Which of the following is NOT a standard listing requirement for RIEs?

The requirement for a company to have a trading record of three years is not a standard listing requirement for Recognised Investment Exchanges (RIEs). While having a track record can certainly be beneficial for a company seeking to list, RIEs typically do not enforce a universal standard of three years of trading history for all companies. Instead, they focus on aspects like the company's financial situation, governance, and the market's demand for the shares.

On the other hand, the other options are recognized requirements in the context of RIEs. Freely transferable shares are essential as they ensure liquidity in the market. A 25% free float requirement ensures that a portion of the company’s shares is available for trading by the public, fostering market activity and preventing manipulation by major shareholders. Lastly, prospectus approval is crucial as it provides potential investors with essential information regarding the company’s operations, financials, and risks, ensuring transparency in the investment process.

Thus, while having a robust trading history can enhance credibility and investor confidence, it is not a universally mandated criterion for listing on RIEs, making the presence of this three-year trading record inappropriate as a standard requirement.