The Exchange has responded to the FSA's Consultation Paper CP08/1 in which they propose amending the Listing Rules where investment entities are considering listing depositary receipts. In our response, we support the FSA's suggestion to amend Chapter 18 of the Listing Rules such that depositary receipts representing the shares of investment entities can only be listed if the underlying securities represented by such depositary receipts are themselves seeking a listing (or are already listed), on the basis that this serves to maintain the integrity of the new unitary listing regime for investment entities under Chapter 15.