Jersey and Guernsey have welcomed the US Securities and Exchange Commission's recent decision to award the Channel Islands Stock Exchange (CISX) designated offshore securities market status.
The regional stock exchange was assessed by the SEC on its structure, organisation, regulatory framework, and reporting standards.
Speaking to the Guernsey Press and Star this week, Chief Executive of the CISX, Tamara Menteshvili explained that: 'It is a management perception. We know we are a credible stock exchange, but this is a way of proving it to everyone else. One of the most prominent regulators in the world has assessed our stock exchange and designated it.'
It is hoped that the US regulatory body's examination of the Guernsey based joint venture, and its subsequent expression of approval will draw new and existing issuers away from other European exchanges, and attract more business for the CISX.
The decision comes just two months before the International Monetary Fund is set to visit and assess the Island.
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