new draft rules for domestic listings are approved. And in some cases they will take advantage of a grace period to allow them to comply.

Changes include a new requirement for share transfers to be processed within five working days of the receipt of documentation.

Companies already listed will have to take note too of a requirement that is in line with major stock markets of the world, obligating listed companies to keep the public informed of any market-sensitive information and the specific circumstances, called "disclosable events'', in which a listed company must, in future, send a report to shareholders.

And subject to foreign ownership restrictions, the directors of listed companies will no longer be able to refuse or delay the transfer of listed securities.

The new regulations prescribe requirements which have to be met before securities can be listed. There are also continuing obligations with which an issuer must comply once a listing has been granted.

There are also powers of the Exchange with regard to the suspension and/or cancellation of a listing.

The minimum percentage of securities in public hands must be 25 percent, with a minimum of 50 shareholders.

New applicants, except under specific circumstances, must have an expected initial market capitalisation for all the securities to be listed of at least $2 million.

On July 18, the Exchange will begin a series of hour-long seminars on draft listing rules for obtaining and maintaining listings of domestic securities on the Exchange.

The seminar will be held the first day for directors or representatives of listed companies. The following day, on Wednesday, lawyers, accountants and professional administrators will be briefed, followed on Thursday with an hour session for investment advisers, brokers and fund managers.

There will also be an open session for anyone wishing to attend on Friday July 21. All seminars will be held at the Bank of Bermuda's Compass Point branch.

The BSE has released for public consultation the draft set of proposed new listing rules for local companies. Draft copies are available from the BSE.

Comments are requested from issuers, professional advisers and the public by July 28.

A principle change for Bermuda's new exchange is outlined in the document. In the past, listing status has been allocated by the Exchange, whether or not a company applied for listing status. But in future, listing status and its benefits, will be a privilege for which public companies will have to apply.

The Exchange will be trying to extend such a privilege to a wider group of issuers, creating an international exchange on which local companies would be proud to be listed and traded.

Listed securities are exempt from stamp duty normally payable on a transfer on a sale under the 1976 Stamp Duty Act.

The principle function of the Exchange is to provide a fair, orderly and efficient market for the trading of securities issued domestically and internationally, the document said.

Such a market would ensure that companies can raise capital from the public in initial public offerings (IPOs) or rights issues without excessive costs and ensure there is an open market for the secondary trading and valuation of their securities.

The Exchange would, as best it could, protect investors by ensuring they had adequate information made available to them at all times in order to make an informed investment decision.