Guernsey: Listing On The Channel Islands Stock Exchange (CISX) – 10 Questions Answered.

Last Updated: 3 August 2011
Article by Tamara Menteshvili

Most Read Contributor in Guernsey, September 2018

Originally published in Corp INTL, July 2011.

Tamara Menteshvili, Chief Executive of the Channel Islands Stock Exchange (CISX), answers 10 questions about listing on the Exchange.

1. Please give a brief background to the CISX.

Since its formation in 1998, the Channel Islands Stock Exchange (CISX) has become firmly established in the international marketplace and attracts business from many of the major regions of the world including the European Union. There are 25 countries represented on the Official List and more than 200 international issuers have chosen the CISX as the launch pad for the primary listing and the trading of their securities.

The CISX is an integral part of the finance community of the Channel Islands. The Exchange completes the range of services offered by financial services professionals in the Islands and helps to create new business opportunities.

2. What are the benefits of listing on the CISX?

The CISX offers a professional and personalized service with flexibility and responsibility. Its key features, which help to set it apart from competitor exchanges include consistency of response, swift turnaround of documentation, competitive costs and the approachability of the Market Authority who meet daily to approve listing applications. In its policy toward listing services, the Authority has demonstrated its willingness to list innovative structures, including limited partnership interests, master feeder funds, structured products and acquisition vehicles. However, flexibility does not come at the expense of high standards.

The CISX offers a full listing and trading facility for commercial businesses and closed-ended investment companies, with market makers and an order book facility. Transactions have the advantage of full CREST settlement. These trading facilities also extend to open-ended investment companies – a unique feature of the CISX.

The Exchange has become widely accepted for the listing of a range of alternative fund structures, including property and hedge as well as private equity funds. The CISX had been a pioneer in the private equity sector, being one of the first stock exchanges in Europe to allow the listing of interests in limited partnerships.

3. From your perspective, what advantages do Guernsey and Jersey offer for investment funds?

Both Guernsey and Jersey has been regarded for many years as centres of excellence for the investment funds sector. Finance professionals are attracted by both Islands' stable governments, tax neutral platforms, the breadth and depth of quality financial service providers based in the jurisdictions, their strategic time zone near to the UK and in the same time zone as London, together with their solid reputation for high standards of corporate governance and appropriate legislation. Few jurisdictions can match this range of advantages.

4. How would you describe the current fund environment in these jurisdictions?

Both Guernsey and Jersey's funds sectors have weathered the economic downturn remarkably well with both Islands investing in their funds industry to remain competitive. Both have had strong starts to 2011 with growth in terms of the value of the funds industry with Guernsey reporting a £6.2 billion increase on 2010. Jersey also reported growth with the Net Asset Value of funds under administration increasing by £5.8bn (3.2%) from £178.9bn to £184.7bn during the last quarter of 2010.

The CISX has also reported significant growth and by May this year the Market Authority was pleased to announce the admission of the Exchange's 4,000th security to the CISX Official List.

5. Are you seeing high levels of business activity from Guernsey and Jersey on the CISX?

The CISX has by far the most Channel Islands listings of any global exchange with more than 1,100 listings domiciled in either Guernsey or Jersey. Firms based in both jurisdictions have been active on the Exchange this year. However the CISX maintains a truly international following, with over 22 countries and well over 200 international issuers maintaining a listing. The Exchange has a broad range of securities represented on its Official List and many niche markets including structured funds, property funds and specialist debt securities.

6. Are there any particular sectors that are seeing high levels of interest in these jurisdictions?

The CISX continues to build its niche markets, particularly in structured funds which represent 45% of all funds listings, and property funds, 11%. There has been a shift too toward more listings in the specialised alternative investment sector with a focus on natural resources and commodities such as gold, energy and biofuels, as well as venture capital and private equity funds. At the same time, there is continued interest the listing of specialist debt, particularly acquisition vehicles for private equity firms.

7. What impact will the AIFM Directive have on Guernsey, Jersey and the CISX?

Guernsey and Jersey have been proactive in monitoring and responding to developments to the Alternative Investment Fund Managers Directive since its initial inception. The outcome in November 2010 removed any uncertainty about the future of the Islands' funds industries and both Crown Dependencies have committed to meet the agreed criteria for ongoing market access into Europe.

8. Are there any other recent or upcoming developments (legislative or otherwise) with significance for the industry?

There have been demands for greater regulation and increased transparency within financial services but such demands bring business opportunities to the Channel Islands as a whole. For example, during the past two or three years, we have seen greater focus by investors on the transparency benefits of a listing and this has proved an advantage to the Exchange.

