Regulation
The International Stock Exchange Authority Limited (TISEA)
Regulatory Framework
The Authority is licensed by the Guernsey Financial Services Commission to operate an investment exchange under the Protection of Investors (Bailiwick of Guernsey) Law, 2020.
Our Purpose
To provide a well-regulated listing and trading venue for issuers of global securities and their investors, thus promoting responsible economic growth.
Our Responsibilities
The Authority is responsible for the listing of securities on the Exchange and the supervision of Members of the Exchange. It establishes, supervises and enforces the Listing Rules and Membership Rules (including Trading and Settlement Rules) which regulate the conduct of issuers and Members.
Our Mission
To constantly add value for all our stakeholders by providing a secure and high-quality service across a trusted, cost-effective and efficient marketplace.
Board of Directors & Committees
The Board
The Board sets the strategic and operational objectives for the Authority and oversees the delivery of the Authority’s regulatory and supervisory functions. The Board takes decisions collaboratively and there is collective responsibility for achieving success
Nick Bayley
Chair, TISEA
Philip Braun
Non-Executive Director
Cameron Craine
Director & Head of Listings
Jon Richards
Director & Head of Market Regulation
Regulatory Committees
Listing & Membership Committee
The Listing and Membership Committee, comprising members of the Authority’s Board and management, is the principal forum for the Authority’s regulatory and supervisory decision-making, including: suitability and approval of listings and membership applications, suspension or cancellation of listed securities or membership, and applying and enforcing the Rules.
Disciplinary Committee
Members of the Exchange may be referred to the Disciplinary Committee by the Listing and Membership Committee. Upon the conclusion of the disciplinary hearing, the Disciplinary Committee may exercise any of the powers delegated to it. Decisions of the Disciplinary Committee are subject to the appeals procedure.
Rules Committee
The Rules Committee reviews proposed amendments to the Listing Rules and Membership Rules to ensure that they remain current and effective. Upon the request of the Board, subject matter experts from the Exchange’s Members and the public and private sectors are invited to share their knowledge and expertise with the Committee.
Appeals Committee
The Listing Rules and Membership Rules prescribe that certain final decisions of the Listing and Membership Committee or Disciplinary Committee may be appealed. On hearing an appeal, the independent Appeals Committee may uphold, reverse or vary the Listing and Membership Committee’s or Disciplinary Committee’s earlier decision.
Rules, Fees & Resources
QIBM Listing Rules
Effective July 2022
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QIBM Listing Fees
Effective January 2024
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QIBM High Yield Bond FAQs
Effective August 2021
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Equity Market Listing Rules
Effective August 2021
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Equity Market Listing Fees
Effective August 2021
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Membership Rules
Effective July 2021
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Trading & Settlement Rules
Effective January 2022
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Recognitions & Memberships
TISE has a wide range of international recognitions and memberships, which reflect our standing at the heart of European and global capital market community.
HMRC
Recognising Body
Her Majesty’s Revenue & Customs (HMRC)
Status
Recognised Stock Exchange
Relevant Legislation
Section 1005 of the Income Tax Act 2007 of the United Kingdom
Principal Benefits
Securities listed on TISE can avail of the UK Quoted Eurobond Exemption (QEE) Securities listed on TISE can qualify for the UK Real Estate Investment Trust (REIT) regime Securities listed on TISE are eligible for investment by Self-Invested Personal Pensions (SIPPs) and Individual Savings Accounts (ISAs)
Irish Revenue Commissioners
Recognising Body
Irish Revenue Commissioners
Status
Recognised Stock Exchange
Relevant Legislation
Section 64 of the Taxes and Consolidation Act, 1997 of Ireland
Principal Benefits
Securities listed on TISE can avail of the Irish Quoted Eurobond Exemption (QEE)
US SEC
Recognising Body
US Securities and Exchange Commission (SEC)
Status
Designated Offshore Securities Market (DOSM)
Relevant Legislation
Rule 902(b) of Regulation S under the Securities Act of 1933, as amended
Principal Benefits
