Prospectus filing requirement removed
Companies no longer have to file a prospectus with the Registrar of Companies before issuing shares if they are already listed on a stock exchange or accepted by a “competent regulatory authority”.
Parliamentarians agreed to remove the requirement on Friday.
Economic Development Minister Grant Gibbons said the Companies Amendment Act 2013 brought Bermuda into line with competing jurisdictions which do not require prospectus filing within those jurisdictions.
“Anybody with questions about a public offering, such cases would normally go to London Stock Exchange or the Hong Kong Stock Exchange or the SEC in the United States for a copy of the prospectus before requesting the same from the Registrar here in Bermuda.”
The filing requirements in Bermuda added costs and “transactional complexity” and had caused the Island to lose business.