TISE is approved as a designated offshore securities market by the US SEC

Lisa Aune

Lisa Aune, Lead Director, Corporate Services

11 February 2019

Background:

The International Stock Exchange (TISE) announced its approval as a Designated Offshore Securities Market (DOSM), within the meaning of Rule 902(b) of Regulation S under the Securities Act of 1933, as amended, by the US Securities and Exchange Commission (SEC) on the 31 January 2019.

The news has been well received by the local finance industry and the regulators, and is considered to be deserved recognition for what is now a well-established securities exchange.

This acknowledgment by the SEC is expected to have particular appeal for US companies planning to issue corporate debt / high yield bonds.  Securities listed on TISE, issued outside of the US, will not need to be registered with the SEC and the seller of such securities will be offered an exemption, such that they are relieved of the burden of proving that they had a ‘reasonable belief’ that the purchaser was outside the US.

This endorsement by the SEC is yet another recognition of the high levels of standards and governance operated by TISE. TISE is already recognised by HMRC in the UK which means that any qualifying debt securities issued on TISE are eligible for the Quoted Eurobond Exemption and therefore any interest payments on the issued securities are exempt from UK withholding tax. TISE is also recognised by the German controller BaFin and the Australian Stock Exchange (ASX).

The SEC approval follows a record year for TISE, which recently announced that 865 new listings had taken place in 2018, representing a 22.7% increase on the previous year. This took the total number of listed securities to 2857 as at 31 December 2018.

At SANNE, we recognise the continued growth opportunities which exist for TISE and we support this growth by recommending TISE as a listing authority to our clients on the basis of its competitive pricing model, globally recognised standards of governance and its premier location in the Channel Islands which offers access to Europe and the UK, whilst being outside of the European Union. 

Get in touch with SANNE

SANNE is a Category 1, 2, 3 Listing Member and offers a complete solution to your listing needs, as well as ensuring compliance with the continuing obligations for the duration of the listing period.  Due to our significant experience and excellent working relationship with TISE, we offer cost and time savings when you choose to appoint SANNE as your listing sponsor.

Should you have any further questions please feel free to contact us.

Lisa Aune, Lead Director, Corporate Services
Vinod Rajput, Associate Director, Corporate Services

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