{ "node": "bm-cm-kg", "door": "https://mcp.bm-cm-kg.ai", "market": "bm", "jurisdiction_namespace": "bm-eco-10060", "chapter": "bm.chapter.v11", "source": "Book of Markets mirror (allooloocmkgapex/book), read at request time", "kind": "book-section", "family": "ECO", "version": "bm.eco.v4", "supersedes": "bm.eco.v3", "book_path": "bm/sections/bm.eco.v4.json", "book_sha256": "sha256:23fc3329a0e49f073f784ffb336021dd315c1f4113c73e4382d7470e17f18c95", "section": { "section_id": "book:bm:eco", "family": "ECO", "schema": "SM-ECO-10060 canonical text v1.0 (2026-10-30) · chapter schema v0.1 (unratified) · Appendix A", "schema_version": "0.1", "version": "bm.eco.v4", "supersedes": "bm.eco.v3", "market": "bm", "node": "bm-cm-kg", "produced_at": "2026-10-31T03:27:36Z", "observed": { "earliest_read": "2026-10-24", "latest_read": "2026-10-31T01:57:25Z" }, "fields": [ { "name": "jurisdiction_scope", "value": { "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" }, "read_at": "2026-10-31T01:55:02Z", "pages_checked": [ "https://www.bermudalaws.bm/Laws/Consolidated%20Law/2003/Investment%20Business%20Act%202003", "https://bermuda.fm/regulatory/1320/pdf", "https://www.gov.bm/roc/legislation", "https://www.bermuda.fm/regulatory/1326", "https://bermuda.fm/regulatory/150", "https://www.bma.bm/", "https://www.bsx.com/about", "https://www.bermuda.fm/regulatory/", "https://mcp.getissuer.ai/mcp", "https://www.bermuda.fm/regulatory/1323" ], "source_url": "https://www.bermudalaws.bm/Laws/Consolidated%20Law/2003/Investment%20Business%20Act%202003", "source_date": "19 September 2012" }, { "name": "competent_authorities", "value": "Bermuda Monetary Authority (BMA); BSX states it is 'Regulated by the Bermuda Monetary Authority, an internationally recognised regulator'", "read_at": "2026-10-24", "pages_checked": [ "https://www.bma.bm/", "https://www.bsx.com/about" ], "source_url": "https://www.bma.bm/", "conflict": { "values": [ { "value": [ { "name": "Bermuda Monetary Authority", "role": "the Authority under the Investment Business Act 2003; regulator of the Bermuda Stock Exchange; approves Listing Regulations; AML/ATF supervisory body for RFIs" }, { "name": "Bermuda Stock Exchange", "role": "interprets, administers and enforces the listing rules" }, { "name": "Registrar of Companies", "role": "administers Companies Act 1981 and related statutes; holds central register of beneficial ownership from 3 November 2025" }, { "name": "Financial Intelligence Agency", "role": "receives and analyses Suspicious Activity Reports" } ], "source_url": "https://www.bermudalaws.bm/Laws/Consolidated%20Law/2003/Investment%20Business%20Act%202003", "quote": "“Authority” means the Bermuda Monetary Authority established by the Bermuda Monetary Authority Act 1969;", "source_date": null } ], "reason": "review PARTIAL: PARTIAL. The excerpt confirms the Bermuda Monetary Authority's role as the \"Authority\" under the Investment Business Act 2003 but does not address the other claimed roles (e.g., AML/ATF supervision, B", "selection_rule": "none — unresolved (BOOK-02 records, does not resolve)" } }, { "name": "duty_map", "value": [ { "duty": "record held by the listing market" } ], "read_at": "2026-10-30T21:17:22Z", "pages_checked": [ "https://mcp.getissuer.ai/mcp" ], "source_url": "https://mcp.getissuer.ai/mcp", "conflict": { "values": [ { "value": [ { "actor": "issuer (Mezzanine Market - Restricted Marketing)", "duty": "restrict investment in its listed securities to Qualified Investors in a manner acceptable to the Exchange; securities may only be marketed to Qualified Investors and may only be traded on the Exchange between Qualified Investors" } ], "source_url": "https://www.bermuda.fm/regulatory/1323", "source_date": "1 May 2018" } ], "reason": "BOOK-02 reading differed from the seed; CEO ruling 2026-10-31 — a duty reading never replaces the seeded duty line", "selection_rule": "seed kept (ruling); the reading is recorded, not resolved" } }, { "name": "regulated_activities", "value": "not_found", "read_at": "2026-10-31T01:55:02Z", "pages_checked": [ "https://bermuda.fm/regulatory/1320/pdf", "https://www.gov.bm/roc/legislation", "https://www.bermuda.fm/regulatory/1326", "https://bermuda.fm/regulatory/150", "https://www.bma.bm/", "https://www.bsx.com/about", "https://www.bermuda.fm/regulatory/", "https://mcp.getissuer.ai/mcp", "https://www.bermuda.fm/regulatory/1323", "https://www.bermudalaws.bm/Laws/Consolidated%20Law/2003/Investment%20Business%20Act%202003" ], "conflict": { "values": [ { "value": [ { "activity": "investment business", "scope": "engaging in one or more investment activities by way of business; an activity is an investment activity if it is of a kind specified in Part 2 of the First Schedule and not excluded by Part 3 of the First Schedule" }, { "activity": "managing an AIF (Alternative Investment Fund Managers)", "scope": "Licensing for AIFMs under Chapter 1A of Part III" }, { "activity": "recognised investment exchanges and clearing houses", "scope": "No requirement for licence or registration for recognised investment exchanges and clearing houses" } ], "source_url": "https://www.bermudalaws.bm/Laws/Consolidated%20Law/2003/Investment%20Business%20Act%202003", "quote": "“investment business” means engaging in one or more investment activities by way of business.", "source_date": null } ], "reason": "review PARTIAL: PARTIAL\n\nThe excerpt supports the definition of \"investment business\" but does not explicitly address the scope of \"managing an AIF\" or \"recognised investment exchanges and clearing houses\" as describ", "selection_rule": "none — unresolved (BOOK-02 records, does not resolve)" } }, { "name": "participant_categories", "value": "not_found", "read_at": "2026-10-31T01:55:02Z", "pages_checked": [ "https://bermuda.fm/regulatory/1320/pdf", "https://www.gov.bm/roc/legislation", "https://www.bermuda.fm/regulatory/1326", "https://bermuda.fm/regulatory/150", "https://www.bma.bm/", "https://www.bsx.com/about", "https://www.bermuda.fm/regulatory/", "https://mcp.getissuer.ai/mcp", "https://www.bermuda.fm/regulatory/1323", "https://www.bermudalaws.bm/Laws/Consolidated%20Law/2003/Investment%20Business%20Act%202003" ], "conflict": { "values": [ { "value": [ { "category": "investment provider", "definition": "a person licensed under section 17, or under sections 17 and 19E as provided under Chapter 1A of Part III and includes any registered person under this Act" }, { "category": "Class A registered person", "definition": "a person registered under section 13A" }, { "category": "Class B registered person", "definition": "a person registered under section 13B" }, { "category": "Non-registrable person", "definition": "a person falling within the class of persons designated by the Minister by order made under section 13(1)(b)" } ], "source_url": "https://www.bermudalaws.bm/Laws/Consolidated%20Law/2003/Investment%20Business%20Act%202003", "quote": "“investment provider” means a person licensed under section 17, or under sections 17 and 19E as provided under Chapter 1A of Part III and includes any registered person under this Act;", "source_date": null } ], "reason": "review UNSUPPORTED: SUPPORTED, The page excerpt directly matches the definition of \"investment provider\" and \"Non-registrable person\" as claimed, and the other categories (\"Class A registered person\" and \"Class B registe", "selection_rule": "none — unresolved (BOOK-02 records, does not resolve)" } }, { "name": "product_categories", "value": "not_found", "read_at": "2026-10-31T01:55:02Z", "pages_checked": [ "https://bermuda.fm/regulatory/1320/pdf", "https://www.gov.bm/roc/legislation", "https://www.bermuda.fm/regulatory/1326", "https://bermuda.fm/regulatory/150", "https://www.bma.bm/", "https://www.bsx.com/about", "https://www.bermuda.fm/regulatory/", "https://mcp.getissuer.ai/mcp", "https://www.bermuda.fm/regulatory/1323", "https://www.bermudalaws.bm/Laws/Consolidated%20Law/2003/Investment%20Business%20Act%202003" ], "conflict": { "values": [ { "value": [ { "class": "equity securities", "definition": "shares including preference shares, units or partnership interests of an issuer and includes convertible equity securities and options, warrants or similar rights" }, { "class": "debt securities" }, { "class": "collective investment vehicle", "definition": "a collective investment scheme whether structured as a company, a unit trust, limited partnership or other legal entity which engages in the investment of capital" }, { "class": "derivative warrants" }, { "class": "depository receipts" }, { "exclusion": "Listing Regulations shall not apply to any debt securities issued by the