Stock exchange set for a revamp

THE Irish Stock Exchange (ISE) has issued a consultation paper that will lead to a shakeup in the way companies are listed in Dublin.

Under the new regime, unveiled yesterday, Irish companies would have the choice of opting for a premium standard listing instead of automatically being required to comply with the higher standards under the proposed premium listing.

The consultation paper follows on from the amended structure in Britain, adopted by the Financial Services Authority in 2010.

The paper opens up for debate the introduction of a revised structure of the ISE listing regime for companies trading on the main market.

The primary and secondary listing regimes in Ireland could be re-labelled premium and standard, respectively,

A premium-listed company would be required to comply with existing requirements, which includes the British Corporate Governance Code and the Irish Corporate Governance Annex.

A standard listing means a company has to comply with the minimum standards as outlined in various EU directives.

The proposed changes give the same choices to Irish companies that are already available to firms in Britain and would allow for dual listings, the ISE said.

Mike Duignan, head of market supervision at the ISE, said: “The policy of the ISE to date has been to maintain parity with the listing standards of the FSA.

The consultation paper explains the changes adopted in Britain and the implications for the ISE.

Those interested are asked to communicate their views by July 1 to the stock exchange. If adopted, the new regime would come into effect before the end of 2011.

Views and queries should be directed to Mr Duignan or by e-mail to [e-mail].