The International Stock Exchange Authority Limited (TISEA) has published its updated Listing Rules, which will be effective from 1 January 2020. Please find the link to the new Listing Rules here: https://www.tisegroup.com/media/1594/listing-rules-january-2020-interactive.pdf

The revisions are not expected to impact the majority of our listed issuers and the material changes to the Listing Rules are summarised as follows:

Equity Rules

  • Where an issuer is a trading company or a special purpose acquisition company (SPAC), there is now a requirement to publish the Listing Document, the Articles of Association or equivalent document and the issuer’s latest financial information (where prepared) on TISEA’s website within 3 business days of admission to the Official List. This requirement also extends to retail debt securities;
  • TISEA expects that, where any trading companies and SPACs are already listed, the Listing Document, the Articles of Association or equivalent document and the latest financial information should be published on TISEA's website within 3 business days of the new rules coming into effect;
  • Post admission, where an issuer is a trading company or a SPAC, information relating to changes to the person(s), who directly or indirectly, hold or control 3% or more of a class of shares in the issuer must be announced on TISEA's website; and
  • Post admission, in the case of an issuer that is an investment vehicle, information relating to any changes to the substantial shareholder(s) (10% or more) of the issuer must be announced on TISEA's website.

Debt Rules

  • Where securities are issued to retail investors, the Listing Document, the document constituting the securities and the issuer’s latest financial information (where prepared) must be published on TISEA's website within 3 business days of admission to the Official List; and
  • Any material change in the beneficial ownership of an issuer of debt securities (once admitted to the Official List) must be notified to TISEA.

All Applications

There have been some minor changes to the Director’s Declaration (located at page 85 of the Listing Rules). New applications submitted from 1 January 2020 must include the updated Director’s Declaration.

All applications currently in progress, and those submitted prior to 1 January 2020 will not be required to submit revised documents in line with the revised Listing Rules. However, all new applications submitted to TISEA from 1 January 2020 must comply with the revised Listing Rules.