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The Cayman Islands Stock Exchange (the “CSX”) has recently published revised Listing Rules, (the “Rules”) effective April 2017. The primary update is the introduction of a new Chapter 14 of the Rules which sets out a new regime for the listing of equity and debt securities of “Specialist Companies” which are principally aimed at SPV companies looking to raise capital for new projects.
Chapter 14 of the Rules now allows for a greater degree of flexibility with respect to companies that do not have a two year audited financial statements ‘track record’ and the prior requirement to subscribe for a minimum of US$100,000 of securities has been removed for specialist companies. The new Rules now cater for investors with higher overall levels of participation in investments generally, subject to satisfying the new qualified purchaser/qualified investor criteria (see below). The CSX will allow the listing of an issuer without the standard ‘track record’, provided the issuer:
c) is a wholly owned subsidiary of a listed company and is included in the consolidated accounts of its listed holding company.
The updated Listing Rules also contain a number of clarifying revisions and general content updates. The Listing Rules are available on the CSX website at www.csx.ky.
Conyers Dill & Pearman regularly acts on the listing of securities on the CSX, including securities qualifying for the Quoted Eurobond Exemption for the purpose of UK withholding tax. Please contact one of the Conyers’ listing team referenced below or your usual contact at Conyers Dill & Pearman for further information.
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The Cayman Islands Stock Exchange Listing Rules 2017 Revision