TISE clarification of FCA statement re LF Woodford Equity Income Fund

Thursday, 06 Jun 2019

Yesterday [5 June 2019] at 16:10, the UK’s Financial Conduct Authority (FCA) issued a statement entitled ‘Update on LF Woodford Equity Income Fund.’

In response to that statement, which some media have interpreted as an investigation of The International Stock Exchange (TISE), Fiona Le Poidevin, CEO of The International Stock Exchange Group, the parent of The International Stock Exchange Authority which is the company that operates TISE, said:

 “The International Stock Exchange Group and its subsidiary The International Stock Exchange Authority, wish to ensure that there is no lack of clarity in this situation.

 “Specifically, The International Stock Exchange Authority is not aware of any investigation, nor of any basis for such. It is important to note that The International Stock Exchange Authority made several attempts to contact the FCA back in April 2019 but with no initial response, finally securing a call with them on 8 May 2019. The International Stock Exchange Authority proactively engaged with the FCA in the spirit of regulatory cooperation but subsequently was given no prior warning of the FCA statement or its content.

 “The LF Woodford Equity Income Fund is not listed on TISE and not within The International Stock Exchange Authority’s regulatory remit, being a UK fund and regulated by the FCA. The International Stock Exchange Authority only has a remit for certain securities listed on TISE where the LF Woodford Equity Income Fund is an investor. However, The International Stock Exchange Authority will of course communicate with and support the FCA further, as and if required.”

 

TISE timeline

 

12 April 2019

TISE Statement: The International Stock Exchange Authority suspends dealings in the TISE-listed securities of three issuers – Ombu Group Limited, IH Holdings International Limited and BenevolentAI Limited.

https://www.tisegroup.com/about/news-press/suspension-of-dealings-in-securities-on-tise/

 

18 April 2019

TISE Statement: Discussions ongoing with the sponsor and issuers.

https://www.tisegroup.com/about/news-press/suspension-of-dealings-in-securities-on-tise-1/

 

23 April 2019

TISE Statement: Suspension of dealings in Ombu Group Limited and BenevolentAI Limited lifted; dealings remain suspended in IH Holdings International Limited pending the outcome of further discussions with the issuer and its sponsor.

https://www.tisegroup.com/about/news-press/suspension-of-dealings-in-securities-on-tise-2/

 

14 May 2019

TISE Statement: Suspension of dealings in IH Holdings International Limited lifted.

https://www.tisegroup.com/about/news-press/suspension-of-dealings-in-securities-on-tise-3/

 

4 June 2019

TISE Statement: The International Stock Exchange Authority notes the suspension of dealings in the LF Woodford Equity Income Fund (regulated by the UK FCA and not listed on TISE) and continues to monitor the situation as relevant to the TISE-listed securities held by WEIF.

https://www.tisegroup.com/about/news-press/lf-woodford-equity-income-fund/

 

5 June 2019

FCA Statement re ‘Update on LF Woodford Equity Income Fund’ – 5 June 2019, 16:10hrs.

https://www.fca.org.uk/news/statements/update-lf-woodford-equity-income-fund

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