9. To what extent did the global financial crisis affect funds activity in Guernsey and Jersey, and is it now recovering?

It is clear from the statistics that funds business activity did slow down during the economic crisis, which was to be expected. However, both Islands are participating in the increased level of business activity as the markets recover as is evidenced by the statistics and level of enquiries.

10. Do you have any predictions for the rest of 2011 and 2012?

There is a general uptrend which is positive for the CISX. There were more new issuers seeking a listing on the CISX during the first quarter 2011 than for the same period in 2010. We are experiencing a number of enquiries, particularly from US private equity groups, carrying out due diligence on the CISX in order to consider investment in CISX listed securities, so we anticipate some growth in this area. The CISX is noted for its innovative thinking – with such initiatives as the traded OEIC and the listing and trading of partly paid shares, as well as the listing of limited partnership interests which it introduced back in 2003. The Market Authority will continue to innovate, particularly within its core sectors of investment funds and the specialist debt market.

For more information about Guernsey's finance industry please visit

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.

To print this article, all you need is to be registered on

Click to Login as an existing user or Register so you can print this article.

Similar Articles
Relevancy Powered by MondaqAI
In association with
Related Topics
Similar Articles
Relevancy Powered by MondaqAI
Related Articles
Up-coming Events Search
Font Size:
Mondaq on Twitter
Register for Access and our Free Biweekly Alert for
This service is completely free. Access 250,000 archived articles from 100+ countries and get a personalised email twice a week covering developments (and yes, our lawyers like to think you’ve read our Disclaimer).
Email Address
Company Name
Confirm Password
Mondaq Topics -- Select your Interests
 Law Performance
 Law Practice
 Media & IT
 Real Estate
 Wealth Mgt
Asia Pacific
European Union
Latin America
Middle East
United States
Worldwide Updates
Registration (you must scroll down to set your data preferences)

Mondaq Ltd requires you to register and provide information that personally identifies you, including your content preferences, for three primary purposes (full details of Mondaq’s use of your personal data can be found in our Privacy and Cookies Notice):

  • To allow you to personalize the Mondaq websites you are visiting to show content ("Content") relevant to your interests.
  • To enable features such as password reminder, news alerts, email a colleague, and linking from Mondaq (and its affiliate sites) to your website.
  • To produce demographic feedback for our content providers ("Contributors") who contribute Content for free for your use.

Mondaq hopes that our registered users will support us in maintaining our free to view business model by consenting to our use of your personal data as described below.

Mondaq has a "free to view" business model. Our services are paid for by Contributors in exchange for Mondaq providing them with access to information about who accesses their content. Once personal data is transferred to our Contributors they become a data controller of this personal data. They use it to measure the response that their articles are receiving, as a form of market research. They may also use it to provide Mondaq users with information about their products and services.

Details of each Contributor to which your personal data will be transferred is clearly stated within the Content that you access. For full details of how this Contributor will use your personal data, you should review the Contributor’s own Privacy Notice.

Please indicate your preference below:

Yes, I am happy to support Mondaq in maintaining its free to view business model by agreeing to allow Mondaq to share my personal data with Contributors whose Content I access
No, I do not want Mondaq to share my personal data with Contributors

Also please let us know whether you are happy to receive communications promoting products and services offered by Mondaq:

Yes, I am happy to received promotional communications from Mondaq
No, please do not send me promotional communications from Mondaq
Terms & Conditions (the Website) is owned and managed by Mondaq Ltd (Mondaq). Mondaq grants you a non-exclusive, revocable licence to access the Website and associated services, such as the Mondaq News Alerts (Services), subject to and in consideration of your compliance with the following terms and conditions of use (Terms). Your use of the Website and/or Services constitutes your agreement to the Terms. Mondaq may terminate your use of the Website and Services if you are in breach of these Terms or if Mondaq decides to terminate the licence granted hereunder for any reason whatsoever.

Use of

To Use you must be: eighteen (18) years old or over; legally capable of entering into binding contracts; and not in any way prohibited by the applicable law to enter into these Terms in the jurisdiction which you are currently located.

You may use the Website as an unregistered user, however, you are required to register as a user if you wish to read the full text of the Content or to receive the Services.

You may not modify, publish, transmit, transfer or sell, reproduce, create derivative works from, distribute, perform, link, display, or in any way exploit any of the Content, in whole or in part, except as expressly permitted in these Terms or with the prior written consent of Mondaq. You may not use electronic or other means to extract details or information from the Content. Nor shall you extract information about users or Contributors in order to offer them any services or products.

