In doing so the Exchange has opened the way for the listing of BVI registered "Public Funds" on the BSX, a move which CEO William Woods views as very advantageous. "The Bermuda Stock Exchange is delighted to announce that the British Virgin Islands has been added to the list of BSX approved jurisdictions. They are the first Caribbean nation to be so recognised and we are confident we will now begin to see a steady influx of listing applications under our general provisions from BVI Public Funds."
BSX Listings Manager, James McKirdy added, "The region has shown considerable interest in the BSX for some time. The amendment to our regulations means that we can now capitalize on this interest and offer BVI's rapidly growing fund business the opportunity to list on a internationally recognised, well regulated Exchange without having to go as far afield as Dublin or Luxembourg. BVI €˜Private Funds' and €˜Professional Funds' continue to be able to list on the BSX under our Restricted Marketing provisions."
Kevin Mann, BVI Registrar of Mutual Funds, stated, "This welcome endorsement by the Bermuda Stock Exchange marks a significant step in the maturity of the British Virgin Islands' mutual funds sector. We have seen dramatic growth in the sector in recent years and recognitions by the BSX reinforces BVI's position as a pioneer among Caribbean financial centers in the mutual funds industry."
The addition of the BVI brings the total number of BSX recognised jurisdictions to fifteen. Approval to amend the Listing Regulations to include the BVI was granted by the Bermuda Monetary Authority (BMA), the Exchange's regulatory body in December 1999.