Channel Islands Securities Exchange Authority Limited (The Exchange) - Continuing Obligations Chapter 8 Debt Securities

1. Purpose

This Client Briefing has been prepared for the assistance of directors of companies which have listed "debt securities" under Chapter 8 of the Listing Rules of the Exchange.

The Briefing summarises the continuing obligations which an issuer is required to observe once any of its securities have been admitted to listing. This Briefing should be read in conjunction with the 'Channel Islands Securities Exchange Authority Limited: Chapter 8 Debt Listings' Briefing.

2. Nature of obligations

It is a condition of listing that an issuer executes a listing undertaking to comply with the Listing Rules and, in particular, with all relevant continuing obligations. Observance of the continuing obligations is essential to the maintenance of an orderly market in securities and to ensure that all users of the market have simultaneous access to the same information. Failure of an issuer to comply with any applicable continuing obligation may result in the