The International Se­cur­it­ies Market (ISM) was es­tab­lished by the London Stock Ex­change (LSE). ISM is a London Stock Exchange Group’s (LSEG)’s Exchange Regulated Market and operates as a Multilateral Trading Facility (MTF) under UK law.

In prac­tical terms, this means that applications for admission to trading should be made to the LSE and the securities admitted to trading on ISM are not admitted to the Official List maintained by the Financial Conduct Authority (FCA).

ISM com­pan­ies are re­quired to comply with the:

• London Stock Exchange's Admission and Disclosure Standards; and
• ISM Rulebook, Market Abuse Regulation and rel­ev­ant pro­vi­sions of the Prospectus Regulation, the PR Regulation and Prospectus Regulation Rules (PRR)

Financial reporting requirements

ISM com­pan­ies must prepare an annual report without delay after approval in accordance with the timeframes permitted under its national legislation, where an issuer is not required to comply with any other requirements for the preparation of its financial statements it must, within six months of the year end, publish its annual report. The annual report and financial statements in ac­cord­ance with IFRS Ac­count­ing Stand­ards as adopted in the UK or the rel­ev­ant na­tional GAAP. Annual financial statements are not required to be published if the ISM company issued asset-backed securities or insurance linked securities or if the ISM issuer is a wholly owned subsidiary of an entity with securities on a LSE market and issues securities that are unconditionally and irrevocably guaranteed by the issuer’s holding company and non-publication of the issuer’s financial statements would not be likely to mislead users of ISM. In addition to the issuer’s financial statements, those of any guarantor may also need to be published (on the same basis and in the same timeframe as the issuer) unless certain exemptions are met.