The BSX has continued to thrive, with the exchange enjoying a record-breaking year in 2013, growing the value of the ILS securitisations listed by 67 percent.
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domicile while keeping its competitive edge. The Island has worked hard to create a reputable international fi nancial centre that has continually shown its ability to respond to market dynamics.
For example, Bermuda was the fi rst offshore jurisdiction to be placed on the Organization for Economic Co-operation and Development’s white list as a result of substantially implementing the internationally agreed tax standard. In other words, the Island has agreed to the sharing of taxpayer information and collects data on benefi cial ownership of companies registered here. As a result, the Island has been lauded as a fi rst class domicile.
In addition, more than 1,200 Bermuda-based banks, trust companies, insurers and investment entities have signed up with the US tax authorities to comply with the Foreign Account Tax Compliance Act, a law designed to fi ght tax-dodging by Americans.
In the insurance and reinsurance sector, Bermuda is working hard to meet the new European risk capital requirements for insurers of Solvency II. The Island is one of several jurisdictions seeking to meet equivalency standards for commercial entities under the solvency directive, which states that any non-EU company operating in the EU should come from a domicile whose rules are recognised by EU members as equivalent to those of Solvency II.
Meanwhile, the Bermuda Business Development Agency (BDA) offers an intermediary service that can be used by anyone seeking to learn more about doing business in the Bermuda market. For example, the BDA can help by acting as a primary point of contact to help clients navigate through the respective government ministries and facilitate dialogue with the BMA and key contacts within the business community.
The Island’s business community is home to a diverse group of industries which are supported by asset managers, fund administrators, trustees,
36 Bermuda Finance | 2014
wealth managers, re/insurers, captive managers, lawyers, accountants, brokers, private clients, and partnerships.
The deep infrastructure for a variety of different fi nancial services solutions has acted as the backbone that has supported and allowed the evolution of the ILS sector. As interest and investment in ILS continues to accelerate, Bermuda will continue to adapt and evolve to support the changes in the industry. Importantly, the Island will not do this just in ILS, but in other market specialisms as well.
Greg Wojciechowski is president and CEO of the Bermuda Stock Exchange. He can be contacted at:
gwojo@bsx.com
Why list on the BSX?
There are many reasons for listing on the BSX. The exchange features a fully electronic trading and settlement platform, and commercially sensitive regulation. A member of the World Federation of Exchanges, the BSX provides an important level of confi dence to its listed issuers and investors. Despite being a small exchange, the BSX offers all the services and functions provided by its peers in New York or London.
By listing on the BSX, issuers demonstrate a stamp of quality— proving that they complied with internationally recognised standards of transparency and disclosure.
It’s important to highlight that the BSX prides itself in listing not only Bermuda-domiciled vehicles but also those from other countries, making it an international stock exchange platform. Of our listed issuers, 25 percent are international companies, and we encourage international issuers to keep the BSX in mind for their listing needs.
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