CISX concerns could cost it listings
Thursday 17th October 2013, 10:25AM BST.
CONCERNS are growing that pending applications to list on the Channel Islands Stock Exchange might go elsewhere following its self-imposed shutdown on new listings.
The exchange announced on Monday that it was subject to a long-running investigation by the Guernsey Financial Services Commission and it was likely to restructure.
In the meantime it said it would not start any new listing processes or admit new members, leading local lawyers to have to consider alternative exchanges for listings.
More than one voiced fears that if an attempt from chairman Jon Moulton to restructure the CISX failed, or did not happen quickly enough, then the exchange might not be able to recover ground lost and might even lose a number of its 2,500 current listings.
‘Effectively, they are saying that Guernsey is closed to business and we don’t know why, or when it will reopen,’ said one source.
‘If I was Malta or another jurisdiction, I would be touting for new business immediately. Once you’ve done one listing elsewhere, you might never go back.’
Law firms have issued statements to clients which are being seen as the best source of information available at this time, but which are also pointing clients needing a listing quickly to other jurisdictions such as the Cayman Islands.