listings on The International Stock Exchange (TISE) are among the opportunities
for the Isle of Man’s financial services industry arising from Brexit,
according to Carolyn Gelling, Head of Isle of Man Office at The International
Stock Exchange Group.
to members of the Isle of Man branch of the Chartered Institute for Securities
& Investment (CISI), Mrs Gelling provided an overview of the Isle of Man
Government’s reporting of its activity in respect of Brexit.
included the potential implications for the Isle of Man of the United Kingdom’s
withdrawal from the European Union, possible memberships which the Isle of Man
may choose to pursue in its own right and the ongoing program of engagement to
raise awareness of the island’s position in response to Brexit. She noted that,
at a time of such uncertainty in the UK, the stability being offered by the
island means that it is ideally placed to support the UK economy through
Gelling said: “Brexit has thrown up a number of questions. However, while there
are a number of important considerations for the Isle of Man, we do have
already an established engagement programme to ensure the island’s position is
understood and addressed as part of the negotiations.
addition, of course, compared to the uncertainty in the UK, the Isle of Man can
offer the certainty of a financial services jurisdiction which is a third
country in relation to the European Union. It is though important that we build
on our successes and continue to innovate so that we can take advantage of the
opportunities, which may come in niche sectors.”
TISE’s business as an example, Mrs Gelling explained how its ability to offer a
stable and proportionate regime has already helped to attract more business
during the last year, for example, in the form of HMRC approved Real Estate
Investment Trusts investing into UK property and through new debt issues.
Gelling added: “We also think that this offering might prove attractive to
Small and Medium sized Enterprises in the island and from the UK. They are
being feted as the engine room of the British economy but they will need
support to continue to grow yet there are limited financing options available
to them, including through the capital markets.
listing on a major stock exchange is often prohibitively expensive and/or
bureaucratic. We believe that TISE provides a complementary offering to those
which already exist and, by acting as an ‘incubator’ exchange, we can help to
oil the wheels of economic growth in the UK, especially given the context of
Gelling was speaking to Isle of Man CISI members on Friday 22 September at the
Kneen, Chartered FCSI, President of the Isle of Man CISI Committee said:
“Carolyn’s excellent overview has provided plenty of food for thought regarding
Isle of Man opportunities developing as a result of Brexit.
incisive presentation is a perfect example of the value and benefits to the
island’s financial services practitioners of CISI professional membership. Our
next CPD event is 23 November, which will look at absolute return investing and
navigating an uncertain future therein, with two investment directors from
Ruffer. We look forward to welcoming members at that event.”