Guernsey Finance has welcomed an announcement from the Channel Islands Stock Exchange (CISX) that it is once again open to considering new listing applications.
A statement published on the CISX website says that it is “gradually able to apply more capacity at this stage of proceedings to consider new listing applications with no apparent suitability issues.”
Fiona Le Poidevin (pictured), chief executive of Guernsey Finance – the promotional agency for the island’s finance industry internationally, says: “We welcome the announcement from the CISX that it is now once again open to considering new listing applications. This not only demonstrates determination to ensure business continuity for the local finance industry and its clients but it is also a positive step towards returning to business as usual.”
On 14 October the CISX announced to members that certain of its historic activities have been under investigation by the Guernsey Financial Services Commission (GFSC). Jon Moulton, chairman of the CISX, said that the investigations do not relate to current matters but are ongoing and that the CISX had decided not to accept new listings at the current time.
On 16 October, the CISX published an operational statement which provided more detail on what this meant in practice for current and potential issuers.
However, today’s statement from the CISX notes that it is once again open to considering new listing applications, although with certain conditions. The CISX has said that, as yet, it will be still unable to consider “particularly complex or unusual structures, irrespective of whether the application has previously been submitted.” In addition, it has stated that “our usual 48 hour turnaround time may not be quite achievable however the exchange will endeavour to meet member requirements.”
Kevin Stewart, Guernsey’s commerce and employment minister, says: “I welcome the statement issued by the CISX today. I spoke with the CISX’s chairman earlier today, and am reassured by the developments that have taken place this week. I know that the CISX is working hard to ensure business has the certainty it needs, and they have the Policy Council’s ongoing support in doing that.”
Le Poidevin says: “It has been a very challenging week for the Channel Islands’ investment community and there is still more work ahead but these are very positive developments and ensure that we can continue to service the needs of our client base going forward.”