Bahamas International Securities Exchange Publishes New Draft Listing And Continuing Obligations Rules

The Bahamas International Securities Exchange (BISX) is pleased to announce the publication of its new draft rules for Listing and Continuing Obligations requirements for issuers listed on the Exchange. The Rules are included as a downloadable PDF attachment to this press release.

As part of the process of developing its new rules, the Exchange is engaging all interested parties and stakeholders in the capital markets and is soliciting comments on the proposed changes. BISX will be seeking feedback and comments for a period of four weeks, beginning Friday, 13 April 2007 and concluding Friday, 11 May 2007. BISX urges all interested parties and stakeholders to take advantage of this consultation process and communicate with the Exchange on this important rule making exercise.

Commenting on the publication of its new rules Keith Davies, BISX Chief Executive Officer stated, "This is the first major amendment to the BISX Rules since their approval and publication in 2000. It was important for us to address these rules first as they form the basis of our primary trading market, and it is an important step in the development of our market as a whole, as we try to keep pace with the changes that are taking place in our market."

Mr. Davies also expressed his interest in the consultation process stating, "A lot of work has gone into developing the new proposed rules and we are looking forward to receiving comments and questions, in particular, from members of the public. Of course we also expect to get a lot of feedback from our listed issuers as these proposed changes will directly impact them.

When drafting a new rule the Exchange goes through many steps. Mr. Holland Grant, BISX Listing Manager, described the process leading from the drafting of a new BISX Rule through to its effective date of enforcement, stating, "Once BISX identifies an area in its rules that needs to be addressed, an internal draft rule is produced. Once this draft rule reaches a point where it is suitable for publication, BISX causes the draft rule to be published on its website and also forwards copies to its listed issuers and members, as well as other professional industry stakeholders. For a specified period of time the Exchange invites all interested persons to submit their comments on the draft rule in writing to the Exchange."

Mr. Grant continued, stating, "After the specified period, the Exchange reviews all comments and, where appropriate, makes any amendments to the draft rule. At this point, the final draft rule is submitted to the BISX Board of Directors for approval. Following approval by the BISX Board of Directors the proposed new BISX Rule is submitted to the Securities Commission for approval as required by the Securities Industry Act, 1999. Once approved by the Securities Commission, BISX sets a date when the new BISX Rule will come into force and advises all affected parties. The date when the new BISX Rule comes into force is its effective date of enforcement and from that date on, all BISX regulated persons are expected to comply with the provisions of the new BISX Rule."

Mr. Davies also indicated that the publication of the Listing and Continuing Obligations rules were only the first step in a series of planned amendments to the BISX Rules. He indicated that the next scheduled amendment that would be published in due course were rules for Mergers and Acquisitions and that the public should begin to see publications dealing with the listing, trading and settlement of Government securities.