Bahamas International Securities Exchange Launches New Mutual Funds Listing Facility

by Amanda Banks, Tax-news.com, London

13 April 2001

According to a report from the Nassau Guardian online news service, the Bahamas International Securities Exchange (BISX) has launched a new mutual funds listing facility in a bid to attract more international investors.

Gerry Ritchie, chief executive officer of the BISX, told the Nassau Guardian that the new service is a positive opportunity for the BISX to develop a more productive relationship with mutual funds providers. He said: 'The listing facility provides an additional element to their services already offered in the growing and highly competitive offshore funds industry and a catalyst to the ambitions of the Bahamian funds industry within that sector.'

The new BISX listing facility will offer both primary and secondary listings of Bahamian regulated and overseas regulated mutual funds. It is estimated that currently there are around 700 mutual funds in the Bahamas which amount to at least BD$100 billion in offshore funds. Mr Ritchie explained: 'Sponsor firms, likely to be from the licensed mutual fund administrators, legal and accountancy professions, will be required to meet BISX eligibility requirements to enable them to act as sponsors to the listing of their mutual fund clients on the Exchange.'

BISX's Chief Legal and Compliance Officer, Keith Davies, said the exchange hopes that the new facility will allow BISX to become more competitive in the international market 'within a regulatory context that adheres to generally accepted international regulatory and disclosure standards. The analytical and consultative work we have undertaken with the mutual funds industry on formulating the rules for the listing of mutual funds provides BISX with a solid foundation for launching this new product.'

The chairman of BISX, Ian Fair, told the Nassau Guardian that the listing facility indicates the exchange's ambition to continue in its development. He said: 'BISX will be continuing to extend its facilities in both the domestic and international sectors to ensure that the Exchange is able to contribute fully to the continued emergence of the capital market as a dynamic for growth within our economy.'

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