Arthur Cox provides listing services through Arthur Cox Listing Services (“ACLS”), which was approved by the Irish Stock Exchange as an authorised sponsor in early 2004 to provide listing services for specialist debt securities and investment funds. With an already thriving and successful Capital Markets and Funds practice, the establishment of the listing department was seen as the perfect complement to the already existing businesses. This marked a significant strategic move for the firm and allows us to provide a full service to our Funds and Capital Markets clients, from advising them legally on their structures and products to listing them on the Irish Stock Exchange.
Since 1999, the Irish Stock Exchange (the “ISE”) has provided a listing regime for most specialised debt securities including Asset Backed Securities, Specialist Bonds, Asset Covered Securities and European Commercial Paper. The ISE has done tremendously well in becoming the leading exchange in Europe for listing ABS within a short period of time. It is also the leading exchange for listing investment funds.
The ISE’s success can be attributed to, inter alia:
- A comprehensive set of listing guidelines consistently applied across product types and issuers, quick turn-around times;
- Timing - ISE have committed to very aggressive turnaround times which are 3 working days on all initial submissions and 2 working days on all subsequent submissions in the case of debt and 5 working days on all initial submissions and 2 working days on all subsequent submission in the case of funds;
- Communication - the ISE operate an open door policy and are willing to discuss a structure prior to submission to ensure a smooth and streamlined process.
Requirement for listing agent/listing sponsor:
To list a specialist debt security on the ISE, an issuer must appoint a listing agent and to list investment funds, the fund must appoint a listing sponsor. The appointed listing agent/sponsor must be registered with the ISE. A listing agent/sponsor is responsible for ensuring that the issuer is guided and advised on their application and is responsible for all communications with the Exchange with regard to the listing guidelines, the listing process and all post listing obligations that may apply. Arthur Cox Listing Services is registered with the ISE as an approved listing sponsor and listing agent.
Principal Contact
Helen Berrill, Director of Listings
Why Arthur Cox Listing Services?
As Head of Specialist Debt Securities listings at the Irish Stock Exchange from 1999 to March 2004, Helen Berrill was responsible, amongst other things, for overseeing the listings of all transactions, including asset backed securities, specialist debt, CMBS, multi issuer programmes and covered bonds. During this five year period of substantial growth at the Irish Stock Exchange Helen ensured that the listing rules were consistently applied by her team while maintaining an efficient, smooth, flexible and stream lined approach at all times.
Helen helped draft the initial building blocks for the wholesale debt regime under the Prospectus Directive. Together with her experience at ISE, Helen has an unrivalled knowledge of the listing Guidelines and procedures and can pre-empt issues which may cause concern to the ISE. Through her experience of acting as a regulator and her understanding of the issues important to the officers at the ISE, Helen and the listing team at Arthur Cox Listing provide real added value to the listing service for debt securities and investment funds.
Arthur Cox Listing Services (ACLS) has been tremendously successful and we have been the leading listing agent for the ISE, by volume for the last 3 years.
Helen and her team work closely with Cormac Kissane and Glenn Butt, Arthur Cox’s leading Capital Markets partners. This team has extensive experience of the structures and products which are suitable for listing.
Professional Service at ACLS
Arthur Cox Listing Services is a subsidiary of Arthur Cox and strives to provide the same level of services as the firm and are subject to the same high standards.
We understand that promoters and arrangers need certainty on timing and that listing should not be a leading consideration in the timetable to launch. We have an experienced and dedicated team that provide a smooth and streamlined process and are committed to providing an efficient and user friendly service. We have acted on many transactions – from plain vanilla transactions to synthetics to whole business securitisations, repackagings, CDOs, High Yield transactions, Covered Debt, Islamic Financing and other structured products.
Arthur Cox Listing Services have a world wide client base, covering Europe, the United States, Russia and the Middle East. Transactions that Arthur Cox Listing Services have acted as listing agent include, amongst others:
US transactions include:
- Wal-mart Stores, Inc - bond issuance
- Cellco Partnership
- Verizon Wireless Capital LLC
- Pfizer Inc
- Ingersoll-Rand Company Limited
- Schering-Plough Corporation
In addition we have listed a number of US Global Note Programmes.
Islamic Finance
ACLS listed Oasis Certificate Programme, a Shariah approved Islamic Finance Programme, which was the first of its kind listed in Ireland.
Russian transactions include loan participation note programmes for:
- Gazprom
- Bank St Petersburg
- Nomos Bank
- Renaissance Capital
- Transneft
- Transcredit Bank
- Transcapital Bank
- Vimpel Communications
- Bank VTB 24
Ukranian transactions include:
- Ukraine Government - bond issuances
- Alfa-Bank
Financial institutions:
- Arthur Cox Listing Services have acted as listing agent for all the major financial institutions in Europe and the US
- Arthur Cox Listing Services have acted as listing sponsor on a number of investments funds also
- Legislation Bulletin, Spring 2010
- Corporate and M&A, Company Compliance and Governance, Banking, Financial Regulatory, Technology, Intellectual Property, Inward Investment, Listing Services, Litigation and Dispute Resolution, Communications and Broadcasting, Pensions, Tax, Tax Disputes, Asset Management and Investment Funds, Financial Services Litigation, Middle East
- 17.05.2010 | Format:
