CSX Drops Listings Restrictions For Foreign Firms

by Amanda Banks, Tax-News.com, London

22 September 2003

The Cayman Islands Stock Exchange Authority has introduced rules that will allow the listing of shares in foreign firms on the CSX which until now was restricted only to the listing of domestic stock.

"This move was a direct result of expressed requests from international companies for listing and trading on the CSX," said the CSX in its Autumn newsletter. "This change now permits a company incorporated outside the Cayman Islands (a “foreign company”) which is (i) a foreign company registered under Part IX of the Companies Law (2003 Revision) and (ii) an exempted or non-resident company to apply for listing and trading on the CSX."

"The CSX is already in discussions with potential issuers with regards to their listing and the trading of their equity on the CSX and this is anticipated to take place in the very near future," adds the statement.

The Chief Executive Officer of the CSX, Mrs Valia Theodoraki, said: "These rule changes are an important step to our development. They are in response to the call by international companies for our participation in this market. We are looking forward to the commencement of trading of such companies on our Exchange."

Recommended