CHANNEL ISLANDS: Channel Islands Securities Exchange Listing Rules Updates

Monday September 5 2016

The Channel Islands Securities Exchange (CISE) has updated its listing rules to ensure that it is able to cater for the widest range of investment business. Listed below are the amendments to the Listing Rules:

• Chapter 7 of the Exchange’s Listing Rules will now be titled ‘Investment Vehicles’. Expansion of the rules will encompass all types of investment vehicles, including open and closed ended funds but also Real Estate Investment Trusts (REITs) and unregulated investment companies, along with the associated legal entities.
• the adoption of a principles and guidance based approach, where there are a number of overarching principles that must be adhered to, with accompanying guidance on how compliance with them is to be achieved.

Other changes to Chapter 7 of the listing rules which entered into effect on 1 September 2016 include:

• the harmonisation of disclosure requirements across all investment vehicle types (where possible);
• simplification of conditions for listing, such as those in respect of management and investment managers, and spread of risk;
• flexibility in connection with valuation reports for property investment vehicles; and
• streamlining of continuing obligations, particularly in relation to transactions.

Also effective as of 1 September 2016 are changes to the Exchange’s Model Code for Securities Transactions by Persons Discharging Managerial Responsibilities (PDMRs). The most significant development is the change in the definition of the ‘closed period’ of securities transactions from 60 days to 30 days, which ensures that the Exchange remains competitive at a time of changing market practices.

Click on the link above for further details