Guernsey's Code Of Market Conduct

The European Union's Market Abuse Regulation (MAR) introduced in 2016 continues to present real challenges for businesses seeking to issue certain forms of listed debt securities on any EU regulated market, multi-lateral trading facility or organised trading facility. Guernsey is not part of the European Union and has its own market abuse regime that pre-dates MAR. The Guernsey Financial Services Commission (the GFSC) this month adopted a concise Code of Market Conduct (the Guernsey Code).

Since the introduction of MAR the number of listings on The International Stock Exchange (TISE) has risen dramatically. TISE is headquartered in Guernsey which is outside the EU and is therefore not subject to MAR. In addition TISE is a "Recognised Stock Exchange" for HMRC purposes, making it an attractive venue for listings. While the Guernsey Code provides helpful guidance with respect to market abuse, it should not deter listing on TISE where there is no reliance on TISE for