Introduction
The Channel Islands Stock Exchange (CISX), which is based in Guernsey, has listed over 4,000 securities with a total market capitalisation of over US$ 50 billion. The CISX offers a highly personalised approach and fast track processing of listing applications within a well regulated and innovative marketplace.
Benefits of a CISX Listing
- Competitive pricing, with no VAT or stamp duty charged in Guernsey and Jersey.
- A responsive and approachable Market Authority that meets daily to consider applications for listings.
- International standards of issuer regulation.
- Funds established in jurisdictions outside the Channel Islands may apply for listing, without the consent of the Guernsey or Jersey regulator.
- The listing rules do not contain any investment restrictions, other than requiring a spread of risk.
- The CISX is flexible with accounting standards (e.g. US GAAP is permitted).
- EU Prospectus Directive does not apply in Guernsey or Jersey.
- The listing rules do not differentiate between local and non Guernsey or Jersey funds, e.g. in relation to accounting procedures for netting off losses.
Overseas Recognition
- Designated as a "recognised stock exchange" by HM Revenue & Customs under the UK Income and Corporation Taxes Act 1988. Therefore UK investments such as ISAs, PEPs and SIPPs can invest in CISX-listed funds. Recognition also makes it suitable for the listing of UK REITs.
- Designated by the FSA as a "designated investment exchange" under the UK Financial Services and Markets Act 2000. This facilitates trading by UK authorised firms as under certain FSA rules they may treat transactions effected on a designated investment exchange in the same way as transactions on a recognised investment exchange.
- Designated by the US Securities and Exchange Commission as a "designated offshore securities market" for the purposes of Regulation S of the Securities Act of 1933.
- Officially recognised by the Australian Stock Exchange.
- Approved as an Affiliate Member of the International Organisation of Securities Commissions.
- Associate Member of the International Capital Market Services Association.
- Registered with the World Federation of Exchanges as a "corresponding market".
- Member of the European Securitisation Forum.
Listing
An issuer wishing to have its securities listed on the CISX will need the services of a Listing Member to act as sponsor. Collas Crill Corporate Finance Limited is a Category 1 Listing Member of the CISX and can sponsor all types of securities.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.