The Cyprus Stock Exchange (CSE) intends to attempt to persuade the newly formed House Finance Committee to allow the Exchange to list offshore funds. There are hundreds of offshore funds awaiting a listing with other stock exchanges such as Luxembourg and Ireland where they are accepted without any problems and, aware that it is losing out to the competition, the CSE is keen to begin offshore listing. 'We are only talking about a listing of offshore funds that have been formed elsewhere,' a CSE official told the local press.
If the House Finance Committee gives the go ahead, CSE officials have said that they are prepared to process offshore fund listings within 48 hours of applying compared to the recent case where Shimoda Resources was subjected to a lengthy wait before it was allowed to list. The CSE official explained: 'The Shimoda case was different since that was an offshore company seeking a listing on the CSE as opposed to the offshore funds, which are domiciled abroad but listed on the CSE and where no trading will occur.'
Meanwhile, the CSE has further plans including
the presentation of a draft proposal to the House Finance Committee that
will force listed companies to publicly declare their quarterly results.
This will, argues the CSE, be of the utmost advantage to the investor
and if approved, listed companies may have to report their quarterly results
from as early as next autumn.
The Exchange has also announced that plans to change to a central depository
and dematerialised trading system are going well and it is expected that
the new systems will be implemented some time this summer. This means
that records will automatically be kept relating to investors' share holdings
and warrants. The CSE official said: 'All kinds of data, whether authorisation,
updating or confirmation, will be conducted live and on-line in a split
second.'
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