The International Stock Exchange - New Listing Rules

The International Stock Exchange Authority Limited (TISEA) has published its updated Listing Rules, which will be effective from Monday 2 August 2021.

The material changes are summarised as follows:

• TISEA has created separate rulebooks for debt and equities securities and has established a dedicated Qualified Investor Bond Market (QIBM). The QIBM is a familiar concept within European debt capital markets and enables listings for eligible bonds being marketed to 'qualified investors' (as defined in the QIBM Listing Rules - formerly the debt listing rules). Separate listing fee schedules have also been created for bonds and equities to correlate with the relevant rulebooks.
• Timing and the TISE Guarantee - TISEA has introduced the TISE Guarantee, a '3+1' review timeframe. TISEA has committed to conduct an initial review of listing applications within three business days of the first submission and within 1 business day of subsequent submission(s). In addition,