exchange Association Le Vadodara Stock Exchange Ltd |
| Indonésie | La Bourse de Jakarta La Bourse de Surabaya |
| Israël | La Bourse de Tel Aviv |
| Kazakhstan | La Bourse du Kazakhstan |
| Kenya | La Bourse de Nairobi |
| Koweït | La Bourse du Koweït |
| Liban | La Bourse de Beyrouth |
| Malaisie | La Bourse de Kuala Lumpur |
| Maurice | La Bourse de Maurice |
| Mexique | La Bourse mexicaine |
| Maroc | La Bourse de Casablanca |
| Namibie | La Bourse de Namibie |
| Nigéria | La Bourse du Nigéria |
| Oman | La Bourse de Muscat |
| Pakistan | La Bourse de Karachi La Bourse de Lahore |
| Panama | La Bourse du Panama |
| Pérou | La Bourse de Lima |
| Philippines | La Bourse des Philippines |
| Qatar | La Bourse de Doha |
| Russie | Le Moscow Interbank Currency Exchange Le Russian Trading System La Bourse de Saint-Pétersbourg |
| Serbie | La Bourse de Belgrade |
| Singapour | Le Singapore Stock Exchange Limited (SGX) |
| Sri Lanka | La Bourse de Colombo |
| Taïwan | La Bourse de Taïwan |

| Thaïlande | La Bourse de Thaïlande |
| --- | --- |
| Turquie | La Bourse d’Istanbul |
| Ukraine | Le PFTS Stock Exchange La Bourse d’Ukraine |
| Uruguay | La Bourse de Montevideo La Bourse Électronique de l’Uruguay |
| Vietnam | La Bourse du Vietnam |
| Zambie | La Bourse de Lusaka |

- Pour les investissements en instruments financiers dérivés :
- le marché organisé par l’International Capital Markets Association ;le marché de gré à gré des États-Unis conduit par des opérateurs réglementés par la Securities and Exchange Commission et par la National Association of Securities Dealers, Inc. et des institutions ban- caires réglementées par le US Comptroller of the Currency, le Federal Reserve System ou la Federal Deposit Insurance Corporation ;le marché conduit par les institutions monétaires cotées telles que décrites dans la publication de la Fi- nancial Services Authority intitulée « The Regulation of the Wholesale Cash and OTC Derivatives Mar- kets » : « The Grey Paper » (tel que modifiée ou révisée de temps à autre) ;le marché libre du Japon réglementé par l’Association des Négociants en Valeurs Mobilières du Japon ; AIM - « Alternative Investment Market » au Royaume-Uni, réglementé par la Bourse de Londres ;le marché français des titres de créances négociables ;le marché de gré à gré des Obligations d’État canadiennes réglementé par l’Investment Dealers Asso- ciation of Canada ; et
- American Stock Exchange, Australian Stock Exchange, Bolsa Mexicana de Valores, Chicago Board of Trade, Chicago Board Options Exchange, Chicago Mercantile Exchange, Copenhagen Stock Exchange (dont le FUTOP), Eurex Deutschland, Euronext Amsterdam, OMX Exchange Helsinki, Hong Kong Stock Exchange, Kansas City Board of Trade, Financial Futures and Options Exchange, Euronext Paris, MEFF Renta Fija, MEFF Renta Variable, Montreal Stock Exchange, New York Futures Exchange, New York Mercantile Exchange, New York Stock Exchange, New Zealand Futures and Options Exchange, OMLX The London Securities and Derivatives Exchange Ltd., OM Stockholm AB, Osaka Securities Exchange, Pacific Stock Exchange, Philadelphia Board of Trade, Philadelphia Stock Exchange, Singapore Stock Exchange, South Africa Futures Exchange (SAFEX), Sydney Futures Exchange, The National Associa- tion of Securities Dealers Automated Quotations System (NASDAQ) ; Tokyo Stock Exchange, TSX Group Exchange.

Ces Bourses sont énumérées conformément aux exigences de la Banque Centrale, qui ne publie pas de listes des Bourses approuvées.
Le montant total d’un Fonds qui peut être investi dans des titres négociés sur la Bourse de Karachi et la Bourse de Lahore est de 30 % de la valeur liquidative de ce Fonds.
Une définition de « Marché en développement » est incluse dans la section « Définition ».