# 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 or securities market in the European Union and also any investments listed, quoted or dealt in on any stock exchange or securities market in the UK, US, Australia, Canada, Japan, New Zealand, Norway or Switzerland.
- The market in US government securities which is conducted by primary dealers which are regulated by the Federal Reserve Bank of New York;The over the counter market in the US conducted by primary dealers and secondary dealers which are regulated by the US Securities and Exchange Commission (SEC) and by the Financial Industry Regulatory Authority (FINRA)., and by banking institutions regulated by the US Comptroller of the Currency, the Federal Reserve System or Federal Deposit Insurance Corporation;The market conducted listed money market institutions” as described in the Bank of England publication “The Regulation of the Wholesale Cash and OTC Derivatives Markets (in Sterling, foreign currency and bullion)”;The over-the-counter market in Japan regulated by the Securities Dealers Association of Japan;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;The Singapore OTC Corporate Bond Market;The Bloomberg Multilateral Trading Facility (BMTF); The International Stock Exchange (TISE)
- Any of the following exchanges:Argentina	The Buenos Aires Stock Exchange (BCBA)Bahrain	The Bahrain Stock ExchangeBangladesh	The Dhaka Stock ExchangeBermuda	The Bermuda Stock ExchangeBotswana	The Botswana Stock ExchangeBrazil	B3 - Brasil Bolsa BalcãoChile	The Santiago Stock ExchangeChina	The Shanghai Stock Exchange (SSE) The Shenzhen Stock Exchange (SZSE)Colombia	The Colombia Stock Exchange CroatiaEgypt	The Egyptian Exchange (EGX)Ghana	The Ghana Stock ExchangeHong Kong	The Stock Exchange of Hong KongIndia	The Bombay Stock Exchange (BSE) The Calcutta Stock ExchangeThe National Stock Exchange of India (NSE)Indonesia	The Indonesia Stock ExchangeIsrael	The Tel Aviv Stock ExchangeKazakhstan	Kazakhstan Stock ExchangeKenya	The Nairobi Stock Exchange (NSE)Kuwait	Boursa KuwaitLebanon	The Beirut Stock ExchangeMalaysia	Bursa MalaysiaMauritius	The Stock Exchange of MauritiusMexico	The Mexican Stock ExchangeMorocco	The Casablanca Stock ExchangeNamibia	The Namibian Stock ExchangeNigeria	Nigerian Stock Exchange (NSE)Oman	The Muscat Securities ExchangePakistan	Pakistan Stock Exchange (PSX)Panama	The Panama Stock ExchangePeru	The Lima Stock ExchangePhilippines	The Philippines Stock ExchangeQatar	Qatar Stock Exchange (QE)Russia	Moscow Exchange (MOEX)The Saint Petersburg Stock ExchangeSaudi Arabia	The Saudi Stock Exchange (Tadawul)Serbia	The Belgrade Stock ExchangeSingapore	Singapore Exchange (SGX)South Africa	The Johannesburg Stock Exchange (JSE)South Korea	Korea Exchange (KRX)Sri Lanka	The Colombo Stock Exchange (CSE)Taiwan	The Taiwan Stock Exchange (TWSE)Thailand	Stock Exchange of Thailand (SET)Turkey	Borsa Istanbul (BIST)Ukraine	The PFTS Stock ExchangeThe Ukraine Stock ExchangeUnited Arab Emirates	Abu Dhabi Securities Exchange (ADX) The Dubai Financial Market (DFM) NASDAQ DubaiUruguay	The Montevideo Stock ExchangeThe Electronic Stock Exchange of UruguayVietnam	Ho Chi Minh City Stock Exchange (HOSE)Zambia	The Lusaka Stock Exchange
- For investments in financial derivative instruments:-The over-the-counter market in the US conducted by primary and secondary dealers regulated by the Securities and Exchange Commission (SEC) and by the Financial Industry Regulatory Authority (FINRA) 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 Bank of England publication “The Regulation of the Wholesale Cash and OTC Derivatives Markets (in Sterling, foreign currency and bullion)”;The over-the-counter market in Japan regulated by the Securities Dealers Association of Japan;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
- any approved derivative market within the European Economic Area or the United Kingdom on which FDI are traded;
- NYSE American , Australian Stock Exchange (ASX), Bolsa Mexicana de Valores, CME Group (CME), Chicago Board Options Exchange (CBOE), Hong Kong Stock Exchange, Korea Exchange, ICE Futures Exchange, New York Stock Exchange Group, New Zealand Futures and Options Exchange, Osaka Securities Exchange, NASDAQ OMX PHLX, Singapore Stock Exchange(SGX), South Africa Futures Exchange (SAFEX), The National Association of Securities Dealers Automated Quotations System (NASDAQ); Tokyo Stock Exchange; TMX 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 Pakistan Stock Exchange is 30% of the net asset value of that Fund.
A definition of “Developing Market” is included under the “Definition” section.

