The Channel Islands Securities Exchange (CISE) has announced plans to rebrand as The International Stock Exchange (TISE) from 6 March 2017

The CISE, headquartered in Guernsey (and which opened an office in Jersey at the start of 2015), will also launch a presence in the Isle of Man during March 2017.

Rebrand and the change of name

Although the holding company will hold an EGM to change its name from "The Channel Islands Securities Exchange Limited" to "The International Stock Exchange Group Limited", the listing authority, being The Channel Islands Securities Exchange Authority Limited (as its subsidiary) (the CISEA) will only change its name to The International Stock Exchange Authority Limited once the States of Guernsey (the States) has approved a change to the relevant legislation.  It is anticipated that this will be considered for approval by the States on 26 April 2017.

During the interim period (between 6 March 2017 and the States approving the change to the relevant legislation), for rebranding purposes only, the CISEA will trade as "The International Stock Exchange Authority" but will still be formally called "The Channel Islands Securities Exchange Authority Limited".

Will there be any immediate changes to the Listing Rules and/or listing application process?

There will be no immediate changes to the existing Listing Rules or application procedures.

The Listing Rules (and, consequently, the application procedures and documentation) will change in due course to reflect the new company name but only following the States approval towards the end of April 2017.

During our discussions with the CISE, we understand that there is likely to be a grandfathering period to allow for existing applications to proceed under the CISE name to encourage a smooth transition following the rebrand and change of name. In addition, the CISE has indicated that during the transition period, the Listing Rules will likely be amended to re-define "the Exchange" as "the investment exchange operated by The International Stock Exchange Authority Limited  (‘TISEA’) also known as ‘The International Stock Exchange’, ‘TISE’ or any previous or successor name of the Exchange". This will further assist where issuers and sponsors have already drafted suites of documents and/or are preparing listings.

The CISE business has been developing very well over the last few years, with both an increased and more diversified flow of new listings but the CISE's longer term strategy for growth is based on continuing to expand its international footprint and now is the right time to reflect that through a change in name.

Fiona Le Poidevin, Chief Executive of the CISE, said "the re-brand reflects the very international nature of the CISE's existing business base but also our plans for the future, with the next step along that path being the launch of the office in the Isle of Man."

A direct link to the announcement made by the CISE can be found through the main website.

Updates

We will provide a further update, with any implications for existing/new issuers, as soon as we receive further information from the CISE.

If you have any immediate questions in relation to the above, please feel free to contact your usual Ogier contact or any of the individuals below.

About Ogier

Ogier provides practical advice on BVI, Cayman Islands, Guernsey, Jersey and Luxembourg law through its global network of offices. Ours is the only firm to advise on these five laws. We regularly win awards for the quality of our client service, our work and our people.

Disclaimer

This client briefing has been prepared for clients and professional associates of Ogier. The information and expressions of opinion which it contains are not intended to be a comprehensive study or to provide legal advice and should not be treated as a substitute for specific advice concerning individual situations.

Regulatory information can be found at www.ogier.com

ogier.com