Designation by the FSA is a tremendous step forward for the BSX and continues the momentum of recognitions following so shortly after last month’s announcement that the BSX had been granted Approved Stock Exchange status by the Australian tax authorities.
In making the announcement BSX Chairman David Brown stated, “The Council of the Exchange is delighted by the FSA’s decision to grant the Exchange DIE status. This very important designation is a significant development for both the Exchange and Bermuda’s financial services industry. This, and other international recognitions granted to the BSX, reflect the tireless work undertaken by the Exchange and Bermuda’s regulators to ensure that a regime of internationally accepted regulatory and operating standards are implemented and practiced in Bermuda.”
Greg Wojciechowski, President & Chief Executive Officer explained, “ In our view, designation by the FSA not only represents a significant milestone but a crucial development in the global regulatory recognition of the BSX.” He went on to explain that “in addition to very closely scrutinizing every aspect of the Exchange’s regulatory and operating infrastructure, including financial resources, investor safeguards and monitoring and enforcement procedures, the FSA had to be satisfied that the jurisdiction of Bermuda upheld internationally accepted regulatory standards. During the application process the FSA provided very useful input in respect of the development of our capital market and financial services regulation in Bermuda. We are very confident that the regulatory regime, which is the foundation of Bermuda’s financial services industry, is modern, efficient and completely in accordance with internationally accepted regulatory practices.”
Mr. Wojciechowski further noted that “ Achieving this important FSA designation highlights the effectiveness and results that can be achieved through team work amongst all sectors of the Bermuda business community. In this regard, I would like to thank the Council and team of the BSX, the Bermuda Monetary Authority, the Ministry of Finance and the Governor of Bermuda for their crucial input, support and guidance during the BSX’s designation application process.”
