The Bermuda Stock Exchange is the world's leading listings platform for Catastrophe Bonds and other Insurance-Linked Securities (ILS) structures supporting Bermuda's position as the "world's risk capital" and the pre-eminent financial centre for insurance and reinsurance products.

Why List on the BSX

• World-class listings platform

• Globally accredited Exchange 

• Recognised by HMRC and Irish Revenue under the "quoted Eurobond withholding tax exemption" allowing listed issuers to pay interest without deduction of withholding tax 

• BSX listed securities are not subject to UK and EU Market Abuse Regulations (MAR)

• Uniquely positioned

• Competitive fees

• Experienced team 

• Guaranteed timelines

How to List

• Appoint a listing sponsor from the list of approved sponsors who will guide you through the listing process

• Compile and submit key documents (may be in draft form)

• The BSX will review the application and if deemed fit and proper, provide approval in principle

• Submit final documents to BSX

• Approval and admission to listing

Key Listing Documents (see listing regulations for more details)

• Debt Listing Application Form

• Listing Document (e.g. offering memorandum/prospectus or other document(s)), BSX wrapper if applicable

• Financial information (audited financial statements if available)

• ILS Disclosure Checklist referencing disclosures made in the listing document

• Certified identification for the issuer(s) - certificate of incorporation and constitutional documents

• Certified idenification for Directors as required

• Executed trust deed, indenture or other loan agreement constituting the debt securities

• Minutes evidencing approval of the securities (if not covered in the listing document)

• Relevent contracts (if not covered in the listing document)

Fees (all fees quoted in US$)

Listing Fee Schedule

Fee calculator for ILS, Debt and CLOs (including discount option)

• Comprehensive listing fee - $12,500*

• 5% discount option for upfront payment to maturity date*

     *Please see Listing Fee Schedule for further information

Listing ILS on the BSX Brochure

Regulations and Guidelines

• Debt Listing Regulations (includes ILS)

• Guidelines to the Listing Regulations (includes ILS)

Forms

• Debt Listing Application

• ILS Disclosure Checklist

• Form of Suitability Declaration for a "Qualified Investor" (note, BSX recognises equivalent standard from other jurisdictions)

Templates

     The following templates are provided to assist issuers in making regulatory announcements

• Company Announcement Template - General 

• Delisting of a Security

• Early Redemption of a Security

• Partial Redemption of a Security

• Director Appointment and Resignation - Email/Cover letter template

• Director Appointment - Email/Cover letter template

• Director Resignation - Email/Cover letter template