The Cayman Islands Stock Exchange has now published
revised Listing Rules, effective April 2017. The principal change
is the development of the regime for the listing of equity and debt
securities of "Specialist Companies" set out in Chapter
14 of the rules. Originally introduced by the CSX in 2013, the
specialist company regime was intended to cater for listings
offered for subscription in amounts of US$100,000 or more per
investor. That specific threshold has been removed and instead the
focus of the specialist company regime has been shifted to allow
subscriptions by investors who meet a higher minimum overall level
of participation in investments and who are able to satisfy the
issuer that they are sufficiently knowledgeable as to financial and
business matters and fully aware of the associated risks, together
the 'qualified purchaser/qualified investor' criteria.
The Chapter 14 rules now also allow for a greater degree of
flexibility with the requirement for issuer applicants to file
'track records' in the form of audited financial
statements. The standard two year requirement is now supplemented
by criteria whereby the CSX can allow issuer applicants to submit
alternative supporting business and financial materials or
otherwise obtain the permission of the CSX for filing audited
financial statements for a shorter period, subject to certain
Newly incorporated issuers will now be able to benefit from and
take advantage of the Chapter 14 rules where they are offering
securities to non-institutional investors subject to those
investors meeting the qualified purchaser/qualified investor
The revised Listing Rules also include a number of clarifying
revisions and various consequential and general updates. A full
text of the revised Listing Rules is available from the CSX website
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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UCITS are permitted to invest up to 100% of their assets in other open-ended collective investment schemes ("CIS") where those CIS are:
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