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 Bermuda Stock Exchange


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.



BSX Advantages


Bermuda is a tax neutral jurisdiction, one of the

world’s premier reinsurance centres and plays host to a

comprehensive and dynamic offshore financial services

industry. The BSX, as a full member of the World

Federation of Exchanges, complements and enhances

Bermuda’s international reputation.


The BSX operates a comprehensive set of listing rules

designed to provide light but effective regulation alongside

a pro-active and timely approach to the listing process

which, in itself, is transparent and user friendly.


Some of the advantages of listing on the BSX include:


  A responsive, transparent and streamlined

listing process;


  Internationally recognized Stock Exchange;


  A pragmatic approach to disclosure requirements

whilst maintaining internationally recognized



  Outside the European Union thereby not subject

to European Union listing directives;


  Competitive pricing structure; and


  Enhancing an issuer’s visibility.



BSX Recognition


The BSX has operated for over 40 years and its reputation

and pedigree is recognized worldwide. This recognition

and the BSX’s commitment to meeting and exceeding international securities market standards is evidenced:


  By the BSX’s full membership of the World Federation

 of Exchanges;


  The BSX’s recognition as a 'Designated Investment

 Exchange' by the UK's Financial Services Authority;


  By the recognition of the Minister of Finance for

Canada as a designated exchange under the

Income Tax Act (Canada);


  By the recognition of the US Securities Exchange

 Commission as a 'Designated Offshore Securities



  By the recognition of the London Stock Exchange

as a Registered Organisation;


  As an affiliate member of the IOSCO;


  As an approved Stock Exchange under Australia's

 Foreign Investment Funds (FIF) taxation rules; and


  By the recognition of the Bermuda Monetary Authority

as a Recognised Investment Exchange and an

Approved Stock Exchange.