BF&M Limited Now Exempt From 60/40 Rule

July 22, 2013

In a filing to the Bermuda Stock Exchange today [July 22]  BF&M Limited confirmed that, effective 22 July 2013, the company is no longer subject to the 60/40 rule.

The letter stated: “Further to our letter to you dated 1st July, 2013 informing you of our notification to the Minister of Economic Development pursuant to Section 113(8) of the Companies Act1981 (the “Act”) on the same date, please be advised that effective 22nd July, 2013, the Company shall be deemed to be “Bermudian” pursuant to Section 113(cd)(i) of the Act.

“Further, the Company, as a company to which Section 114(1)(e) of the Act applies, shall thereby no longer be subject to the requirements of Section 118 of the Act.”

The Companies Act was amended last year to allow for companies fitting certain criteria to apply for Government’s permission to have over 40% of their shares foreign owned. KeyTech and the Ascendant Group have already applied, and been exempted, from the 60/40 rule.

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  1. Bermuda Stock Exchange Report: July 22 2013 | | July 22, 2013
  1. Robert says:

    Was there ever any doult that this foreign government would allow this. They will systematically sell off this island foot by foot . All in the name of economic growth.

    • Time Shall Tell says:

      I agree with you on that 100%.

      • Verbal Kint says:

        I agree with you both.

        • George says:

          I also agree with the three you!

          Anyone better three agreements in a row?? Come on you can do it! This could be a BERNEWS record!

          • Toodle-oo says:

            aah damn , I just remembered HSBC and who let that happen .

  2. Charter says:

    This forces the hand of the other local insurance players to seek a similar exemption.

    And if it’s good enough for them, then why shouldn’t my capital intensive company be allowed to seek overseas investors too? Currently we cannot as we are not in one of the named industries.

    • Vote for Me says:

      @ Charter
      Make representation to Minister Grant Gibbons. If that does not work, make a realistic appeal to Minister Richards, the Premier and yes, Opposition Leader Bean.

      RE Insurers, we may soon see the demise of the traditional Bermuda Insurance Company.

  3. frank says:

    maybe now my car insurance can come down hope they team up with allstate

  4. Jus' Askin' says:

    This really should concern the people of Bermuda ;-)

    • Sandgrownan says:

      Why? I’m sick of hearing this Bermudian-birthright BS, this is a privately held company looking for a way to break free of the shackles of restrictive legislation.

  5. Vulpes says:

    Get ready to get screwed American style on your claims.