Member Article

Carey Olsen takes lead role in new TISE 'Specialist Companies' equity rulebook

Carey Olsen is part of the TISE Rules Committee, which helped finalise the Specialist Companies Equity Rules (as well as all previous Listing Rule updates).

The Specialist Companies Equity Rules are intended to attract privately held structures whose securities are not intended to be frequently transferred or traded and which are primarily held by institutional and professional investors.

The ability to list equity as a Specialist Company provides an efficient alternative to issuers whose securities are closely held and which do not cleanly fit within TISE's 'trading' or 'investment vehicle' categories for general equity listings.

The Specialist Companies Equity Rules offer increased flexibility over TISE's full equity listing rules, with streamlined application and disclosure requirements as well as continuing obligation requirements proportionate to the investor profile. Notably, there is no requirement to make the listing document publicly available on TISE's website or to provide TISE with general shareholder meeting notifications under the Specialist Companies Equity Rules. Another key update is that companies listed under the Specialist Companies Equity Rules do not need to publish financial information on TISE's website as a matter of course.

Matthew Ecobichon, Counsel in Carey Olsen's Jersey debt capital markets team, commented:  "We are delighted to have taken a central role in the development of the Specialist Companies Equity Rules and have already seen interest in the new segment from a number of issuers."

The Specialist Companies Equity Rules are the latest in a series of new offerings from TISE, including TISE Private Markets (which facilitates the buying and selling of shares in private companies), TISE Sustainable (a comprehensive market segment which enables the flow of capital into investments that promote environmental, social or sustainable activities) and TISE's Approved Passport Programme (a pan-European fast track listing service available for UK or EEA-approved debt programmes).

Carey Olsen Corporate Finance Limited undertakes listing services on behalf of the Carey Olsen group and is consistently ranked as the leading TISE listing agent. The firm's listing teams in Jersey and Guernsey are comprised of market-leading lawyers and dedicated listing analysts who assisted with almost 80% of new high yield bond issuances and 35% of all securities listed on TISE in 2023.

 

Link to article