Translation (ENIT, 2022-10-31):
# Allegato 2: Mercati Regolamentati
Ad eccezione degli investimenti consentiti in valori mobiliari non quotati, gli investimenti saranno limitati alle borse ed ai mercati regolamentati elencati nel presente Prospetto Informativo. I Mercati Regolamentati comprenderanno:
1.1 tutte le borse o mercati mobiliari dell’Unione Europea e tutti gli investimenti elencati, quotati o negoziati su qualsiasi borsa o mercato mobiliare nel Regno Unito, negli Stati Uniti, in Australia, Canada, Giappone, Nuova Zelanda, Norvegia o Svizzera.

### 1.2

### Il mercato dei titoli di stato statunitensi condotto da operatori primari e regolato dalla Federal Reserve Bank di New York;
Il mercato over-the-counter statunitense condotto da operatori primari e secondari e regolato dalla Securities and Exchange Commission (SEC), dalla Financial Industry Regulatory Authority (FINRA) e dagli istituti bancari sotto il controllo dell’U.S. Controller of the Currency, del Federal Reserve System o della Federal Deposit Insurance Corporation;
Il mercato condotto dagli istituti quotati del mercato monetario descritti nella pubblicazione della Bank of England intitolata “The Regulation of the Wholesale Cash and OTC Derivatives Markets (in Sterling, foreign currency and bullion)”;
il mercato over-the-counter giapponese regolato dall’Associazione degli Operatori in Titoli giapponese, il mercato francese dei Titres de Creance Negotiable (mercato OTC dei titoli di debito negoziabili),

### il mercato OTC delle obbligazioni di Stato canadese regolato dalla Investment Dealers Association of Canada;

### il mercato OTC delle obbligazioni societarie di Singapore; la Bloomberg Multilateral Trading Facility (BMTF);

### The International Stock Exchange (TISE)
- una delle seguenti borse valori:

| Argentina | Borsa Valori di Buenos Aires (BCBA) |
| --- | --- |
| Bahrain | Borsa Valori di Bahrain |
| Bangladesh | Borsa Valori di Dhaka |
| Bermuda | Borsa Valori delle Bermuda |
| Botswana | Borsa Valori del Botswana |
| Brasile | B3 - Brasil Bolsa Balcão |
| Cile | Borsa Valori di Santiago |
| Cina | Borsa Valori di Shanghai (SSE) Borsa Valori di Shenzhen (SZSE) |
| Colombia | Borsa Valori della Colombia |
| Croazia |  |
| Egitto | Borsa dell’Egitto (EGX) |
| Ghana | Borsa Valori del Ghana |
| Hong Kong | Borsa Valori di Hong Kong |
| India | Borsa Valori di Bombay (BSE) Borsa Valori di Calcutta Borsa Valori nazionale dell’India (NSE) |

