QIBM Fees
We offer one-off ‘lifetime’ payment solutions that can save issuers significant sums on both listing & admin costs.
QIBM Listing Fees & Charges PDF - October 2022
Listing Fees
Standalone Applications
High Yield Bonds
|
Initial Application Fees |
Annual Fees | |
| Issuer | Class/Series/Tranche | Class/Series/Tranche |
| £7,000 | £1,300 | £1,500 |
Private Equity Debt Securities
| Initial Application Fees | Annual Fees | |
| Issuer | Class/Series/Tranche | Class/Series/Tranche |
| £4,200 | £1,300 | £1,500 |
Specialist Debt Securities‡
| Initial Application Fees | Annual Fees | |
| Issuer | Class/Series/Tranche | Class/Series/Tranche |
| £5,000 | £1,300 | £1,500 |
Investment Grade Corporate Bonds†
• Option 1: Lifetime Fee* £8,000
• Option 2: Issuers may otherwise avail of the fee table as set out under ‘All Other Debt Securities’ below.
Sovereign, Quasi Sovereign, Local Authority & Public International Body Bonds
• Option 1: Lifetime Fee* £8,000
• Option 2: Issuers may otherwise avail of the fee table as set out under ‘All Other Debt Securities’ below.
Derivative Bonds
• Option 1: Lifetime Fee* £12,000
• Option 2: Issuers may otherwise avail of the fee table as set out under ‘All Other Debt Securities’ below.
Securitisation
• Option 1: Lifetime Fee* £12,000
• Option 2: Issuers may otherwise avail of the fee table as set out under ‘All Other Debt Securities’ below.
Collateralised Loan Obligations (CLOs)
• Option 1: Lifetime Fee* £10,000 for New CLOs / Lifetime Fee* £5,000 for Refinanced CLOs^
• Option 2: Issuers may otherwise avail of the fee table as set out under ‘All Other Debt Securities’ below.
All Other Debt Securities
Applies to (a) all debt securities not individually categorised or defined above, and (b) those debt securities which otherwise could have opted for an available lifetime fee option.
| Initial Application Fees | Annual Fees | |
| Issuer | Class/Series/Tranche | Class/Series/Tranche |
| £5,000 | £1,300 | £1,500 |
Programme Applications
Programme & Final Terms
| Fee Type | Lifetime Fee* | Notes |
| TISE Approved Programme | £4,200 | No requirement for annual programme updates at TISE. |
| TISE Passport Programme | £0 | Duration is one year from the date of approval as awarded by the applicable NCA or UKLA |
| Final Terms | £800 | Per Final Terms irrespective of product type, duration or amount issued. |
Programme & Drawdown Document
| Fee Type | Lifetime Fee* | Notes |
| TISE Approved Programme | £4,200 | No requirement for annual programme updates at TISE. |
| Drawdown Document | £3,500 | Per Drawdown Document irrespective of product type, duration or amount issued |
Short Term Paper
Commercial paper & certificates of deposits that are issued for a term of less than 1 year.
| Fee Type | Lifetime Fee* | Notes |
| TISE Approved Programme | £4,200 | No requirement for annual programme updates at TISE. This fee is payable, however, on each occasion that the terms and conditions to the programme are revised. |
| Final Terms Option 1 | £225 | based on a £112,500 upfront payment for 500 listings |
| Final Terms Option 2 | £275 | based on a £27,500 upfront payment for 100 listings |
| Final Terms Option 3 | £400 | per listing if no upfront payment is made |
Notes
*Lifetime Fee: The Lifetime Fee incorporates the Initial Application Fee, the first and subsequent Annual Fees and the Formal Notice fee, per application submitted. Should a bond redeem earlier than its scheduled maturity, the Lifetime Fee will also cover associated Delisting Fees. For the avoidance of doubt, the Lifetime Fee does not cover any subsequent new classes which were not pre-empted in the initial application, further issues, partial redemptions or other administrative fees & charges.
‡Specialist Debt Securities: Includes all Convertible Bonds, Depository Receipts, Digital Assets, Preference Shares, Profit Participation Notes, Warrants issued on standalone basis.
†Investment Grade Corporate Bonds: Includes plain vanilla bank and company bonds (investment grade/non high yield)
^ Refinanced CLOs: TISE listed CLOs transactions which subsequently delist for the purposes of refinancing are charged £5,000 in the event of a new application to list a refinanced deal
Issuer Application Fee: Subsequent applications by a TISE listed issuer are exempt from paying an additional Issuer Application Fee
Co-Issuers: Only 1 Issuer Application Fee and only 1 Formal Notice Fee is levied. Debt Class Annual Fees are charged at £1,500 for the first Issuer and £400 for other Issuers.
