CISE listing rules updates

The Channel Islands Securities Exchange Authority (“CISEA”) has recently updated its listing rules for investment funds listed on the Channel Islands Securities Exchange (“CISE”).

The updates to Chapter 7 have expanded the investment fund listing rules to encompass all types of investment vehicles including unregulated investment companies and associated legal entities. The listing rules now include the adoption of a principles and guidance based approach, with overarching principles to be adhered to and accompanying guidance on how to achieve compliance.

The CISEA has also taken the opportunity to revise the Model Code for Securities Transactions by Managers (the "Model Code") following the introduction of the Market Abuse Regulation ("MAR") across the EU. The most significant revision to the Model Code is the change in the definition of ‘closed periods’ from 60 days to 30 days. It must be noted that issuers of specialist securities listed under Chapter 8 of the Listing Rules are not obliged to implement the Model Code. This considerably enhances the attractiveness of the CISE for issuers of specialist securities when compared to EU exchanges.

The above changes confirm the CISEA’s flexible and responsive approach to market developments and follow on from last year’s update of the listing rules for specialist debt securities and the introduction of new listing rules for listing Special Purpose Acquisition Companies ("SPACs"),.

Heritage’s listing team has a wealth of experience in CISE related matters and may be contacted to provide clarification or technical assistance at

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