| Indonesia | Borsa Valori dell’Indonesia |
| --- | --- |
| Israele | Borsa Valori di Tel Aviv |
| Kazakistan | Borsa Valori del Kazakistan |
| Kenya | Borsa Valori di Nairobi (NSE) |
| Kuwait | Boursa Kuwait |
| Libano | Borsa Valori di Beirut |
| Malesia | Bursa Malaysia |
| Mauritius | Borsa Valori delle Mauritius |
| Messico | Borsa Valori del Messico |
| Marocco | Borsa Valori di Casablanca |
| Namibia | Borsa Valori della Namibia |
| Nigeria | Borsa Valori della Nigeria (NSE) |
| Oman | Borsa Valori di Muscat |
| Pakistan | Borsa Valori del Pakistan (PSX) |
| Panama | Borsa Valori di Panama |
| Perù | Borsa Valori di Lima |
| Filippine | Borsa Valori delle Filippine |
| Qatar | Borsa Valori del Qatar (QE) |
| Russia | Borsa di Mosca (MOEX) Borsa Valori di San Pietroburgo |
| Arabia Saudita | Borsa Valori dell’Arabia Saudita (Tadawul) |
| Serbia | Borsa Valori di Belgrado |
| Singapore | Borsa di Singapore (SGX) |
| Sudafrica | Borsa Valori di Johannesburg (JSE) |
| Corea del Sud | Borsa Valori della Corea (KRX) |
| Sri Lanka | Borsa Valori di Colombo (CSE) |
| Taiwan | Borsa Valori di Taiwan (TWSE) |
| Tailandia | Borsa Valori della Tailandia (SET) |
| Turchia | Borsa Istanbul (BIST) |
| Ucraina | La PFTS Stock Exchange Borsa Valori dell’Ucraina |
| Emirati Arabi | Mercato dei titoli di Abu Dhabi (ADX) Mercato Finanziario di Dubai (DFM) NASDAQ Dubai |
| Uruguay | Borsa Valori di Montevideo La Borsa Valori elettronica dell’Uruguay |
| Vietnam | Borsa Valori di Ho Chi Minh City (HOSE) |
| Zambia | Borsa Valori di Lusaka |

- Per gli investimenti in strumenti finanziari derivati:Il mercato over-the-counter statunitense condotto da operatori primari e secondari e regolato dalla Securities and Exchange Commission (SEC) USA, dalla Financial Industry Regulatory Authority (FINRA) e dagli istituti bancari sotto il controllo dell’U.S. Controller of the Currency, del Federal Reserve System o della Federal Deposit Insurance Corporation;Il mercato condotto dagli istituti quotati del mercato monetario descritti nella pubblicazione della Bank of England intitolata “The Regulation of the Wholesale Cash and OTC Derivatives Markets (in Sterling, foreign currency and bullion)”;il mercato over-the-counter giapponese regolato dall’Associazione degli Operatori in Titoli giapponese,il mercato francese dei Titres de Creance Negotiable (mercato OTC dei titoli di debito negoziabili),il mercato OTC delle obbligazioni di Stato canadese regolato dalla Investment Dealers Association of Canada; e
- qualsiasi mercato di derivati approvato nello Spazio Economico Europeo o nel Regno Unito dove vengano scambiati IDE.
- NYSE American, Australian Stock Exchange (ASX), Bolsa Mexicana de Valores, CME Group (CME), Chicago Board Options Exchange (CBOE), Hong Kong Stock Exchange, Korea Exchange, ICE Futures Exchange, New York Stock Exchange Group, New Zealand Futures and Options Exchange, Osaka Securities Exchange, NASDAQ OMX PHLX, Singapore Stock Exchange(SGX), South Africa Futures Exchange (SAFEX), The National Association of Securities Dealers Automated Quotations System (NASDAQ), Tokyo Stock Exchange, TMX Group Exchange.


### Queste borse valori e questi mercati sono elencati in conformità ai requisiti della Banca Centrale, che non pubblica una lista delle borse valori e dei mercati approvati.

### L’importo complessivo che un Comparto può investire in titoli negoziati sulla Borsa valori del Pakistan è pari al 30% del valore patrimoniale netto del Comparto.

### La definizione di “Mercato in via di sviluppo” è riportata nella sezione “Definizioni”.