BISX PRESS RELEASE
FOR IMMEDIATE PUBLICATION
The Bahamas International Securities Exchange (BISX) is pleased to announce that with effect from April 19, 2010 BISX has been designated by the United Kingdom’s HM Revenue and Customs (HMRC) as a “recognised stock exchange” under section 1005 (1) (b) of the Income Tax Act 2007. As a result of this development, securities admitted to trading and listed on BISX will meet the HMRC interpretation of ‘listed’ as set out in Section 1005 (3) (a) and (3) (b) Income Tax Act 2007. Under this designation, BISX will also be regarded as a recognised stock exchange for Inheritance Tax purposes.
BISX attained this designation after undergoing a rigorous application process that involved the Exchange satisfying HMRC that BISX met the requirements set out by HMRC in order to be designated as a recognised stock exchange. Speaking about the designation of BISX, BISX Chairman, Ian Fair noted: “I am very pleased that BISX has satisfied the requirements of HMRC in order to be designated as a recognised stock exchange. I believe that this is a significant achievement for BISX that sends a strong message to the international community that BISX is an organization that maintains rules, operating procedures and standards that are acceptable to the international community.”
The BISX Chief Executive Officer, Keith Davies also commented on the HMRC designation stating, “May 2010 marked the tenth year of market operations for BISX and our Company continues to make positive strides in the development of capital markets in The Bahamas. We realize that no stock exchange operates in a vacuum, therefore, it is important to ensure that your regulatory regime remains acceptable both within and outside of your jurisdiction.”
Mr. Davies continued by stating, “BISX is also presently pursuing other international recognitions that we believe will add value to the Exchange and to our membership, and we will continue to keep the Bahamian capital markets informed as we add new recognitions that may assist the country in remaining internationally competitive.”
The BISX CEO also explained that the HMRC designation as a recognised stock exchange will permit the Exchange to attract new business streams in the form of mutual fund listings and other specialized product listings that would benefit from being listed on an Exchange with the HMRC designation.
To view a copy of the HMRC announcement, please visit:
http://www.hmrc.gov.uk/fid/bis-news.htm
For additional information from BISX, please contact:
Mr. Holland Grant, BISX
Tel: 242-323-2330
Fax: 242-323-2320
Email: info@bisxbahamas.com