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.





Twitter LinkedIn Email Save as PDF
More Publications
27 Sep 2022

Similar but Different

While the basic features of the trust remain, there are some notable differences in how trusts can b...

1 Aug 2022

Register of Overseas Entities: A Jersey perspective

The Register of Overseas Entities at Companies House (ROE), as contemplated by the Economic Crime (T...

30 Jun 2022

Digital Identification in Jersey

There have been considerable changes made to the way we do business in recent times. These changes w...

Contributors: Gemma Whale, Paul Worsnop
17 Jun 2022

Proposals to amend the Powers of Attorney (Jersey) Law 1995

Following the recent update from our Guernsey colleagues on the introduction of lasting or enduring ...

Contributors: Gemma Whale
9 Jun 2022

Trustee Knowledge Series: Masters Paper Two: Family Governance

Appleby Private Client & Trust Partner David Dorgan has authored and distributed a series of Tru...

17 May 2022

Navigating the Jersey M&A landscape (3 of 3)

This is the third of a series of three articles, each dealing with topics to be considered when buyi...

Contributors: Andrew Weaver
5 May 2022

The Economic Crime (Transparency and Enforcement) Act 2022: a Jersey perspective

The new Economic Crime (Transparency and Enforcement) Act received Royal Assent on 15 March 2022 (th...

Contributors: Andrew Weaver, Gemma Whale
21 Apr 2022

Listing Private Equity Acquisition Debt on The International Stock Exchange

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

12 Apr 2022

Trustee Knowledge Series: Masters Paper One: PTC Structures

Appleby Private Client & Trust Partner David Dorgan has authored and distributed a series of Tru...

16 Mar 2022

Trustee Knowledge Series: Advanced Paper Eight: Amending Mistakes

It is almost inevitable that during the life of most trusts (which can now last indefinitely in many...