ISM Listing Sponsor Announcement – 2016/10/21
Barbados Stock Exchange Inc. Announces Second International Securities Market (ISM) Listing Sponsor
Bridgetown, Barbados. October 18th, 2016 – The Barbados Stock Exchange Inc. (BSE) is pleased to announce that, effective September 29th, 2016, FGC Services Limited was duly registered as a Listing Sponsor in good standing of the International Securities Market (ISM). As a Listing Sponsor, FGC Services Limited is authorized to engage International Business Companies (IBCs), both domiciled in Barbados and abroad, which may be seeking a primary or secondary listing of securities. The Listing Sponsors primary role is to conduct the necessary due diligence on a company (Issuer) to ensure that it is fit and proper for listing on the ISM and act as liaison between the Issuer and the BSE. The Listing Sponsor is also responsible for ensuring that, once listed, the Issuer is in compliance with its continued obligations under the Rules of the ISM.
Nicola Berry, Director – FGC Services Limited, having received the approval letter issued by the Executive Committee of the ISM noted, "FGC Services Ltd. is pleased to be associated with the International Securities Market ("ISM"), and to be a part of another milestone for the Barbados Stock Exchange, an internationally recognized stock exchange, and Barbados. It is another option through which companies can structure and conduct their business from Barbados. We anticipate that the ISM will develop a strong reputation as a listing place for investment funds, equities and debt securities.”
Marlon Yarde – Managing Director of the BSE stated, “This is indeed an excellent accomplishment for the BSE, the ISM and Barbados as a whole. The approval of a second Listing Sponsor, in such rapid succession to the approval of the first, is testament to the fact that the investment in time, effort and resources of the BSE have not gone unnoticed. This demonstrates that practioners in the international financial services sector see value in what we have established and thus, have actively pursued becoming involved in ensuring the success of the ISM. The addition of FGC Services Limited to our core group of Listing Sponsors is definitely a step in the right direction and we trust that their involvement with the ISM will reap great rewards.” When asked about the short term plans for the ISM he noted, “We will continue our efforts at the BSE as we wish to add at least three more Listing Sponsors to the ISM before the end of this year.”
About the International Securities Market (ISM)
The International Securities Market (ISM) was formally launched on March 15th, 2016 at the Hilton Barbados resort. The ISM is a dedicated market for the listing and trading of securities by Issuers, who may or may not be incorporated in Barbados, that would otherwise be listed and traded on other exchanges across the world.
The ISM is structured to operate as a separate market of the BSE, a self-regulatory organization, with a separate set of rules applied to membership, trading, clearing and settlement and listing of international securities only sharing the same disciplinary/hearing processes outlined in the general Rules of the BSE. The ISM is primed to offer a breadth of financial products but will initially focus on vanilla offerings namely: equities, bonds and other fixed interest securities and investment funds – both open-ended and close-ended.
About the Barbados Stock Exchange (BSE)
The Barbados Stock Exchange Inc. is one of the leading stock exchanges in the Caribbean region. It is located in Barbados – a premier location globally for international business and financial services. Formerly the Securities Exchange of Barbados, the BSE was re-incorporated on August 2nd, 2001 with the passage of the Securities Act 2001-13. As a result of the Act, the Barbados Securities Commission, now the Financial Services Commission (FSC), was established. The FSC has overall regulatory responsibility for the entire Barbadian Capital markets including all Self-Regulatory Organizations (SROs), of which the BSE and its subsidiary the Barbados Central Securities Depository Inc. (BCSDI) comprise, as well as all public companies whether listed or not.
The Barbados Stock Exchange Inc. is a member of the World Federation of Exchanges (WFE) with Correspondent Status.
About the Barbados and the International Business Sector
Barbados is a quality destination that is trusted and well regulated, following international best practice in capital market regulation. Though small in size, Barbados enjoys a stable and well-established democracy with a long tradition of respecting the rule of law and property rights and excellent infrastructure.
Barbados is the only low tax wealth management jurisdiction in the Caribbean with a comprehensive tax treaty network. Double taxation agreements (DTAs) ensure that foreign nationals – covered under Barbados’ international tax treaty network – are exempt from withholding taxes on dividends, interest or royalties realized locally. The island has 36 DTAs already in place and awaits the ratification of an additional 6 such agreements.
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