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IN202 The Listing of Investment Funds on the CISX


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IN202 - The Listing of Investment Funds on the Channel Islands Stock Exchange

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IN202 The Listing of Investment Funds on the CISX

  1. 1. IN202 - The Listing of Investment Funds on the Channel Islands Stock Exchange Dixcart Trust Corporation Limited (DTCL) became a Category 2 Listing Member of the Channel Islands Stock Exchange (CISX) in August 2009. Dixcart can therefore list closed-ended investment funds on the CISX. The CISX is a well recognised stock exchange, with trading and order book facilities, and offers full CREST settlement. The regulatory requirements are well managed and the fee structure is highly competitive. A large proportion of the securities listed on the CISX are domiciled outside of the Channel Islands. A listing on the CISX increases visibility within the investment community and acts as a symbol of quality. The CISX is a highly credible exchange and is approved by the UK Financial Services Authority. It is an affiliate member of the International Organisation of Securities Commission (IOSCO) and is also recognised as a designated offshore exchange by the US Securities and Exchange Commission. Types of Investment Fund The range of funds that can be listed on the CISX, by asset type, include: Traditional fixed income and equity funds Alternative investment funds, such as property funds and hedge funds Structured funds Multi-manager funds Ease of Listing The CISX Market Authority has adopted a checklist approach to aid sponsors and issuers in the application process. Issuers may use existing published documents to form the Listing Document. Where the required disclosure items are not included in an existing published document, they may be incorporated in a “wrapper” document appended to the Listing Document. This can help to reduce expensive legal drafting fees. An application for a listing must be sponsored by a CISX member such as Dixcart, who acts as a point of contact for all communication with the issuer. Applications are received initially in a draft form and reviewed by the Listing Department at the CISX. Comments are returned within 48 hours and final documents are subsequently submitted, together with a formal notice. Once the security is approved, a “Grant of Listing” letter is issued. The Market Authority of the CISX meets daily to consider listing applications. Criteria, Jurisdictions and Legal Structures Under the listing rules, investment funds must achieve a spread of risk. There are no minimum subscription levels and the investment fund may prepare accounts in accordance with UK or USA Auditing Standards, International Standards on Auditing or other auditing standards acceptable to the Exchange. An investment fund with a primary listing on the CISX must be established in a jurisdiction approved by the Market Authority. Generally these are jurisdictions which are considered to have appropriate provisions in place to prevent and detect money laundering and the financing of terrorism, and which are consistent with FATF recommendations. The CISX retains a list of recognised exchanges for the purposes of a secondary listing. A full range of legal structures are accepted by the CISX and include: Open-ended Companies Closed-ended Companies Open or Closed-ended Unit Trusts
  2. 2. Master/Feeder Funds Protected Cell Companies Limited Partnerships Flexibility The ease of listing on the CISX is a particular feature experienced by issuers. Three important factors contribute to this flexibility: The CISX Listing Rules, which are internationally recognised, are easy to understand and are based on disclosure of information, rather than relying upon prescriptive requirements. The CISX operates outside the EU and therefore none of the EU Directives apply. This is of growing importance to many issuers, particularly from the US and the Far East. The CISX is independent from its regulatory authority and has discretionary powers to derogate rules where no investor protection issues arise. Additional Listings The CISX also offers the additional services: Listing of specialist debt securities Listing of equities Securitisation business Contacts If you require additional information regarding the CISX please speak to Alasdair Milroy or Mark Renouf at the Dixcart office in Guernsey or contact us.
  3. 3. DIXCART GROUP OFFICE LOCATIONS Website: Dixcart Guernsey Dixcart Trust Corporation Limited Contact: Alan Corlett or John Nelson Address: PO Box 161, Dixcart House, Sir William Place, St Peter Port, Guernsey, CI, GY1 4EZ Tel: +44 (0)1481 723996 Fax: +44 (0)1481 727417 Email: Full Fiduciary Licence granted by the Guernsey Financial Services Commission Dixcart Isle of Man Dixcart Management (IOM) Limited Contact: Simon Kelly Address: 69 Athol Street, Douglas, Isle of Man, IM1 1JE Tel: +44 (0) 1624 649250 Fax: +44 (0) 1624 615603 Email: Licensed by the Isle of Man Financial Supervision Commission Dixcart Madeira Dixcart Management (Madeira) Lda Contact: John Dias or Carlos Lourenco Address: Avenida do Infante 50, 9004-521, Funchal, Madeira, Portugal Tel: +351 291 225019 Fax: +351 291 226418 Email: Dixcart Malta Dixcart Management Malta Limited Contact: Sean Dowden Address: Level 15, The Business Tower, Portomaso, St Julians, STJ 4011, Malta Tel: +356 2248 4000 Fax: +356 2248 4050 Email: Dixcart Nevis Dixcart Management Nevis Limited Contact: John Terry Address: PO Box 598, Dixcart House, Fort Charles, Charlestown, Nevis, St. Kitts and Nevis, West Indies Tel: +1 869 469 2829 Fax: +1 869 469 6509 Email: Dixcart Sark Dixcart Management Limited Contact: Alex Magell Address: Le Grand Dixcart Sark, Channel Islands, GY9 0SD Tel: +44 (0)1481 832444 Fax: +44 (0)1481 832394 Email: Full Fiduciary Licence granted by the Guernsey Financial Services Commission Dixcart Switzerland Dixcart Corporate Services Sàrl Contact: Christine Breitler Address: 3, rue du Port, PO Box 3083, 1211 Geneva 3, Switzerland Tel: +41 22 320 37 65 Fax: +41 22 800 32 05 Email: Dixcart UK Dixcart International Limited Contact: Laurence Binge or Joe Dunne Address: Hillbrow House, Hillbrow Road, Esher, Surrey, KT10 9NW, UK Tel: +44 (0) 1372 461400 Fax: +44 (0) 1372 461401 Email: