publicly-held stocks apply to all share transfers or just those trades executed on the Bermuda Stock Exchange.

And Exchange chairman Mr. William Dolan said yesterday a project manager had been appointed to run the exchange on a daily basis.

Accountant General Mr. James Hannam said yesterday that the Attorney General and the Finance Ministry had been asked to clarify whether exemptions on stamp duty and quarter of one percent foreign currency purchase tax announced by the exchange applied to "off the counter purchases.

The exemptions are aimed at increasing listings and volume on the exchange, which last month went to daily trading. It is also aimed at encouraging more foreign investment in local companies.

It is understood that at least two firms who deal in off the counter trades -- First Bermuda Securities and Bermuda Investment Advisory Services -- have questioned how far the exemptions extend.

The stamp duty exemption could result in substantial savings for local investors. Share transfers now attract a stamp duty of one percent on the first $100,000 worth of stock, two percent on the next $400,000, three percent for the next $500,000 and four percent for anything over $1 million.

Mr. Dolan said he was awaiting a ruling from the authorities.

He said the project manager will begin work on May 10 and said he would be the first ever person to be employed by the exchange itself.

Among the manager's responsibilities will be to review the rules on listings, trading and membership.