future seeking to get an exemption from the ownership rule would have to meet a "high test'' and be in the national interest.

He said that since the inception of the Companies Act 1981, the Minister of Finance has had the authority to permit local companies from the rules.

Mr. Cox said in granting the licence to the Bank of Bermuda: "In essence I am required to consider whether the national interest will be served by granting the bank a licence.'' And he said there were compelling reasons to grant the bank the licence in order to access capital markets to finance growth and further development and to mitigate the risks held by the bank.

But every case in the future will have to meet the stringent guidelines laid out by the Minister.

Mr. Cox said: "Any local company which makes such an application to be relieved from non-Bermudian ownership restrictions must meet a high test in that the Minister must be convinced that the approval of the application will lead to a positive impact with regard to the following criteria: The economic situation in Bermuda and the protection of persons already engaged in business in Bermuda.

The nature and previous conduct of the company and the persons having an interest in the company whether as directors, shareholders or otherwise.

Any advantage or disadvantage which may result from the company carrying on the business in Bermuda.

The desirability of retaining in the control of Bermudians the economic resources of Bermuda.'' BUSINESS BUC