BISX Attains Membership Of International Body Of Securities Regulators

by Amanda Banks, Tax-News.com, London

19 November 2003

The BISX (Bahamas International Securities Exchange) has gained affiliate membership of the International Organisation of Securities Commissions (IOSCO), it was announced at IOSCO's 28th Annual Conference, held in Seoul, South Korea last month.

The stated objectives of the IOSCO, which now has 181 members, include:

- to cooperate together to promote high standards of regulation in order to maintain just, efficient and sound markets;

- to exchange information on their respective experiences in order to promote the development of domestic markets;

- to unite their efforts to establish standards and an effective surveillance of international securities transactions;

- to provide mutual assistance to promote the integrity of the markets by a rigorous application of the standards and by effective enforcement against offences.

Commenting on the achievement, Mr. Ian Fair, BISX's Chairman stated, "This is a significant achievement for BISX given that this is only our third year of operation. IOSCO sets the global standard for proper securities regulation, therefore, based on the fact that the Securities Commission of The Bahamas is already an Ordinary Member of IOSCO and the fact that BISX maintains Rules and operating procedures which are acceptable to IOSCO, speaks volumes for our place in the greater world community."

Meanwhile, Keith Davies, BISX's Acting Chief Executive Officer observed: "By gaining affiliate membership with IOSCO BISX has sent a strong message to the world that our Exchange is not only recognized by the greater global community, but also respected for its ability to regulate its membership. This new membership and others that we are pursing will enable users of the Exchange to gain wider international exposure through BISX, and in turn will attract new business to BISX."

The BISX announcement also coincides with the listing of the exchange’s first international mutual fund after approval was given for the secondary listing of the Grace Caribbean Fixed Income Fund, incorporated in the Cayman Islands and denominated in United States dollars. The Fund is the first mutual fund to specialize in investing in US dollar-denominated sovereign debt of English speaking Caribbean countries.

It marks the first time that a non-Bahamian dollar denominated security is listed on BISX, and becomes the sixth mutual fund listed on the Exchange since September 2003.

Michael Anderson of Fidelity who facilitated the listing said: “Fidelity as a mutual fund administrator and BISX Sponsor Member, can bring more listings to the market and hopefully with time, more funds will seek to list on BISX and Fidelity will play an even greater role. We see this as a key component of being able to distribute this security into the Bahamian and other international markets."

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