The International Stock Exchange (TISE), formerly known as The Channel Islands Securities Exchange, provides a responsive and innovative listing and trading facility for companies to raise capital from investors based around the world.
TISE offers a regulated marketplace from within the European time zone but outside the EU.
It provides a convenient and cost-effective service for listing a wide range of securities, including more than 400 investment vehicles, such as open and closed ended funds as well as a quarter of all UK REITs. In total, there are more than 2,000 listed securities with a market capitalisation of more than £300 billion.
Rules to provide a highly regarded regime for listing Special Purpose Acquisition Companies (SPACs) have been introduced. TISE is able to provide a venue for listing Limited Partnership (LP) interests, which other Exchanges are not able to provide.
Many investment houses, especially those in the private equity sector, utilise TISE for listing specialist debt – including through the use of Special Purpose Vehicles (SPVs) and the Quoted Eurobond Exemption – as a mechanism for financing acquisitions.
Listing a Fund
TISE offers a regulated marketplace for companies to raise capital from global investors. The number of international recognitions TISE has is particularly advantageous for the investor groups that are mandated to only invest, or invest a certain proportion of assets, in listed products or those listed on particular exchanges. UCITS funds from all EEA jurisdictions are able to invest into TISE-listed products.
The UK tax authority, HMRC, deems TISE to be a Recognised Stock Exchange for the purposes of investment by Self-Invested Personal Pensions (SIPPs) and Individual Savings Accounts (ISAs). HMRC’s recognition also means that products listed on the Exchange may be able to avail of the Quoted Eurobond Exemption (QEE). Other recognitions include the US Securities and Exchange Commission (SEC), the Australian Stock Exchange (ASX) and the German regulator, BaFin.
TISE recognises that securities issued by investment funds may be purchased and traded by a limited number of sophisticated institutional investors or may be exposed to a wider market. TISE endeavours to adopt a pragmatic and proportionate approach to regulation.
Disclosure requirements have been set at a level which is intended to provide investors with sufficient information to enable them to make an informed investment decision regarding the listed securities but without imposing unnecessarily onerous demands on an issuer.
Derogation may also be permitted if disclosure would be seriously detrimental to the issuer or contrary to the public interest. However, as a general approach, TISE would normally expect a Listing Document to disclose all such information as may be necessary to enable an investor to make an informed assessment of the securities for which a listing is sought.
The Listing Rules are designed to ensure that investors have and maintain confidence in the securities market. In particular, in relation to the issuer and the securities for which application for listing has been made, that:
- investors are given sufficient information to enable them to make an informed assessment of the issuer and the securities;
- the issue and trading (if any) of the securities is conducted in a fair and orderly manner;
- all holders of listed securities of the same class are treated fairly and equally; and
- following a listing, there is sufficient disclosure of information to investors to ensure that they are kept fully informed of all factors which might affect their interests. In particular, immediate disclosure should be made of any information which might reasonably be expected to have a material effect on market activity and prices of the listed securities.
TISE encourages prospective issuers and their sponsors to contact them at an early stage to seek informal and confidential guidance as to the eligibility of a proposed listing application.
In order to proceed with a listing, a proposed issuer must appoint a member of TISE to act as Sponsor to assist in relation to the listing procedure. The Sponsor will be responsible for all communications and dealings with TISE. In particular, a Sponsor should be able to assist in making an application to the Exchange for any appropriate relaxations in the formal disclosure requirements regarding the contents of the Listing Document.
The issuer must appoint two authorised representatives to act as the issuer’s principal channel of communication with the Exchange on an ongoing basis. The authorised representatives may be directors of the issuer or other persons acceptable to the Exchange (such as a Sponsor).
There are two stages to complete a listing:
Stage 1 – Initial applications – Response within 3 business days
- The issuer, via the Sponsor or Listing Agent, files an initial submission with documents in draft
- Once a submission is received which meets minimum information requirements then an analyst is assigned to the application
- The application is reviewed, and a recommendation is made on the issuer’s suitability for listing which is considered by the Listing and Membership Committee (LMC)
- Within 3 business days from submission of the initial application, a comments letter is then released (subject to payment of the listing application fee)
Stage 2 – Subsequent reviews – Response within 2 business days
- For each subsequent review we will respond within 2 business days
- The LMC can consider and approve final applications received before midday on the intended day of listing (18:00), or with the intention of listing the following morning (08:00)
- Once approved, a grant of listing letter is released (subject to payment of the first annual listing fee)
- Debt issues and open-ended investment vehicles can elect to list at either 18:00 the same day or 08:00 the following morning. Listing takes place at 08:00 the next day for trading companies and closed ended investment vehicles
Once a listing has occurred an issuer must comply with the continuing obligations specified in the Listing Rules. The continuing obligations are intended to ensure that all market users have simultaneous access to the same information and to maintain an orderly market in the listed securities.
TISE is known for being cost-competitive. The initial application fee for the listing of securities issued by investment funds varies based upon whether the applicant is open-ended or closed-ended and single or multi-class. Annual fees are charged in respect of listing such securities. Fees are subject to review so it is advisable to visit the Exchange’s website for the latest information.