From 3 July 2016 the European market abuse regime was changed as
a result of the EU Market Abuse Regulation (MAR).
The MAR has direct effect in each EU member state. As the Channel
Islands are not within the EU MAR has no immediate and direct
effect on the Channel Islands Securities Exchange
(CISE) or securities listed on the CISE. The
Channel Islands Securities Exchange Authority Limited
(CISEA) continues to apply global standards of
regulation and so has reviewed its Listing Rules in light of MAR to
incorporate those aspects that are appropriate for the CISEA and
its business whilst ensuring that it continues to be attractive
market for listing.
The modifications to the Listing Rules and the CISEA's Model
Code on dealings in light of the introduction of MAR in the EU are
proportionate and consistent with its position as a significant
listing market without imposing unduly onerous obligations on
listed issuers or market participants. In particular it should be
noted that issuers with specialist securities listed under Chapter
8 of the CISEA's Listing Rules are not obliged to implement the
CISEA's Model Code and so are not exposed to MAR. This is in
contrast to issuers with securities listed on any EU exchange.
We consider this will enhance the attractiveness a specialist
securities listing on the CISE and we are already seeing evidence
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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