Cayman Islands: Listing Rules & Flotation

Cayman Islands and BVI companies used as listing vehicles operate under a three-tier regulatory framework comprising company law, constitutional documents, and stock exchange listing rules. This analysis examines the critical differences between Cayman and BVI company law—particularly regarding share capital structure, amendment procedures, and directors' powers—and explores how these distinctions impact the efficiency of share consolidations needed to maintain Nasdaq listing requirements.

During the first half of 2019, approximately 26 CLOs comprising new issuances, refinancings and resets, were listed on the Cayman Islands Stock Exchange ("CSX").