SM-ECO-10060 · Bermuda

SM-ECO-10060sm-eco-10060.org/market/bm/

Bermuda · bm-eco-10060

chapter bm.chapter.v11 · supersedes bm.chapter.v10 · as of 2026-10-31 · node bm-cm-kg · https://mcp.bm-cm-kg.ai/book/

7.2 The field element (every catalogue entry below is one of these)

Appendix A · ECO market section

ECO · bm.eco.v4 · supersedes bm.eco.v3 · produced 2026-10-31T03:27:36Z · signed on the node door

The catalogue starts from identifying the duty, obtaining the relevant facts, recognising constraints, supporting an action and preserving evidence. It retains the current page's sourceable information and extends the chapter beyond the page. Each regime is scoped to the instruments, actors and activities its evidence applies to. No tax or settlement value is treated as universal to a market.

`jurisdiction_scope`Territory, regime boundaries and cross-border applicability	territory Bermuda investment_business_in_or_from_bermuda a person carries on investment business in or from Bermuda if such person is incorporated or formed in Bermuda and carries on investment business; or is incorporated or formed outside Bermuda and carries on investment business in or from Bermuda ministerial_extension The Minister may, after consultation with the Authority, make an order specifying the circumstances in which a person who would otherwise not be regarded as carrying on investment business in or from Bermuda is to be regarded as carrying on investment business in or from Bermuda source https://www.bermudalaws.bm/Laws/Consolidated%20Law/2003/Investment%20Business%20Act%202003 · dated 19 September 2012
`competent_authorities`Regulators, competent authorities and allocation of responsibility	Bermuda Monetary Authority (BMA); BSX states it is 'Regulated by the Bermuda Monetary Authority, an internationally recognised regulator' source https://www.bma.bm/ · dated not found
`duty_map`Applicable product-governance and suitability duties by activity and actor	duty record held by the listing market source https://mcp.getissuer.ai/mcp · dated not found
`issuer_and_listing_scope`Domicile, listing and issuer-status distinctions	domestic_issuer a legal entity which is incorporated or otherwise established in Bermuda but which is not an exempted company international_issuers secondary listing requires a primary listing on another stock exchange recognised by the Exchange and market capitalisation of at least $25 million; or the Mezzanine Market - Restricted Marketing currency $ refers, in respect of domestic issuers, to Bermuda Dollars and otherwise to US Dollars source https://bermuda.fm/regulatory/1320/pdf · dated January 2026
`exchanges_and_venues`Venue identities linked to AMP records	name Bermuda Stock Exchange (BSX) - 'Regulated listing venue recognised in the US, the UK, Ireland, Canada and Australia'; boards in its search filter: Domestic Main Board, Domestic Small Cap Board, International Company, ILS, Investment Fund, International Debt, Derivative Warrant, Mezzanine Market, Domestic Debt, CLO; operated within Miami International Holdings, Inc. listings_page https://www.bsx.com/listed-securities source https://www.bsx.com/ · dated not found
`information_stores`Authoritative regulated-information repositories	name www.bsx.com operator Bermuda Stock Exchange content announcements and filings submitted by issuers for dissemination source https://bermuda.fm/regulatory/1326 · dated 1 January 2026
`store_lookup`Documented lookup methods and identifier requirements	not found
`periodic_reporting`Periodic duties, deadlines, triggering events and exceptions	report Audited annual accounts - domestic main board equity (BSX Listing Regulations Section IIA, reg. 6.6) deadline The issuer shall prepare audited annual accounts within six (6) months of the end of the financial period to which they relate and shall send to every member of the issuer a copy of its audited annual accounts not less than the earlier of six months from the end of the financial period to which they relate and five (5) business days before the date of the issuer's annual general meeting. At the same time the issuer shall send an electronic copy to the Exchange, for dissemination by the Exchange. report Interim financial report, first six months (reg. 6.9(1)) deadline not later than three (3) months after the end of the relevant six month period the issuer shall send to every member of the issuer a copy of the interim report. At the same time the issuer shall send an electronic copy to the Exchange, for dissemination by the Exchange source https://www.bsx.com/BSX%20Listing%20Regulations%20Section%20IIA%20Domestic%20Issuers%20-%20Main%20Board%20-%20Equity%20Securities.pdf · dated not found
`ad_hoc_disclosure`Event-driven and inside-information disclosure obligations	BSX Listing Regulations Section IIA reg. 6.3 (Corporate disclosure policy): the issuer 'shall keep the Exchange, members of the issuer and other holders of its listed securities informed without delay, by way of public announcements and/or circulars, of any information relating to the group that' (1) is necessary to appraise the financial position, (2) is necessary to avoid a false market, (3) 'might reasonably be expected materially to affect market activity in and the price of its securities' source https://www.bsx.com/BSX%20Listing%20Regulations%20Section%20IIA%20Domestic%20Issuers%20-%20Main%20Board%20-%20Equity%20Securities.pdf · dated not found
`filing_formats`Required formats, validation requirements and document types	document_type Issuer announcements and filings format PDF format ready for distribution on the BSX's website submission emailed to listings@bsx.com source https://bermuda.fm/regulatory/1326 · dated 1 January 2026
`filing_languages`Required or accepted languages and translation conditions	BSX Listing Regulations Section IIA reg. 5.3: 'Every document submitted to the Exchange must be in the English language or accompanied by a certified English translation.' source https://www.bsx.com/BSX%20Listing%20Regulations%20Section%20IIA%20Domestic%20Issuers%20-%20Main%20Board%20-%20Equity%20Securities.pdf · dated not found
`prospectus_regime`Offering and admission requirements, exemptions and thresholds	requirement Each application for listing shall consist of a prospectus that complies with the contents requirements set out in Regulation 5.8 and Appendix 2 exemption A prospectus is not required in the case of an application made by a listed issuer in respect of a further issue of equity securities brought to listing by way of: a placing under Regulation 2.19 of twenty percent (20%) or less of the existing issued share capital of the issuer; a capitalisation issue under Regulation 2.21; or the exercise of options, warrants or similar rights to subscribe or purchase securities (the grant of which has previously been approved by the Exchange) under Regulation 2.23 threshold A new applicant must have an expected initial market capitalisation for all the securities to be listed of at least $10 million threshold minimum percentage of securities in public hands must at all times be at least twenty five percent (25%), with a minimum of fifty (50) shareholders source https://www.bsx.com/BSX%20Listing%20Regulations%20Section%20IIA%20Domestic%20Issuers%20-%20Main%20Board%20-%20Equity%20Securities.pdf · dated July 2024
`product_disclosures`Product documents and pre-contract information duties	not found
`takeover_regime`Offer rules, control triggers and shareholder treatment	not found
`ownership_reporting`Significant holdings, beneficial ownership and notification duties	regime Beneficial Ownership Act 2025 beneficial_owner_threshold any individual or individuals who, directly or indirectly, ultimately own or control 25% or more of the shares or interest, voting rights or partnership interests in a legal person other_conditions any individual or individuals who otherwise exercise ultimate effective control over the management of the legal person any individual or individuals who exercise control of a legal person by other means listed_entity_exemption A legal person whose shares or interest are listed on the Bermuda Stock Exchange or an appointed stock exchange, and any subsidiary of such legal person, is exempted from the application of this Act. register_update as soon as practicable after the legal person is notified of such change but not later than 14 days thereafter notice_response_period within 30 days of the date of receipt filing file with the Registrar the minimum required information in respect of any change of its beneficial owners source https://www.bermuda.fm/legislation/180 · dated 30 December 2025
`short_selling`Restrictions, disclosure, locate or borrowing requirements, emergency measures	not found
`trading_controls`Market-wide trading constraints and intervention powers	not found
`market_calendar`Authoritative calendars and exceptional closures	BSX Trading Calendar: Monday through Friday 8:30-9:00 Price Discovery, 9:00-16:30 Continuous Trading; closed Saturday, Sunday & Holidays. 2026: January 1 New Year's Day; April 3 Good Friday; May 22 Bermuda Day; June 15 National Heroes Day; July 30 and July 31 Emancipation Day & Mary Prince Day (Cup Match); September 7 Labour Day; November 11 Remembrance Day; December 24 Christmas Eve (2pm AST Close); December 25 Christmas Day; December 28 Boxing Day (observed) source https://www.bsx.com/trading-hours-and-holidays · dated not found
`halts_sources`Official halt and suspension sources with scope	BSX Listed Securities search - Status filter 'Suspended' source https://www.bsx.com/listed-securities · dated not found
`identifiers`Security and entity identifier conventions and validation sources	not found
`isin_prefix`ISIN prefix information and its limits as a jurisdiction indicator	BM - 'The Bermuda Stock Exchange (BSX) is the designated CUSIP/ISIN Numbering Agent for Bermuda', co-operating with CUSIP Global Services; 'For securities registered/domiciled in Bermuda an ISIN begins with the prefix "BM" followed by 10 characters, for example: BMG12345AB89.' ANNA lists BM with status 'Other', covered by CUSIP Global Services source https://www.bsx.com/numbering-services · dated not found
`lei_requirements`Legal Entity Identifier requirements and authoritative lookup references	GLEIF API: no LOU based in Bermuda on GLEIF's list of 41 LOUs; 11 LOUs accredited for jurisdiction BM (London Stock Exchange, Bundesanzeiger Verlag, WM Datenservice, GS1, EQS, RapidLEI, Bloomberg, NordLEI, Euronext Dublin, KVK, GMEI Utility); 1,978 LEIs with legal jurisdiction BM and status ISSUED on 2026-10-24 source https://api.gleif.org/api/v1/lei-issuers · dated not found
`settlement`Settlement cycles by instrument and venue, exceptions and transition dates	not found
`clearing_and_custody`Clearing, depository, custody and asset-protection frameworks	not found
`corporate_actions`Rights, elections, notices and procedural deadlines	scope International issuers - equity securities with a primary listing on another exchange (Section IIIA) item Notice of general meetings requirement notice of every general meeting to the Exchange, for dissemination, at the same time as such notice is sent to the members of the issuer scope International issuers - equity securities (Section IIIA) item Circulars requirement electronic copy to the Exchange of every circular sent to holders of the issuer's listed securities, at the same time as they are issued source https://www.bermuda.fm/regulatory/1323 · dated 1 May 2018
`retail_access`Retail distribution limits, access restrictions and safeguards	segment The Mezzanine Market - Restricted Marketing (International Issuers - Equity Securities) restriction the issuer must restrict investment in its listed securities to Qualified Investors; the securities may only be marketed to Qualified Investors and may only be traded on the Exchange between Qualified Investors transferability securities must be freely transferable between Qualified Investors waiver The Exchange may waive the restricted marketing restrictions where the issuer is a Bermuda exempted company, has at least two Bermuda-resident directors, complies with Section IIA Chapter 6 continuing obligations and provides financial information as if a full reporting foreign issuer under SEC rules or equivalent source https://www.bermuda.fm/regulatory/1323 · dated 1 May 2018
`tax_at_source`Withholding regimes by income, instrument and recipient category; relief conditions	not found
`fees_and_levies`Transaction taxes, statutory levies and relevant charges	charge BSX listing application fee statement Once the 6 month period has expired, an issuer must submit a fresh application with supporting documents and a new listing application fee is required. authority Bermuda Stock Exchange source https://www.bermuda.fm/regulatory/1326 · dated 1 January 2026
`conduct_and_conflicts`Conduct, inducement and conflict-management duties relevant to distribution	status proposed (consultation, February 2022) duty that firms conduct thorough assessments before marketing OTC leveraged products in order to avoid mis-selling to retail customers, and ensure that firms do not use overly aggressive or intrusive sales tactics to influence retail clients authority Bermuda Monetary Authority status proposed (consultation, February 2022) duty that firms openly and completely disclose both the costs and charges which apply, and the various risks attached to trading of these instruments by and for retail clients authority Bermuda Monetary Authority source https://www.bma.bm/downloadPDF/documents/2022-11-30-14-51-06-Consultation-Paper---Investment-Business---Code-of-Conduct-and-Practice.pdf · dated February 2022
`recordkeeping`Retention, evidence, format and reconstruction requirements	not found
`complaints_and_redress`Complaint, escalation and redress routes	not found
`additional_duty_fields`Further sourceable duty-relevant fields, introduced through a versioned catalogue extension	not found

Appendix B · ACM register section

ACM · bm.acm.v3 · supersedes bm.acm.v2 · produced 2026-10-31T01:46:39Z · signed on the node door

The register revision is incorporated by reference to ACM-68000 (Agent Clearance Manifest) canonical text v1.0 §8.1 and is not redrawn here. These are chapter attachment fields connecting the chapter to that register; they never redefine rule_version, signal meanings or revision internals.

`register_schema_ref`Authoritative register-revision schema and its version	ACM-68000 canonical text v1.0 §8.1 — a register revision source https://acm-68000.org/ · dated 2026-10-30
`chapter_evidence_ref`Immutable chapter version and section from which the revision was produced	chapter bm.chapter.v3 chapter_sha256 sha256:c52e8b2fcd17ed769ab32b87eacd4f8c2512980496dc2238eb378e9222b68830 sections family ECO version bm.eco.v2 field duty_map sha256 sha256:c7fae5eabfc7f16864741cf1867f3e26fea01049ecbc1c93c5d4a2740008cac8 family ACM version bm.acm.v2 sha256 sha256:04f3912725cb809451b17ee2c7246ee80e92206a69e8b0cde24cafde90c41768 source https://mcp.getissuer.ai/mcp · dated 2026-10-31
`rule_applicability`Market-specific applicability evidence for the referenced revision	not found
`shared_revision_ref`Shared-family revisions produced by the apex, where applicable	not found
`national_overlay_ref`Separately versioned national additions or exceptions	not found
`revision_change_evidence`Sources supporting selection or succession of the referenced revision	not found

Appendix C · AIO orderability section

standard AIO-10060 · AI Orderability

AIO · bm.aio.v4 · supersedes bm.aio.v3 · produced 2026-10-31T20:03:17Z · signed on the node door

The chapter describes the source-backed determination framework. A product-specific orderability result requires the product record, the client category, the relevant evidence and the applicable rule revision; this section never manufactures that result from market membership alone. It adds no field to the deployed receipt.

`duty_revision_ref`Applicable immutable ACM rule revision	not found
`target_market`Positive target-market criteria and their applicability	not found
`negative_target_market`Explicit exclusions or incompatible client characteristics	not found
`distribution_conditions`Permitted distribution methods and constraints	condition restricted marketing: the issuer must restrict investment in its listed securities to Qualified Investors in a manner acceptable to the Exchange party issuer discharged_by investor suitability declaration, in the form prescribed by the Exchange from time to time or in such other form as the Exchange may approve rule Listing Regulations - Section I, Regulation 1.1 source_url https://bermuda.fm/regulatory/1320/pdf source_date January 2026 read_at 2026-10-31T20:02:37Z condition on listing by way of introduction, existing shareholders can only sell their securities to other Qualified Investors party shareholders rule Guidelines 2.7 source_url https://www.bermuda.fm/regulatory/1326 source_date 1 January 2026 read_at 2026-10-31T20:02:37Z condition make what constitutes the prospectus document available to any existing or potential bona fide investor party issuer rule Guidelines 2.13 source_url https://www.bermuda.fm/regulatory/1326 source_date 1 January 2026 read_at 2026-10-31T20:02:37Z source https://bermuda.fm/regulatory/1320/pdf · dated January 2026
`product_documentation`Required product, risk and target-market documents	document prospectus party issuer rule 2.13 source_url https://www.bermuda.fm/regulatory/1326 source_date 1 January 2026 read_at 2026-10-31T18:31:54Z document Investor Suitability Declaration party The Exchange rule 2.5 source_url https://www.bermuda.fm/regulatory/1326 source_date 1 January 2026 read_at 2026-10-31T18:31:54Z source https://www.bermuda.fm/regulatory/1326 · dated 1 January 2026
`manufacturer_distributor_roles`Responsibilities and information exchange between actors	actor issuer role make what constitutes the prospectus document available to any existing or potential bona fide investor rule 2.13 source_url https://www.bermuda.fm/regulatory/1326 source_date 1 January 2026 read_at 2026-10-31T18:31:54Z actor BSX role may provide the prospectus to any existing or potential bona fide investor (a Qualified Investor where restricted marketing applies) rule 2.15 source_url https://www.bermuda.fm/regulatory/1326 source_date 1 January 2026 read_at 2026-10-31T18:31:54Z source https://www.bermuda.fm/regulatory/1326 · dated 1 January 2026
`review_triggers`Required review events and periodic review conditions	event material change in the circumstances of the issuer period_or_condition not more than 6 months old rule 1.1 source_url https://www.bermuda.fm/regulatory/1326 source_date 1 January 2026 read_at 2026-10-31T18:31:54Z source https://www.bermuda.fm/regulatory/1326 · dated 1 January 2026
`evidence_requirements`Evidence needed to support a scoped outcome	not found
`exceptions`Source-backed exceptions with conditions and boundaries	exception existing investors are not necessarily required meet the Qualified Investor requirement condition securities are being listed on the BSX by way of introduction; can only sell their securities to other Qualified Investors provision 2.7 source_url https://www.bermuda.fm/regulatory/1326 source_date 1 January 2026 read_at 2026-10-31T18:31:54Z exception prospectus is not required to be made available after the 10 business days has expired condition the issued security relates to an intercompany arrangement provision 2.13 source_url https://www.bermuda.fm/regulatory/1326 source_date 1 January 2026 read_at 2026-10-31T18:31:54Z exception waiver of financial statements requirement condition usually only granted to securities restricted to Qualified Investors; generally not granted to securities open to public investment (unless fully underwritten) provision 2.9 source_url https://www.bermuda.fm/regulatory/1326 source_date 1 January 2026 read_at 2026-10-31T18:31:54Z source https://www.bermuda.fm/regulatory/1326 · dated 1 January 2026
`orderability_profile_ref`Schema for the product, market and client-class outcome produced under these rules	not found
`sources`Supporting documents and provenance not attached to a specific field	title Investment Business Act 2003 citation 2003 : 20 url https://www.bermudalaws.bm/Laws/Annual%20Law/Acts/2003/Investment%20Business%20Act%202003 source https://www.bermudalaws.bm/Laws/Annual%20Law/Acts/2003/Investment%20Business%20Act%202003 · dated 5 December 2003

Appendix D · AMP venue section

standard AMP-10060 · Agentic Market Protocol

AMP · bm.amp.v2 · supersedes bm.amp.v1 · produced 2026-10-31T02:31:23Z · signed on the node door

Each venue record is keyed by its evidenced Market Identifier Code (MIC). Where an activity has no applicable code, the gap is preserved with a separately typed reference; no code is invented. This section supplies reference information only; it establishes no entitlement, permission to route or order placement. A later permission profile requires its own actor, instrument, action and endpoint evidence.

venue_mic · XBDA
source https://www.iso20022.org/sites/default/files/ISO10383_MIC/ISO10383_MIC.csv · dated 20050627

`venue_identity`Venue name, operator and authoritative identity evidence	name The Bermuda Stock Exchange legal_basis The Bermuda Stock Exchange Company Act 1992 approving_authority Bermuda Monetary Authority source https://bermuda.fm/regulatory/1320 · dated 2026-01-01
`venue_scope`Operating or segment scope, products and jurisdiction bindings	function to provide a fair, orderly and efficient market for the trading of securities issued by both domestic and international issuers jurisdiction Bermuda source https://bermuda.fm/regulatory/1320 · dated 2026-01-01
`rules_page`Authoritative venue rule source	Listing Regulations - Section I (Bermuda Stock Exchange) source https://bermuda.fm/regulatory/1320/pdf · dated January 2026
`halts`Official halt information and applicability scope	not found
`clearing_house`Clearing relationships by instrument and service	name Bermuda Securities Depository (BSD) operator The Bermuda Stock Exchange services settlement, clearing and depository system source https://bermuda.fm/regulatory/1343/pdf · dated March 2025
`participant_roles`Defined participant categories and responsibilities	role BSD Participant definition an entity granted access to the BSD and/or the BSD system role Trading Member definition an entity admitted to trading membership in the Exchange pursuant to the Trading Membership Regulations source https://bermuda.fm/regulatory/1343/pdf · dated March 2025
`market_maker_obligations`Source-backed obligations and exemptions for market makers	not found
`gates`Documented entry, membership and access prerequisites	not found
`reference_endpoints`Public reference locations with purpose and source	name BMA Regulated Entities search purpose Search here for entities (entitlements) that are currently licensed or registered by the Bermuda Monetary Authority. source Bermuda Monetary Authority url https://www.bma.bm/regulated-entities source https://www.bma.bm/regulated-entities · dated 04 Jun 2025
`settlement_links`Related market or venue settlement records	not found
`change_notices`Versioned rules changes and operational notices	date 28 August 2026 title The Bermuda Stock Exchange Will Be Closed for Bermuda Labour Day Public Holiday type operational notice source https://www.bsx.com · dated 28 August 2026
`sources`Additional source-backed venue evidence	not found

