Regulation | TISE

Regulation

The International Stock Exchange Authority Limited (TISEA)

Regulatory Framework

The Authority is licensed by the Guernsey Financial Services Commission to operate an investment exchange under the Protection of Investors (Bailiwick of Guernsey) Law, 2020.​

Our Purpose

To provide a well-regulated listing and trading venue for issuers of global securities and their investors, thus promoting responsible economic growth.

Our Responsibilities

The Authority is responsible for the listing of securities on the Exchange and the supervision of Members of the Exchange. It establishes, supervises and enforces the Listing Rules and Membership Rules (including Trading and Settlement Rules) which regulate the conduct of issuers and Members.

Our Mission

To constantly add value for all our stakeholders by providing a secure and high-quality service across a trusted, cost-effective and efficient marketplace.

Board of Directors & Committees

The Board

The Board sets the strategic and operational objectives for the Authority and oversees the delivery of the Authority’s regulatory and supervisory functions.

The Board comprises two independent non-executive directors (including the Chair) and two executive directors. The Board takes decisions collaboratively and there is collective responsibility for achieving success.

Rob Trefny Photo

Rob Trefny

Chair, TISEA

Nick Bayley Photo

Nick Bayley

Non-Executive Director

Jon Richards Photo

Jon Richards

Director & Head of Market Regulation

Regulatory Committees

Listing & Membership Committee

The Listing and Membership Committee, comprising members of the Authority’s Board and management, is the principal forum for the Authority’s regulatory and supervisory decision-making, including: suitability and approval of listings and membership applications, suspension or cancellation of listed securities or membership, and applying and enforcing the Rules.

Disciplinary Committee

Members of the Exchange may be referred to the Disciplinary Committee by the Listing and Membership Committee. Upon the conclusion of the disciplinary hearing, the Disciplinary Committee may exercise any of the powers delegated to it. Decisions of the Disciplinary Committee are subject to the appeals procedure.

Rules Committee

The Rules Committee reviews proposed amendments to the Listing Rules and Membership Rules to ensure that they remain current and effective.  Upon the request of the Board, subject matter experts from the Exchange’s Members and the public and private sectors are invited to share their knowledge and expertise with the Committee​.

Appeals Committee

The Listing Rules and Membership Rules prescribe that certain final decisions of the Listing and Membership Committee or Disciplinary Committee may be appealed. On hearing an appeal, the independent Appeals Committee may uphold, reverse or vary the Listing and Membership Committee’s or Disciplinary Committee’s earlier decision.

Rules, Fees & Resources

Recognitions & Memberships

TISE has a wide range of international recognitions and memberships, which reflect our standing at the heart of European and global capital market community.

 

HMRC

Recognising Body

Her Majesty’s Revenue & Customs (HMRC)

Status

Recognised Stock Exchange

Relevant Legislation

Section 1005 of the Income Tax Act 2007 of the United Kingdom

Principal Benefits

Securities listed on TISE can avail of the UK Quoted Eurobond Exemption (QEE) Securities listed on TISE can qualify for the UK Real Estate Investment Trust (REIT) regime Securities listed on TISE are eligible for investment by Self-Invested Personal Pensions (SIPPs) and Individual Savings Accounts (ISAs)

Irish Revenue Commissioners

Recognising Body

Irish Revenue Commissioners

Status

Recognised Stock Exchange

Relevant Legislation

Section 64 of the Taxes and Consolidation Act, 1997 of Ireland

Principal Benefits

Securities listed on TISE can avail of the Irish Quoted Eurobond Exemption (QEE)

US SEC

Recognising Body

US Securities and Exchange Commission (SEC)

Status

Designated Offshore Securities Market (DOSM)

Relevant Legislation

Rule 902(b) of Regulation S under the Securities Act of 1933, as amended

Principal Benefits

Securities listed on TISE can be issued outside of the US without the need for them to be registered with the SEC and with an exemption for the seller having to undertake the onerous requirements to be able to form a reasonable belief that the buyer is outside of the US

BaFin

Recognising Body

German Federal Financial Supervisory Authority (BaFin)

Status

Approved Stock Exchange

Relevant Legislation

Section 193 of the Capital Investment Act, KAGB (Kapitalanlagegesetzbuch)

