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ISM Listing Sponsor Announcement – 2017/10/04

3:07 am

Barbados Stock Exchange Inc. is Pleased to Announce its Fourth International Securities Market (ISM) Listing Sponsor

Bridgetown, Barbados. October 4th, 2017 – The Barbados Stock Exchange Inc. (BSE) is pleased to announce that, effective July 19th, 2017, Deloitte Consulting Ltd. was duly registered as a Listing Sponsor in good standing of the International Securities Market (ISM). As a Listing Sponsor, Deloitte Consulting Ltd. 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.

Mr. Ikins Clarke – Managing Partner and Tax leader for Deloitte’s Barbados office noted, “The International Securities Market (ISM) launched in Barbados in 2016. Deloitte in Barbados welcomed this international best practice and cost-effective structure which – together with Barbados’ comprehensive tax treaty network – positions it as a key global exchange in the Western Hemisphere.” He went on to state that, “As a trusted quality jurisdiction within a comprehensive tax treaty network, the ISM presents a unique proposition to the global business community to invest in other countries through a Barbadian entity. Ultimately, the double taxation agreement provides protection for companies’ investments.  As a business, there are numerous key benefits for listing on the ISM such as establishing deep roots in a global IBC jurisdiction, using non-voting instruments to retain control of the company, accessing capital and future financing and maintaining the global standards.” When asked to give his thoughts on receipt of their approval from the ISM’s Executive Committee Mr. Clarke remarked, “Deloitte in Barbados is proud to be a Listing Sponsor in concert with the Barbados Stock Exchange Inc. We strive to be the professional services firm of choice, renowned in the marketplace for quality in everything we do. This aspiration recognizes the powerful combination of Deloitte’s traditional values of integrity, client service and the insight and capabilities of our professionals. As a Listing Sponsor these features will augur well in ensuring the ISM’s success.”

Marlon Yarde – Managing Director of the BSE stated, “We are extremely pleased to announce our fourth Listing Sponsor – Deloitte Consulting Ltd. Our intention, from inception, was to have a consortium of at least five Listing Sponsors from the Barbados jurisdiction. Deloitte Consulting Ltd.’s approval not only brings us one step closer to attaining this major milestone for the ISM but also signifies their commitment to contributing to the success of the ISM and to the IBFS sector in Barbados. We are pleased to see that the fruitful discussions had between the BSE and Deloitte have led us to this point and we are looking forward to working with the Deloitte Consulting Ltd in the future.” Commenting on the current status of the ISM, Mr. Yarde was keen to note that, “We have received an application for a fifth Listing Sponsor and are currently in discussions with a Listing Sponsor regarding the ISM’s very first listing of shares. Should all go well we will be making formal announcements in the not too distant future.”

 

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 37 DTAs already in place and awaits the ratification of an additional 6 such agreements.


Media contact:

Barry Blenman

Operations Supervisor – Business Development

Barbados Stock Exchange Inc.

  1. 246-436-9871 Ext. 1110 – E. barry.blenman@bse.com.bb

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