The International Stock Exchange Authority Limited (TISEA) has published its updated QIBM Continuing Obligation Listing Rules for issuers with debt securities listed on TISE, which come into effect from Friday 1 July 2022. Please find the link to the new Listing Rules here: TISE QIBM Listing Rules July 2022.
The material changes are summarised as follows:
- The submission of financial information by an issuer on an
annual basis has been streamlined. Issuers will now only need to
submit annual financial statements if the auditor reports a
qualified opinion on them, they are no longer prepared on a going
concern basis or TISEA requests a copy as part of any ongoing
enquiry or investigations
- Issuers that are a sovereign, local authority or public international body will still be required to publish annual financial information or make an announcement as to where such information is available
- TISEA now requires notification for issuers and directors that become subject to government sanctions or face formal legal or regulatory proceedings for market abuse or other financial crimes
If you have any queries in relation to the revised Listing Rules please do not hesitate to contact the Ogier Corporate Finance Limited (OCFL) listing team (listingnotifications@ogier.com) or your regular contact at Ogier.
OCFL
OCFL is one of the leading listing agents in the offshore listing market and was a founder member of TISE when it launched over twenty years ago.
In addition:
- OCFL is an active member of TISEA's rules committee, which reviews TISEA's Listing Rules on an ongoing basis in order to improve TISE's offering and the listing process;
- OCFL's listings team includes former TISE listing and technical managers, who maintain excellent working relations with TISEA and provide exceptional technical knowledge and insight to assist our clients; and
- as part of OCFL's full service offering we provide an ongoing post-listing service to issuers, providing advice and assistance in relation to TISEA's Listing Rules and compliance with the continuing obligations applicable to listed issuers.
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.