Consultation on possible changes to the ISE listing regime

The ISE has issued today a consultation paper which opens up for debate proposals to revise the structure of the ISE listing regime for companies trading on the Main Securities Market. The consultation paper follows on from the amended structure to the UK listing regime which was adopted by the Financial Services Authority in 2010.

The consultation paper discusses the possibility of re-labelling the primary and secondary listing regimes in Ireland as “premium” and “standard” respectively. A “premium” listing denotes a company which is required to comply with the existing requirements of the ISE Listing Rules (which includes the UK Corporate Governance Code and the Irish Corporate Governance Annex). A “standard” listing denotes a company which is required to comply with the minimum standards as outlined in various EU Directives.

Commenting on the consultation paper, Mike Duignan, Head of Market Supervision at the ISE, said “The policy of the ISE to date has been to maintain parity with the listing standards of the FSA. This consultation paper explains the changes which have been adopted in UK, outlines the implications for the ISE listing regime if a similar approach were to be adopted in Ireland and seeks the market’s views on the proposal.”If the restructuring were implemented, Irish companies would be given a choice of a “premium” or “standard” listing rather than automatically being required to comply with the higher standards applying to the “premium” listing.  If adopted, the structure would align the choice available to companies in the Irish market to that available in the UK and would facilitate dual listed companies.

Interested parties are invited to comment on the proposed changes by Friday 1 July 2011. Views and queries in relation to this consultation paper should be directed to the Head of Market Supervision, Mike Duignan. It is expected that if a new ISE listing regime were to be adopted, it would come into effect before the end of 2011.