In your use of the Website and/or Services you shall: comply with all applicable laws, regulations, directives and legislations which apply to your Use of the Website and/or Services in whatever country you are physically located including without limitation any and all consumer law, export control laws and regulations; provide to us true, correct and accurate information and promptly inform us in the event that any information that you have provided to us changes or becomes inaccurate; notify Mondaq immediately of any circumstances where you have reason to believe that any Intellectual Property Rights or any other rights of any third party may have been infringed; co-operate with reasonable security or other checks or requests for information made by Mondaq from time to time; and at all times be fully liable for the breach of any of these Terms by a third party using your login details to access the Website and/or Services

however, you shall not: do anything likely to impair, interfere with or damage or cause harm or distress to any persons, or the network; do anything that will infringe any Intellectual Property Rights or other rights of Mondaq or any third party; or use the Website, Services and/or Content otherwise than in accordance with these Terms; use any trade marks or service marks of Mondaq or the Contributors, or do anything which may be seen to take unfair advantage of the reputation and goodwill of Mondaq or the Contributors, or the Website, Services and/or Content.

Mondaq reserves the right, in its sole discretion, to take any action that it deems necessary and appropriate in the event it considers that there is a breach or threatened breach of the Terms.

Mondaq’s Rights and Obligations

Unless otherwise expressly set out to the contrary, nothing in these Terms shall serve to transfer from Mondaq to you, any Intellectual Property Rights owned by and/or licensed to Mondaq and all rights, title and interest in and to such Intellectual Property Rights will remain exclusively with Mondaq and/or its licensors.

Mondaq shall use its reasonable endeavours to make the Website and Services available to you at all times, but we cannot guarantee an uninterrupted and fault free service.

Mondaq reserves the right to make changes to the services and/or the Website or part thereof, from time to time, and we may add, remove, modify and/or vary any elements of features and functionalities of the Website or the services.

Mondaq also reserves the right from time to time to monitor your Use of the Website and/or services.


The Content is general information only. It is not intended to constitute legal advice or seek to be the complete and comprehensive statement of the law, nor is it intended to address your specific requirements or provide advice on which reliance should be placed. Mondaq and/or its Contributors and other suppliers make no representations about the suitability of the information contained in the Content for any purpose. All Content provided "as is" without warranty of any kind. Mondaq and/or its Contributors and other suppliers hereby exclude and disclaim all representations, warranties or guarantees with regard to the Content, including all implied warranties and conditions of merchantability, fitness for a particular purpose, title and non-infringement. To the maximum extent permitted by law, Mondaq expressly excludes all representations, warranties, obligations, and liabilities arising out of or in connection with all Content. In no event shall Mondaq and/or its respective suppliers be liable for any special, indirect or consequential damages or any damages whatsoever resulting from loss of use, data or profits, whether in an action of contract, negligence or other tortious action, arising out of or in connection with the use of the Content or performance of Mondaq’s Services.


Mondaq may alter or amend these Terms by amending them on the Website. By continuing to Use the Services and/or the Website after such amendment, you will be deemed to have accepted any amendment to these Terms.

These Terms shall be governed by and construed in accordance with the laws of England and Wales and you irrevocably submit to the exclusive jurisdiction of the courts of England and Wales to settle any dispute which may arise out of or in connection with these Terms. If you live outside the United Kingdom, English law shall apply only to the extent that English law shall not deprive you of any legal protection accorded in accordance with the law of the place where you are habitually resident ("Local Law"). In the event English law deprives you of any legal protection which is accorded to you under Local Law, then these terms shall be governed by Local Law and any dispute or claim arising out of or in connection with these Terms shall be subject to the non-exclusive jurisdiction of the courts where you are habitually resident.

You may print and keep a copy of these Terms, which form the entire agreement between you and Mondaq and supersede any other communications or advertising in respect of the Service and/or the Website.

No delay in exercising or non-exercise by you and/or Mondaq of any of its rights under or in connection with these Terms shall operate as a waiver or release of each of your or Mondaq’s right. Rather, any such waiver or release must be specifically granted in writing signed by the party granting it.

If any part of these Terms is held unenforceable, that part shall be enforced to the maximum extent permissible so as to give effect to the intent of the parties, and the Terms shall continue in full force and effect.

Mondaq shall not incur any liability to you on account of any loss or damage resulting from any delay or failure to perform all or any part of these Terms if such delay or failure is caused, in whole or in part, by events, occurrences, or causes beyond the control of Mondaq. Such events, occurrences or causes will include, without limitation, acts of God, strikes, lockouts, server and network failure, riots, acts of war, earthquakes, fire and explosions.

By clicking Register you state you have read and agree to our Terms and Conditions