The Bermuda Stock Exchange (BSX) is pleased to announce that with effect from 4 December 2007, the Board of the United Kingdom’s HM Revenue and Customs have designated the Bermuda Stock Exchange as a “recognised stock exchange” under section 1005 (1) (a) and (1) (b) Income Tax Act 2007 as amended by Schedule 26 to the Finance Act 2007. The designation extends to the entire Bermuda Stock Exchange and as such securities listed will meet the HMRC interpretation of “listed” as set out in Section 1005 (3) (a) and (3) (b) Income Act 2007 as amended by Schedule 26 to the Finance Act 2007.
Designation by the UK’s Revenue and Customs is a significant development for the BSX that expands the services provided by an offshore stock exchange to unprecedented levels.
In making the announcement, BSX Chairman David Brown stated: “The BSX embarked on a path in the 1990’s to create a fully operational, modern stock exchange platform in the offshore region which is well regulated and globally recognised. Today’s announcement is further evidence of the BSX commitment to fulfill this goal.”
He went on to note: “Designation not only required due diligence and detailed analysis of the BSX by HM Revenue and Customs during the application process, but also the involvement and support of Bermuda’s Minister of Finance, her Financial Secretary and the Ministry for which the Council and staff of the BSX is grateful. I must also congratulate the BSX team who have diligently and professionally pursued this important designation for several years.”
Greg Wojciechowski, President & Chief Executive Officer explained: “The BSX is delighted to have achieved and been granted this very important designation by HM Revenue and Customs. BSX clients have asked for the Exchange to seek this designation as they have indicated an interest in having their investment universe of “qualifying investments” expanded or in other instances to have an alternative to the current listing venues for the listing of their Eurobond or debt products. We are proud to have been able to deliver on both counts and look forward to further growing the international business of the Exchange.”