TISE Sustainable: There are no additional fees associated with an admission to the TISE Sustainable segment.
Appeals Process: A minimum fee of £5,000 will be charged (in advance) for an appeal to be conducted. For further information please see section 5 of ‘Operational Matters’ in the Qualified Investor Bond Market Rules.
Administrative Fees & Charges
Administrative Fees
| Administrative Fee | Bond Programme | Other Bond (Non Programme) |
| Further Issue - applicable to each fully fungible/tap issue of an existing listing | £500 | £500 |
| Partial Redemption - applicable to any partial redemption of an existing listing | £500 | £500 |
| Multiple Pre-empted Listings Facility - available where more than 4 further issues and/or partials are anticipated in a 12-month period per listed security (inclusive of the amortisation and variable funding note facilities) | £2,000 | £2,000 |
| Early Delist - applicable on application to delist a security class prior to the scheduled maturity date. (Not applicable to securities reaching automatic maturity |
£500* | £500* |
| Increase of Headroom - applicable should an issuer increase the available level of issuance facility | £1,100 | £1,100 |
| Eligibility Application - applicable where an approval in principle is required for comfort reasons prior to submission of an official application submission | £1,500 | £1,500 |
| Formal Notice - an announcement of a listing on the Exchange | - | £150* |
| Bulk Issuer - applicable where an application is made for more than one class of securities however a separate complete suite of application documents is provided for each individual class | - | £1,000 |
*Unless issuer has availed of the Lifetime Fee option
Administrative Charges
| Administrative Charge | Fee |
| Late filing of accounts | £500 |
| Correction of Issue Data | £1,100 |
| Posting announcements by TISE | £250 |
Terms and Conditions
- The Initial Application Fee, first Annual Fee and Formal Notice Fee or Lifetime Fee invoice (as applicable) must be settled by 12:00 on the required application approval date. On the rare occasion where an invoice has been settled and the application is subsequently withdrawn and/or fully cancelled prior to application approval, a full refund will be provided.
- The Lifetime Fee incorporates the Initial Application Fee, the first and subsequent Annual Fees and the Formal Notice fee, per application submitted. Should a bond redeem earlier than its scheduled maturity, the Lifetime Fee will also cover associated Delisting Fees. For the avoidance of doubt, the Lifetime Fee does not cover any subsequent new classes which were not pre-empted in the initial application, further issues, partial redemptions or other administrative fees & charges.
- The Authority shall not issue any grant of listing to any application in respect of which fees remain outstanding and due for payment by an Issuer. The only exception(s) to this rule is fees for the listing of Final Terms and pre-empted classes of existing Issuers may be received within 30 days of the invoice date
- All fees and charges raised post-admission must be settled within 30 days of the invoice date unless stated otherwise. The Authority reserves the right to suspend the listing of any of an Issuer’s securities in the event of late or non-payment of such fees or charges.
- All fees and charges raised post-admission are non-refundable and payable in full irrespective of any subsequent suspension, or de-listing, of the listing.
- All fees and charges are raised in GBP and must be settled in GBP only.
- Any bank charges levied must be incurred by the remitter.
- An Issuer shall be obliged to pay all fees and charges which are owing to the Authority in accordance with the Authority’s Listing Rules and, for the avoidance of doubt, any prospective Issuer (in respect of which an initial application for listing has been submitted) shall be responsible for and shall procure the payment of all application and other fees in accordance with these Terms and Conditions.
- These Terms and Conditions and any disputes or claims arising out of, or in connection with, their subject matter or formation (including non-contractual disputes or claims) are governed by, and construed in accordance with, the laws of the Island of Guernsey.
- Subject to condition 11 below, the courts of Guernsey shall have exclusive jurisdiction for the purpose of hearing and determining any suit, action or proceedings and/or to settle any disputes in respect of fees or charges or otherwise arising out of or in any way relating to these Terms and Conditions or their formation or validity (Proceedings) and for the purpose of enforcement of any judgment against the property or assets of an Issuer.
- Nothing in condition 10 above shall (or shall be construed so as to) limit the right of the Authority to take Proceedings against an Issuer in the courts of any country in which the Issuer has assets or in any other court of competent jurisdiction nor shall the taking of Proceedings by the Authority in any one or more jurisdictions preclude the taking of Proceedings by the Authority in any other jurisdiction (whether concurrently or not).