Channel Islands Stock Exchange able to 'consider new work'

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The Channel Islands Stock Exchange has reopened to some new clients while an investigation into how it was set up continues.

The exchange stopped taking on members earlier this week.

It was announced as news broke that the Guernsey Financial Services Commission had been investigating the exchange for the past 20 months.

In a statement, the exchange said it would be able to consider listings "with no apparent suitability issues".

It said any applicants with "complex or unusual structures" would not be accepted and it may take longer than normal to admit new members.

The statement said the company was going through a "process of restructuring" and it hoped "to be able to announce 'business as usual' shortly".

Fiona Le Poidevin, chief executive of Guernsey Finance, said: "It has been a very challenging week for the Channel Islands' investment community and there is still more work ahead, but these are very positive developments."

Commerce and Employment Minister Kevin Stewart said he was "reassured by the developments".

"I know that the CISX is working hard to ensure business has the certainty it needs, and they have the policy council's ongoing support in doing that."

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