From 3 July 2016 the European market abuse regime was changed as a result of the EU Market Abuse Regulation (MAR). The MAR has direct effect in each EU member state. As the Channel Islands are not within the EU MAR has no immediate and direct effect on the Channel Islands Securities Exchange (CISE) or securities listed on the CISE. The Channel Islands Securities Exchange Authority Limited (CISEA) continues to apply global standards of regulation and so has reviewed its Listing Rules in light of MAR to incorporate those aspects that are appropriate for the CISEA and its business whilst ensuring that it continues to be attractive market for listing.

The modifications to the Listing Rules and the CISEA’s Model Code on dealings in light of the introduction of MAR in the EU are proportionate and consistent with its position as a significant listing market without imposing unduly onerous obligations on listed issuers or market participants. In particular it should be noted that issuers with specialist securities listed under Chapter 8 of the CISEA’s Listing Rules are not obliged to implement the CISEA’s Model Code and so are not exposed to MAR. This is in contrast to issuers with securities listed on any EU exchange.

We consider this will enhance the attractiveness a specialist securities listing on the CISE and we are already seeing evidence of this.

If you have any questions on this or any other matter connected to the CISEA please get in contact with Partner Andrew Weaver or Listings Service Officer Claire Totty.

Type

Insight

Locations

Jersey

Share
Twitter LinkedIn Email Save as PDF
More Publications
2 Sep 2021 |

Duties of Trustees

The relationship of trustees to beneficiaries is viewed as fiduciary, meaning there are certain equi...

18 Aug 2021 |

Beneficial Owners and Controllers (BOC)

The aim of BOC is to drill-down to the identification of persons who are the beneficial owners and c...

30 Jul 2021 |

Fighting international fraud

First published in New Law Journal, July 2021. Appleby partners Anthony William and Jared Dann an...

Contributors: Jared Dann, Claire Corkish
27 Jul 2021 |

Fund Finance Update – Will Jersey’s new sustainable investment disclosure requirements aid ESG financing?

This article provides an overview of ESG, the hot topic of 2020 that is carrying on full steam throu...

Contributors: Daniel Healy
22 Jul 2021 |

Listing Variable Funding Notes (VFNs) on The International Stock Exchange

This article provides a summary of Appleby listing agent services in the Channel Islands, and also o...

1 Jul 2021 |

Saunders v Vautier where the beneficial class is not closed - the debate goes on...

The rule in Saunders v Vautier is familiar territory for trust lawyers.  In the modern world it is ...

17 Jun 2021 |

Solvency Statements under Companies (Jersey) Law 1991 - Is it time to go paperless?

In April of this year, the Royal Court of Jersey considered the practicalities around the making of ...

Contributors: Kevin McQuillan
11 Jun 2021 |

“Offshore intelligence – Funds in demand” Appleby Podcast

We have recently produced a podcast focused on the Funds industry entitled “Offshore Intelligence ...

2 Jun 2021 |

Why use Jersey entities in restructurings?

As the extension of various forbearance measures and fiscal support packages continues in response t...

Contributors: Gemma Whale, Andrew Weaver
28 May 2021 |

Further updates to the JFSC’s AML Handbook

On 31 May 2021, the handbook for the prevention and detection of money laundering and the financing ...

Contributors: Gemma Whale