Securities listed on TISE can be issued outside of the US without the need for them to be registered with the SEC and with an exemption for the seller having to undertake the onerous requirements to be able to form a reasonable belief that the buyer is outside of the US
BaFin
Recognising Body
German Federal Financial Supervisory Authority (BaFin)
Status
Approved Stock Exchange
Relevant Legislation
Section 193 of the Capital Investment Act, KAGB (Kapitalanlagegesetzbuch)
Principal Benefits
Securities listed on TISE are automatically eligible assets as part of the ‘listed’ investment allocation of German insurance companies and German UCITS funds. This increases the potential investment which TISE listed products can receive from German domiciled UCITS funds
ASX
Recognising Body
Australian Securities Exchange (ASX)
Status
Recognised Stock Exchange
Relevant Legislation
ASX Operating Rules Procedures
Principal Benefits
In accordance with the ASX Operating Rules Procedures, ASX has approved TISE as a Recognised Stock Exchange
Guernsey Registry
Recognising Body
Guernsey Registry: (i) Registrar of Companies; (ii) Registrar of Beneficial Ownership of Legal Persons
Status
Recognised Stock Exchange
Relevant Legislation
Companies (Recognised Stock Exchanges) Regulations, 2019
Principal Benefits
Exempts Guernsey companies listed on TISE from certain requirements under Part XXIX of the Companies (Guernsey) Law, 2008 and Beneficial Ownership (Definition) Regulations, 2017 relating to the appointment of a Resident Agent and disclosure of beneficial ownership
GFSC
Recognising Body
Guernsey Financial Services Commission (GFSC)
Status
Named Securities Market
Relevant Legislation
Authorised Closed-Ended Investment Schemes Rules, 2021; Authorised Collective Investment Schemes (Class B) Rules, 2021; and Private Investment Fund Rules, 2021
Principal Benefits
Securities listed on TISE qualify as an ’approved security’ for the purposes of the rules, enabling the transaction to satisfy the criteria for best execution on-exchange
Isle of Man Treasury
Recognising Body
Isle of Man Treasury
Status
Recognised Stock Exchange
Relevant Legislation
Section 5(2)(b) of the Beneficial Ownership Act 2017
Principal Benefits
Exempts Isle of Man registered companies listed on TISE from certain requirements under the Beneficial Ownership Act 2017
JFSC
Recognising Body
Jersey Financial Services Commission (JFSC)
Status
Designated Investment Exchange
Relevant Legislation
Listed Fund Guide
Principal Benefits
Recognised exchange for closed ended Listed Funds which may be established using a streamlined authorisation process – enables TISE listed issuers to qualify for regulatory purposes
JFSC
Recognising Body
Jersey Financial Services Commission (JFSC)
Status
Exchange listed in Schedule 4
Relevant Legislation
(5(2)(a)(i) of Schedule 1 and Paragraph 4(1) of Schedule 2 of the Collective Investment Funds (Unregulated Funds) (Jersey) Order 2008
Principal Benefits
Recognised exchange for the listing and trading of units of an Unregulated Collective Investment Fund (relates to schemes that do not constitute a fund) – enables TISE listed issuers to qualify for regulatory purposes
AFME
Body
Association for Financial Markets in Europe (AFME)
Membership Type
Associate Member
Area of Focus
Represents the leading global and European banks and other significant capital market players, with the aim of acting as a bridge between market participants and policy makers across Europe
ICMA
Body
International Capital Market Association (ICMA)
Membership Type
Full Member
Area of Focus
Not-for-profit membership association, with a wide range of member firms active in the international debt capital markets
IOSCO
Body
International Organization of Securities Commissions (IOSCO)
Membership Type
Affiliate Member
Area of Focus
International body which brings together the world’s securities regulators and is recognised as the global standard setter for the securities sector
UN SSE
Body
United Nations’ Sustainable Stock Exchanges Initiative (UN SSE)
Membership Type
Partner Exchange
Area of Focus
Peer-to-peer learning platform for exploring how exchanges, in collaboration with investors, regulators, and companies, can enhance corporate transparency and ultimately performance on ESG
Membership Resources
Complaints
The Authority treats all complaints very seriously and will investigate all complaints it receives in a timely manner and in accordance with our Rules.
If you do make a complaint to the Authority, please ensure you make this clear in your correspondence to us and that you provide as much information as possible to support our investigation.
How can I submit a complaint?
If you wish to make a complaint concerning the Exchange then please:
- Submit a complaint in writing to our Compliance Department at complianceteam@tisegroup.com; and\or
- Submit a complaint in writing to the Guernsey Financial Services Commission at conduct@gfsc.gg