Knowledge

Executive summary
The key advantages to listing on the Official List of The International Stock Exchange (TISE) as operated by The International Stock Exchange Authority Limited (TISEA) are:
– TISE is licensed, regulated and supervised by the Guernsey Financial Services Commission;
– highly streamlined listing process with a responsive Listing and Membership Committee;
– competitive pricing and cost effectiveness;
– debt securities, investment vehicles including funds and UK REITs, general equities, trading companies, special purpose acquisition companies and extracture industries can be listed;
– primary and secondary listings permitted;
– a pragmatic approach to disclosure requirements while maintaining international standards of issuer regulation;
– TISE is a non-EU exchange where EU directives do not apply;
– Internationally recognised by:

– HM Revenue & Customs;
– International Organisation of Securities Commission (IOSCO) - TISE is an affiliated member;
– World Federation of Exchanges - TISE is an affiliate member;
– the Australian Securities Exchange; and
– the German regulator, BaFin;

– located in a European time zone and an OECD (Organisation for Economic Development and Co-operation) compliant jurisdiction; and
– as at the end of May 2017, there were over 2,200 current listings on the Official List.

Vehicles and securities which may be listed
A broad range of vehicles and securities are currently listed on the TISE, ranging from primary or secondary listings of collective investment funds (including UK Real Estate Investment Trusts (REITs), units in unit trusts and limited partnership interests, as well as corporate vehicles), structured notes, eurobonds, convertible bonds, PIK notes and warrants (including high yield bonds). A variety of legal structures and innovative products, including Jersey or Guernsey protected cell companies, are available for listing on the TISE.

Specialist debt securities
TISEA lists large numbers of debt securities issued by a wide range of corporations and special purpose vehicles.

Due to the designation by the HM Revenue & Customs of the TISE as a "recognised stock exchange" for the purpose of investment by self-invested personal pensions and individual savings accounts, qualifying debt securities are eligible for the quoted eurobond exemption. This designation allows an issuer to make payments of interest on the TISE listed notes without withholding for UK tax. Equivalent exemptions are available in a number of other jurisdictions such as Ireland. TISEA is flexible in its requirements for a paying agent. Unlike other stock exchanges, TISEA does not insist on the appointment of a local paying agent and, in fact, many listings are achieved without any paying agent being appointed. In comparison with other European securities the ongoing disclosure requirement to TISEA on an annual basis is not onerous.

Investment Vehicles including funds and UK REITs
The procedure for a TISEA listing depends upon the type of vehicle or security to be listed and whether the listing is primary or secondary or for an open or closed-ended fund and the procedures and listing requirements are set out in Chapter 7 of TISEA's Listing Rules which are available on TISE's website - www.tisegroup.com. TISEA has adopted a pragmatic approach to regulation of such listings and the disclosure of information.

The relaxation of the UK REIT regime has encouraged new REITs wishing to enjoy the benefits of REIT status but not necessarily requiring the level of liquidity or wishing to incur the costs associated with a London main market listing to use TISE to satisfy the listing requirements. Given TISE's "recognised stock exchange" status this makes it suitable for listing REITS.

Bedell Channel Islands Limited (BCIL)
BCIL was admitted to membership of the Channel Islands Stock Exchange (CISX) in 1999 and following the CISX's restructure in 2013 and rebranding in 2017 has been a member of TISEA. BCIL is a Category 1, 2 and 3 listing member, enabling it to act as a sponsor on all categories of listings including debts, funds, trading companies and extractive industries. BCIL has experience of acting as sponsor and/or adviser to a significant number of specialist debt securities, listed investment funds trading companies and a market leading position in relation to UK REIT's.