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.





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