Principal Benefits

Securities listed on TISE are automatically eligible assets as part of the ‘listed’ investment allocation of German insurance companies and German UCITS funds. This increases the potential investment which TISE listed products can receive from German domiciled UCITS funds

ASX

Recognising Body

Australian Securities Exchange (ASX)

Status

Recognised Stock Exchange

Relevant Legislation

ASX Operating Rules Procedures

Principal Benefits

In accordance with the ASX Operating Rules Procedures, ASX has approved TISE as a Recognised Stock Exchange

Guernsey Registry

Recognising Body

Guernsey Registry: (i) Registrar of Companies; (ii) Registrar of Beneficial Ownership of Legal Persons

Status

Recognised Stock Exchange

Relevant Legislation

Companies (Recognised Stock Exchanges) Regulations, 2019

Principal Benefits

Exempts Guernsey companies listed on TISE from certain requirements under Part XXIX of the Companies (Guernsey) Law, 2008 and Beneficial Ownership (Definition) Regulations, 2017 relating to the appointment of a Resident Agent and disclosure of beneficial ownership

GFSC

Recognising Body

Guernsey Financial Services Commission (GFSC)

Status

Named Securities Market

Relevant Legislation

Authorised Closed-Ended Investment Schemes Rules, 2021; Authorised Collective Investment Schemes (Class B) Rules, 2021; and Private Investment Fund Rules, 2021

Principal Benefits

Securities listed on TISE qualify as an ’approved security’ for the purposes of the rules, enabling the transaction to satisfy the criteria for best execution on-exchange

Isle of Man Treasury

Recognising Body

Isle of Man Treasury

Status

Recognised Stock Exchange

Relevant Legislation

Section 5(2)(b) of the Beneficial Ownership Act 2017

Principal Benefits

Exempts Isle of Man registered companies listed on TISE from certain requirements under the Beneficial Ownership Act 2017

JFSC

Recognising Body

Jersey Financial Services Commission (JFSC)

Status

Designated Investment Exchange

Relevant Legislation

Listed Fund Guide

Principal Benefits

Recognised exchange for closed ended Listed Funds which may be established using a streamlined authorisation process – enables TISE listed issuers to qualify for regulatory purposes

JFSC

Recognising Body

Jersey Financial Services Commission (JFSC)

Status

Exchange listed in Schedule 4

Relevant Legislation

(5(2)(a)(i) of Schedule 1 and Paragraph 4(1) of Schedule 2 of the Collective Investment Funds (Unregulated Funds) (Jersey) Order 2008

Principal Benefits

Recognised exchange for the listing and trading of units of an Unregulated Collective Investment Fund (relates to schemes that do not constitute a fund) – enables TISE listed issuers to qualify for regulatory purposes

AFME

Body

Association for Financial Markets in Europe (AFME)

Membership Type

Associate Member

Area of Focus

Represents the leading global and European banks and other significant capital market players, with the aim of acting as a bridge between market participants and policy makers across Europe

 

ICMA

Body

International Capital Market Association (ICMA)

Membership Type

Full Member

Area of Focus

Not-for-profit membership association, with a wide range of member firms active in the international debt capital markets

 

IOSCO

Body

International Organization of Securities Commissions (IOSCO)

Membership Type

Affiliate Member

Area of Focus

International body which brings together the world’s securities regulators and is recognised as the global standard setter for the securities sector

QCA

Body

Quoted Companies Alliance (QCA)

Membership Type

Advisor Member

Area of Focus

Independent membership organisation which champions the interests of small to mid-sized quoted companies

 

UN SSE

Body

United Nations’ Sustainable Stock Exchanges Initiative (UN SSE)

Membership Type

Partner Exchange

Area of Focus

Peer-to-peer learning platform for exploring how exchanges, in collaboration with investors, regulators, and companies, can enhance corporate transparency and ultimately performance on ESG

 

WFE

Body

World Federation of Exchanges (WFE)

Membership Type

Affiliate Member

Area of Focus

Global industry association for exchanges and clearing houses

 

Complaints

The Authority treats all complaints very seriously and will investigate all complaints it receives in a timely manner and in accordance with our Rules.

If you do make a complaint to the Authority, please ensure you make this clear in your correspondence to us and that you provide as much information as possible to support our investigation.

How can I submit a complaint?

If you wish to make a complaint concerning the Exchange then please: