The Channel Islands Securities Exchange (CISE) has revised its membership rules so that firms from a wider range of jurisdictions can act as sponsors to listings on the Exchange.

The membership rules previously restricted sponsors to being entities established in the Channel Islands. Now they have been updated to allow sponsors to be based in any jurisdiction deemed acceptable to the Exchange.

The change is effective from 10 October 2016 and reflects the rules which are already in place for members who trade on the Exchange.

Fiona Le Poidevin, CEO of the CISE, said: “This is a major step forward in helping us develop a global offering.

“The Exchange is rooted in the Channel Islands and our members have done a fantastic job of helping us build up the business. They are playing their part in our continued growth in new listings, especially for investment vehicles and specialist debt.

“We are already seeing increased diversification both in terms of the type of new work and its geographical origin but we believe that this can be accelerated by having sponsors from a wider range of jurisdictions and who have an alternative set of clients. This will help us maintain and grow our core business streams whilst also providing us with the opportunity to attract and develop different types of listed products.”

Mrs Le Poidevin said that there had already been significant interest from firms based outside the Channel Islands in becoming sponsors and she expects the first application from a non-Channel Island firm to be approved in the coming weeks.

She added: “This is hugely exciting for us and represents another milestone in developing a truly international exchange.”

There are currently 40 members of the CISE, comprising banks, fund and trust administrators, law firms and stockbrokers.