The Bermuda Stock Exchange

The Bermuda Stock Exchange

Cohort is a Trading Member of the Bermuda Stock Exchange (“BSX”). As a BSX Trading Member, Cohort has the ability to sponsor applications for new listings on the BSX for a variety of securities including investment funds, insurance linked securities, other fixed income securities, depository receipts, as well as full board equity listings.

The BSX was established in 1971 and is a leading international exchange for the listing of investment funds, alternative investment vehicles, early stage pre-IPO entities, specialized insurance (ILS) products and debt securities.

The BSX supports not only a domestic market but also provides the infrastructure for international business to enjoy the benefits associated with a listing on the BSX. As an offshore exchange, the BSX is not bound by either the European Union Listing Directives or the US SEC’s regulations but does apply international standards, has a significant history and first class reputation as evidenced by extensive recognitions from both UK and international authorities and organisations including “recognised stock exchange” status from the UK HM Revenue & Customs making qualifying debt securities eligible for the quoted eurobond exemption.

The BSX has developed to service a wide range of business interests for which a listing adds value and credibility. This development has been achieved as a result of Bermuda’s well established securities regulatory infrastructure and the ‘light but effective’ regime implemented by the BSX. This development has been managed to ensure that the BSX’s reputation as a premier offshore Exchange remains intact and recognized as such internationally. The general principles of the Listing Regulations seek to ensure that applicants are suitable for listing and investors have and can maintain confidence in the market.

An example of the BSX’s innovative and flexible approach is the ‘Mezzanine Market’ designed specifically for pre-IPO early stage, high growth potential companies. The BSX Mezzanine Market offers development stage companies the opportunity to list on a recognized international stock exchange without having to commit to a full IPO.

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