Cayman Islands Stock Exchange Listing Rules 2017 Revision

The Cayman Islands Stock Exchange ("CSX") implemented the 2017 Revision of the Listing Rules in April 2017.

In connection with this update, the CSX published a new chapter 14 in connection with listing debt or equity securities issued by "specialist companies". The second part of chapter 14 covers offerings of debt securities to qualified investors, defined below, by companies that may be newly incorporated or pass-through SPVs with no specific revenue earning business or companies raising funding for a new project or line of business.

This will benefit Cayman incorporated issuers. It will also benefit issuers established in other countries, such as Ireland and the UK, who list their securities on the CSX. Such issuers may be engaged in standalone CLO / securitisation transactions, or may be part of an investment fund structure, typically where a Cayman Islands fund holds a European SPV.