The International Stock Exchange (“TISE”) introduces New Listing Rules

Key changes to the TISE Listing Rules include:

• Two separate sets of listing rules for (1) Bonds and (2) Equities. This will assist listing sponsors, issuers, and other market participants in easily identifying the relevant content; and
• Establishment of a dedicated Qualified Investor Bond Market (QIBM), whereby listing is only eligible for Bonds being marketed to ‘qualified investors’ (as defined in the QIBM Listing Rules).

At the same time TISE is introducing the TISE Guarantee whereby they guarantee ‘3+1’ review timelines. This means reviewing listing applications within 3 business days of first submission, and within 1 business day of subsequent submission(s).

New listing rules have also been introduced in relation to the listing of derivative bonds and there is a new bespoke regime in respect of the listing of sovereign & other public bonds

Also, newly introduced is the concept of the TISE Passport programme, a pan-European fast-track listing service available for those bond programmes already approved by a national competent authority within the EEA or UK.

For equities, to align with developing market trends in the US and the UK in relation to the listing of Special Purpose Acquisition Companies (SPACs) and notably where there may be an institutional investor base, certain specific amendments have been made to the listing rules for equities.

In relation to listing fees, separate listing fee schedules have been introduced for bonds and equities to correlate with the relevant sets of listing rules for (1) Bonds and (2) Equities.

Whilst offering a “Recognised Stock Exchange” for the purposes of UK HM Revenue & Customs TISE’s robust but proportionate listing rules, combined with TISE’s pragmatic and commercial approach to listings, often appeals to issuers from the United Kingdom, Europe, the United States and Asia.

Appleby Listing Sponsor Services

Appleby Securities (Channel Islands) Ltd (“Appleby”) and TISE work together on a significant number of listings of securities on TISE.

Appleby is a leading listing agent with TISE, and assists domestic and international entities looking for a primary or secondary listing on TISE. Our listings team is committed to delivering a highly professional and integrated service, coordinating the listing process, and supporting the issuer through their application. We also act as our client’s ongoing listing agent and assist them in meeting their continuing obligations as a listed issuer on TISE.

The International Stock Exchange

TISE is a regulated marketplace from within the European time zone but outside the European Union. TISE is a “Recognised Stock Exchange” by UK HM Revenue & Customs. Today there are more than 3,200 securities listed on TISE. The majority of listings on TISE are for debt securities (including High Yield Bonds and Quoted Eurobonds) but TISE can also list other types of securities, such as REITs, Green/Sustainable Bonds, SPACs, other investment vehicles and equity listings.