The International Stock Exchange: Equity Listings

Introduction

The International Stock Exchange (TISE) caters for the listing of a broad range of equity securities issued by trading companies, investment vehicles such as open and closed ended funds and real estate investment trusts (REITS), together with special purpose acquisition companies (SPACs).

Current listings on TISE include a variety of structures and a wide range of legal entities established globally. The range of existing listed investment securities includes equity funds, hedge funds, debt and distressed debt, insurance linked securities, private equity and real estate.

TISE's listing authority, The International Stock Exchange Authority Limited (TISEA), is also open to new product lines and structures.

International Recognition

TISE is:

• designated by the UK Inland Revenue as a recognised exchange under Section 1005 of the Income Tax Act (2007) (for the purposes of investment by Self-Invested Personal Pensions (SIPPs) and Individual Savings Accounts (ISAs) and the UK REIT regime);
• an Affiliate Member of the International Organisation of Securities Commissions (IOSCO);
• an Affiliate Member of the World Federation of Exchanges (WFE);
• officially recognised by the Australian Securities Exchange;
• officially recognised by the German Federal Financial Supervisory Authority, BaFin (Bundesanstalt für Finanzdienstleistungsaufsicht); and
• officially recognised as a Designated Offshore Securities Market by the US Securities and Exchange Commission (SEC).

Advantages of listing on TISE

TISE offers:

• competitive pricing: (see section TISE's listing fees below);
• the ability to consider more unusual transactions;
• a pragmatic approach to disclosure requirements which aims to provide investors with sufficient information without imposing unnecessarily onerous demands;
• a rapid turnaround: responses to initial applications will be made within 3 business days from submission and subsequent reviews will be carried out within 2 business days; and
• the advantage of being in the European time zone but outside of the EU.

Requirement for a Listing Sponsor

An issuer is required to appoint a sponsor before it can proceed with a listing application.The sponsor acts as an intermediary between the issuer and TISEA and its responsibilities include the preparation and submission of the formal listing application.

Ogier Corporate Finance Limited (OCFL) is one of the leading listing sponsors in the offshore listing market and was a founder member of TISE when it launched over twenty years ago.

In addition:

• OCFL is an active member of TISEA's rules committee, which reviews TISEA's Listing Rules on an ongoing basis in order to improve TISE's offering and the listing process;
• OCFL's listings team includes former TISE listing and technical managers, who maintain excellent working relations with TISEA and provide exceptional technical knowledge and insight to assist our clients; and
• as part of OCFL's full service offering we provide an ongoing post-listing service to issuers, providing advice and assistance in relation to TISEA's Listing Rules and compliance with the continuing obligations applicable to listed issuers.

Listing process

The process for listing on TISE is straightforward and is carried out in two stages (stage 1: initial application and stage 2: subsequent reviews and final application) via an issuer's listing sponsor, as further described on TISE's website: https://www.tisegroup.com/listing/how-to-list/.

Continuing Obligations

Once a listing has occurred an issuer must comply with the continuing obligations set out in the Listing Rules.

For more information on continuing obligations, please contact a member of our listings team who will be able to advise on the obligations for issuers of equity securities on TISE.

TISE's listing fees

For TISE's current fee schedule, please refer to its website: https://www.tisegroup.com/listing/listing-rules-fees/

Next steps

Please contact a member of our listings team who will be happy to talk though the listing process and provide a competitive listing sponsor fee quote.

About Ogier

Ogier is a professional services firm with the knowledge and expertise to handle the most demanding and complex transactions and provide expert, efficient and cost-effective services to all our clients. 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 under Legal Notice