The International Stock Exchange (TISE) has been approved as a Designated Offshore Securities Market (DOSM) by the US Securities and Exchange Commission (SEC).
The recognition from the federal regulator means that securities listed on TISE can be issued and resold in a more streamlined manner.
Fiona Le Poidevin, CEO of The International Stock Exchange Group (TISEG), said: “I am delighted that we have been successful in our application to the US SEC for recognition of TISE as a DOSM. This approval is a significant endorsement of the standards of governance by which we operate our market and adds further credibility to TISE as a leading international stock exchange.”
TISE has been approved as a DOSM within the meaning of Rule 902(b) of Regulation S under the Securities Act of 1933, as amended.
“This approval is a significant endorsement of the standards of governance by which we operate our market…”
The recognition means that securities listed on TISE can be issued outside 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 the US.
Mrs Le Poidevin added: “Our issuer base already includes US companies issuing corporate debt and high yield bonds. We expect that this recognition will be particularly attractive to those types of firms, as well as other issuers looking for a more streamlined approach to compliance with US securities legislation.”