Restructure Of CISX Complete
by Mike Godfrey, Lowtax.net, New York
31 December, 2013
The restructure of the stock exchange in the Channel Islands has been completed and it is now known as the Channel Islands Securities Exchange (CISE).
On 20 December the Guernsey court approved a scheme of arrangement between the Channel Islands Stock Exchange, LBG (CISX), the Channel Islands Securities Exchange Limited (CISE) and the Channel Islands Securities Exchange Authority Limited (CISEA).
Fiona Le Poidevin, Chief Executive of Guernsey Finance, the promotional agency for the island's finance industry, said: "It is positive for both the finance industry in the Channel Islands and our clients that this restructure has been completed efficiently and with many international recognitions and memberships already in place. This ensures that the exchange offers continuity of service while also providing solid foundations for the future."
The new structure has received recognized stock exchange status from both HM Revenue & Customs (HMRC) and the Australian Securities Exchange (ASE), membership of the International Capital Markets Services Association (ICMSA) and affiliate membership of International Organization of Securities Commissions (IOSCO). An application has been submitted to the US Securities & Exchange Commission (SEC) for designated offshore securities markets status.
The business of the CISX has been acquired by CISEA and all securities that were listed on the Official List of CISX have been transferred to the Official List of CISEA. The issuers of such securities will be subject to the Listing Rules of CISEA together with any other laws, rules, regulations or requirements applying to such issuers. All the listing and trading members of CISX have agreed to become listing and trading members of CISEA. Any applications for listing currently being processed by CISX will now be considered for approval by CISEA.
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