The Bermuda Stock Exchange is the world's leading listings platform for Catastrophe Bonds and other Inusurance 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)

• Letter of application

• Offering/prospectus document and BSX wrapper (if applicable)

• Constitutional documents

• Relevant financial information (audited accounts if available)

• Document(s) of title relevant to the issue

• Corporate resolutions

• Relevant contracts

• Directors' undertaking and KYC

• Issuer's undertaking

• Sponsor's undertaking

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

• Guidelines to the Listing Regulations (replaces previous practice notes)

• Section I - All Issuers

• Section V - Insurance Linked Securities

Forms

• Directors Declaration and Undertaking Form

• Form of Suitability Declaration for a "Qualified Investor"

• Issuers Undertaking Form - ILS - Restricted Marketing

• Sponsors Declaration Form - V - ILS - Restricted Marketing

Templates

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

• Company Announcement Template - General 

• Director Appointment and Resignation Announcement and Associated Email/Cover Letter

• Director Appointment Announcement and Associated Email/Cover Letter

• Director Resignation Announcement and Associated Email/Cover Letter

• Delisting of a Security

• Early Redemption of a Security

• Partial Redemption of a Security