With effect from 1 July, 2022, The International Stock Exchange (‘’TISE’’) has revised its Continuing Obligations (Chapter 3) Listing Rules and has published its updated QIBM Continuing Obligations Listing Rules for issuers with debt securities listed on TISE (here).

The changes are intended to make the requirements of TISE more clear and focused for the issuer. TISE have clarified, simplified and streamlined certain requirements to ensure a more user friendly post listing regime that an Issuer will find easier to comply with.

The key changes are summarised as follows:

Financial Statements: An issuer need only provide financials, on a confidential basis, in the following circumstances:

  • if the auditor reports a qualified opinion on them,
  • they are no longer prepared on a going concern basis or
  • requests a copy as part of any ongoing enquiry or investigations

An issuer may, where its financial information is publicly available, publish a one-off announcement on the TISE website, with a web link to its financial information and filing deadline

Where the issuer is a sovereign, local authority, or public international body, the issuer must as soon as reasonably practicable either publish a one-off announcement or publish its annual financial information on the Exchange’s website

General Notifications and Director Information:  TISE have removed the requirement to notify them within a fixed 10 day period and the requirement is now to notify TISE “as soon as reasonably practicable”.

Sanctions, Legal and Regulatory Proceedings: An issuer must now notify TISE if the issuer or any director of the issuer becomes subject to government sanction, or faces formal legal or regulatory proceedings for market abuse or other financial crimes.

At Arthur Cox Listings, we have a dedicated listings team with extensive experience in providing listing agent services in connection with listings on TISE. If you have any queries in relation to the revised Listing Rules please do not hesitate to contact the Arthur Cox Listing team at [email protected].