Channel Island Stock Exchange - Debt Listing.

Extract

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Channel Island Stock Exchange - Debt Listing.

Executive Summary

The Channel Islands Stock Exchange ('CISX' or the 'Exchange') offers:

a fast document turnaround time (often same day);

competitive pricing (initial CISX listing fee of [pounds sterling]3,600 for a standalone issue with no annual fee);

international standards of issuer regulation; and

a pragmatic approach to disclosure requirements.

Designation by both the UK authorities and international organisations is a strong endorsement of the status of the Channel Islands as a significant financial centre.

INTRODUCTION The Exchange commenced operations on 27 October 1998 with the intention of providing recognised facilities for the listing and trading of a broad range of debt securities. Current listings on the Exchange include equity-linked notes, convertible notes, PIK notes, Eurobonds and warrants. As at 1 January 2008, there are over 2,500 listings on the Exchange with a market capitalisation of approximately US$60,000,000,000.

The CISX is authorised to operate as an investment exchange under the Protection of Investors (Bailiwick of Guernsey) Law 1997 and is regulated and supervised by the Guernsey Financial Services Commission.

In December 2002 the CISX was designated by the UK Inland Revenue as a recognised stock exchange under Section 841 of the UK Income and Corporation Taxes Act 1988 ('ICTA'). This designation is significant because qualifying debt securities listed on the CISX are now eligible for the 'Quoted Eurobond Exemption'. This allows an issuer within the UK tax net to make payments of interest on the listed securities gross without deduction for tax.

In designating the CISX as a recognised stock exchange under section 841 of ICTA it was necessary for th...

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