Guernsey remains home to more non-UK entities listed on the London Stock Exchange (LSE) than any other
jurisdiction globally, according to figures from the market
LSE data shows that at the end of December 2011 there were 108
Guernsey-incorporated entities listed on either the Main Market,
the Alternative Investment Market (AIM), the Specialist Fund Market
(SFM) or as 'Trading Only'.
This is comfortably more than the major economic powers of the
US (47), Russia (33), India (31), Australia (26), South Africa
(11), Germany (7), China (5) and France (4). It was also well ahead
of competitor centres Jersey (69), Ireland (57), the Isle of Man
(53), Bermuda and Cayman (both 45) and BVI (39). These are trailed
by Luxembourg (14), Gibraltar (4) and Malta (0).
Guernsey also leads the way in terms of new entities listed on
the LSE markets during last year, with 12 added by both Guernsey
and Jersey during 2011. This is followed by the Isle of Man and
Russia (both 7) and Australia and Cayman (both 5).
Fiona Le Poidevin, Deputy Chief Executive at Guernsey Finance
– the promotional agency for the Island's finance
industry, said: "These figures show that Guernsey remains the
jurisdiction of choice for entities listing on the London Stock
Exchange. The fact that so many companies and securities on the
exchange are incorporated in Guernsey means that we have developed
significant expertise of London listings. The way in which this is
recognised by professional advisers in the City and elsewhere is
demonstrated by our position at the forefront of new listings
"Guernsey companies also received approval to list on the
Kong Stock Exchange (HKEx) during last year, which added to the
capability to list on stock exchanges in London, Amsterdam,
Frankfurt, Australia and Toronto, among others, as well as the
Islands Stock Exchange (CISX). This means that Guernsey
provides a gateway to access the capital markets of both Europe and
Asia, where the developing economies are accumulating increasing
amounts of private and corporate wealth and looking for suitable
investment opportunities. We have already held discussions in
Singapore and Shenzhen and we will be moving these forward during
this year with a view to Guernsey companies listing on these
exchanges in the future."
Figures from the LSE show that of its peer-group, Guernsey (60)
has the most number of entities listed on the Main Market of the
LSE, followed by Jersey (34), Ireland (28) and Bermuda (24).
The Isle of Man (41) is home to the most number of AIM-listed
entities, with Guernsey (38) taking second place, then Cayman (37)
and BVI and Jersey (both 34).
Guernsey is also home to nearly three-quarters of all listings
on the SFM.
In addition, it is the clear market leader in terms of the
number of 'Equity Investment Instruments' – the
majority of investment funds – listed on the LSE, where
Guernsey has 68, followed by Cayman (15) and Jersey (11).
Patrick Firth, Chairman of the Guernsey Investment Fund Association (GIFA),
said: "It is very encouraging to see that fund professionals
continue to recognise Guernsey's strong capabilities for
listing a wide variety of fund structures on such a major
international stock exchange. The Island is seeing particularly
good growth in closed-ended funds and in particular, those
investing in alternative asset classes and where there is a demand
to list on a stock exchange whether the local CISX or further
afield in London, continental Europe or beyond into Asia."
The Miami-based Offshore Alert Conference has become a regular draw for representatives of Cayman’s financial services industry in recent years, and this year’s event is no exception with the Cayman Islands lending strong support through the provision of speakers from both the financial services industry and Government’s Ministry for Financial Services.
The Organisation for Economic Co-operation and Development recently published a report in which the Cayman Islands was commended for the "streamlined, efficient and responsive procedures it has is in place to facilitate the exchange of information for tax purposes".
On 1st April the new UK "Twin Peaks" regulatory regime was launched. The much criticised FSA was replaced with the Financial Conduct Authority ("FCA") and the Prudential Regulatory Authority ("PRA"). Martin Wheatley, the FCA’s chief executive has publicly criticised the approach of the former FSA as "robotic" and a more challenging UK regulatory climate is widely anticipated.
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