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
5 Jan 2022 |

Trustee Knowledge Series: Advanced Paper Six: Overview of protectors 'ad serviendum ac protegendum”

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

25 Nov 2021 |

Regulatory Approach to ESG across the Crown Dependencies

New requirements may require investment products to display a label reflecting their sustainability ...

24 Nov 2021 |

'Jersey's Relationship with India: Political, Commercial and Cultural Connections'

Jersey First for Finance has recently published a guide entitled ‘Jersey’s relationship with Ind...

18 Nov 2021 |

Trustee Knowledge Series: Advanced Paper Five - Trusts with Reserved Powers

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

11 Oct 2021 |

Trustee Knowledge Series: Advanced Paper Four: The proper law and place of administration of trusts and courts with exclusive jurisdiction

Over the next twelve months, Appleby Private Client & Trust Partner David Dorgan will author and...

7 Oct 2021 |

Jersey: an evolving global platform: Jersey First for Finance 2021

This article, taken from Jersey ~ First for Finance ‒ Celebrating 60 Years of Finance 1961-2021 wa...

4 Oct 2021 |

Navigating the Jersey M&A landscape (2 of 3)

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

Contributors: Andrew Weaver
22 Sep 2021 |

Minute Writing Training

Trustees are under a statutory duty to keep accurate records of their trusteeship, but what does tha...

15 Sep 2021 |

Navigating the Jersey M&A landscape

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

Contributors: Andrew Weaver
2 Sep 2021 |

Duties of Trustees

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