Appendix E · ESG disclosure section

standard ESG-10060 · Sustainability Disclosure

ESG · bm.esg.v2 · supersedes bm.esg.v1 · produced 2026-10-31T02:55:22Z · signed on the node door

Sustainability disclosure remains a specialised ECO record with its rules in ACM. A jurisdiction's adoption of a framework is distinct from the framework's application to a particular issuer or period; the schema preserves that distinction and never turns disclosure availability into a sustainability rating.

`regime`Named sustainability-disclosure regime and its scope	name Framework Enhancements: Introducing Sustainability Disclosures and Prohibition on the Use of Misleading Fund Names scope introducing sustainability disclosures to the investment funds regulatory framework and prohibiting the use of fund names that may be considered misleading to investors source https://www.bma.bm/downloadPDF/documents/2026-04-01-14-50-39-Stakeholder-Letter---Consultation-Paper-on-Sustainability-Related-Investment-Disclosures.pdf · dated 1 April 2026
`authority`Responsible issuing or supervisory authorities	name Bermuda Monetary Authority (Authority or BMA) role issued the Consultation Paper source https://www.bma.bm/downloadPDF/documents/2026-04-01-14-50-39-Stakeholder-Letter---Consultation-Paper-on-Sustainability-Related-Investment-Disclosures.pdf · dated 1 April 2026
`applicability`Covered entities, products, thresholds and exemptions	covered funds for which sustainability considerations are material to the overall investment strategy and fund objective covered Bermuda feeder funds will remain within the scope of the proposed disclosure requirements source https://www.bma.bm/downloadPDF/documents/2026-04-01-14-50-39-Stakeholder-Letter---Consultation-Paper-on-Sustainability-Related-Investment-Disclosures.pdf · dated 1 April 2026
`effective_dates`Effective intervals and staged commencement conditions	condition once these amendments are incorporated into the applicable legislation, registrants will have 6 months to comply source https://www.bma.bm/downloadPDF/documents/2026-04-01-14-50-39-Stakeholder-Letter---Consultation-Paper-on-Sustainability-Related-Investment-Disclosures.pdf · dated 1 April 2026
`disclosure_duties`Required disclosures, reporting periods and filing obligations	document offering document trigger where an authorised or registered fund claims or represents itself as having a sustainable investment objective or strategy requirement disclosures in the offering document are fair, clear and sufficient to enable an investor to understand: (a) the nature and extent to which sustainability factors form part of the fund's investment objective or investment strategy; (b) the manner in which sustainability factors are considered in the investment decision-making process; (c) any material risks or limitations associated with the use of or reliance on sustainability factors; (d) where sustainability-related factors or targets are referenced, the basis on which they are selected and applied status proposed, under review source https://www.bma.bm/downloadPDF/documents/2026-04-01-14-50-39-Stakeholder-Letter---Consultation-Paper-on-Sustainability-Related-Investment-Disclosures.pdf · dated 1 April 2026
`taxonomy`Classification frameworks, criteria and binding status	not found
`climate_requirements`Source-backed climate disclosure requirements and scope	not found
`assurance`Required assurance, qualifications and transition conditions	not found
`filing_store_and_format`Authoritative destination and required filing format	not found
`interoperability`Recognised equivalence, mapping or substituted-compliance provisions	not found
`rule_revision_ref`Applicable immutable ACM disclosure-rule revisions	not found
`sources`Supporting regime and disclosure evidence	name BSX Listing Regulations - Guidelines for Equity, Collective Investment Vehicles and Depository Receipts url https://www.bsx.com/Listing%20Guidelines%20-%20Equity%20-%20Collective%20Investment%20Schemes%20and%20Depository%20Receipts.pdf source https://www.bsx.com/Listing%20Guidelines%20-%20Equity%20-%20Collective%20Investment%20Schemes%20and%20Depository%20Receipts.pdf · dated 1 January 2026