The Advantages of Listing Securities in the Channel Islands
The International Stock Exchange (TISE) provides recognised facilities for the listing and trading of debt instruments and securities issued by companies and other forms of investment vehicles.
Recognised Stock Exchange
TISE is a “recognised stock exchange” by the United Kingdom’s Her Majesty’s Revenue and Customs pursuant to section 1005 of the Income Tax Act (2007). Shares listed on TISE are therefore “qualifying investments” within an ISA, PEP or SIPP and, as a result, an increasing number of closed-ended funds are listed on TISE.
The tax treatment of Eurobonds is also positively enhanced by TISE’s status as a recognised stock exchange. Interest paid on a qualifying quoted Eurobond does not have to be withheld for UK tax purposes if it is listed on TISE.
MAR and EU Directives
Because the Channel Islands are not subject to the European Union financial services regulatory environment, issuers of certain qualifying securities listed on TISE are not obliged to comply with the European Union Market Abuse Regulation (Regulation 596/2014) and EU Prospectus Directive (2003/71/EC). This can create significant savings in terms of cost and compliance effort.
International Recognition
TISE enjoys the support of a growing number of prestigious local and international organisations. TISE’s recognitions include the German securities regulator, BaFin, and the Australian Securities Exchange.
In December 2013, TISE was approved as an Affiliate Member of the International Organisation of Securities Commissions, it became an Associate Member of the International Capital Market Services Association and it was officially recognised by the Australian Securities Exchange.
Appleby as Listing Member
Appleby Securities (Channel Islands) Limited acts as a sponsor for listing purposes, is a full listing member of TISE and can provide high quality, cost-effective professional services in all aspects of structuring and documenting debt and equity issues, from initial inception to public offerings and listings.