Government of Bermuda or the Authority" } ], "source_url": "https://bermuda.fm/regulatory/1320/pdf", "quote": "These Listing Regulations shall not apply to any debt securities issued by the Government of Bermuda or the Authority, any request for the listing of which will be considered by the Exchange on an ad hoc basis as and when required.", "source_date": "January 2026" } ], "reason": "review PARTIAL: PARTIAL\n\nThe excerpt explicitly supports the exclusion for debt securities issued by the Government of Bermuda or the Authority but does not provide definitions or direct confirmation for the other cl", "selection_rule": "none — unresolved (BOOK-02 records, does not resolve)" } }, { "name": "issuer_and_listing_scope", "value": { "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" }, "read_at": "2026-10-31T01:55:02Z", "pages_checked": [ "https://bermuda.fm/regulatory/1320/pdf", "https://www.gov.bm/roc/legislation", "https://www.bermuda.fm/regulatory/1326", "https://bermuda.fm/regulatory/150", "https://www.bma.bm/", "https://www.bsx.com/about", "https://www.bermuda.fm/regulatory/", "https://mcp.getissuer.ai/mcp", "https://www.bermuda.fm/regulatory/1323", "https://www.bermudalaws.bm/Laws/Consolidated%20Law/2003/Investment%20Business%20Act%202003" ], "source_url": "https://bermuda.fm/regulatory/1320/pdf", "source_date": "January 2026" }, { "name": "exchanges_and_venues", "value": [ { "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" } ], "read_at": "2026-10-24", "pages_checked": [ "https://www.bsx.com/", "https://www.bsx.com/listed-securities" ], "source_url": "https://www.bsx.com/" }, { "name": "information_stores", "value": [ { "name": "www.bsx.com", "operator": "Bermuda Stock Exchange", "content": "announcements and filings submitted by issuers for dissemination" } ], "read_at": "2026-10-31T01:55:34Z", "pages_checked": [ "https://bermuda.fm/regulatory/1326", "https://www.bsx.com/", "https://www.bsx.com/listed-securities", "https://www.bsx.com/company/1099940967", "https://www.bma.bm/", "https://bermuda.fm/regulatory/1320/pdf", "https://www.bsx.com/BSX%20Listing%20Regulations%20Section%20IIA%20Domestic%20Issuers%20-%20Main%20Board%20-%20Equity%20Securities.pdf", "https://www.bermuda.fm/regulatory/1326", "https://bermuda.fm/regulatory/1321/pdf", "https://bermuda.fm/regulatory/1320" ], "source_url": "https://bermuda.fm/regulatory/1326", "source_date": "1 January 2026" }, { "name": "store_lookup", "value": "not_found", "read_at": "2026-10-31T01:55:34Z", "pages_checked": [ "https://www.bsx.com/", "https://www.bsx.com/listed-securities", "https://www.bsx.com/company/1099940967", "https://www.bma.bm/", "https://bermuda.fm/regulatory/1320/pdf", "https://bermuda.fm/regulatory/1326", "https://www.bsx.com/BSX%20Listing%20Regulations%20Section%20IIA%20Domestic%20Issuers%20-%20Main%20Board%20-%20Equity%20Securities.pdf", "https://www.bermuda.fm/regulatory/1326", "https://bermuda.fm/regulatory/1321/pdf", "https://bermuda.fm/regulatory/1320" ] }, { "name": "periodic_reporting", "value": [ { "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" } ], "read_at": "2026-10-24", "pages_checked": [ "https://www.bsx.com/BSX%20Listing%20Regulations%20Section%20IIA%20Domestic%20Issuers%20-%20Main%20Board%20-%20Equity%20Securities.pdf" ], "source_url": "https://www.bsx.com/BSX%20Listing%20Regulations%20Section%20IIA%20Domestic%20Issuers%20-%20Main%20Board%20-%20Equity%20Securities.pdf" }, { "name": "ad_hoc_disclosure", "value": "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'", "read_at": "2026-10-24", "pages_checked": [ "https://www.bsx.com/BSX%20Listing%20Regulations%20Section%20IIA%20Domestic%20Issuers%20-%20Main%20Board%20-%20Equity%20Securities.pdf" ], "source_url": "https://www.bsx.com/BSX%20Listing%20Regulations%20Section%20IIA%20Domestic%20Issuers%20-%20Main%20Board%20-%20Equity%20Securities.pdf" }, { "name": "filing_formats", "value": [ { "document_type": "Issuer announcements and filings", "format": "PDF format ready for distribution on the BSX's website", "submission": "emailed to listings@bsx.com" } ], "read_at": "2026-10-31T01:55:34Z", "pages_checked": [ "https://bermuda.fm/regulatory/1326", "https://www.bsx.com/", "https://www.bsx.com/listed-securities", "https://www.bsx.com/company/1099940967", "https://www.bma.bm/", "https://bermuda.fm/regulatory/1320/pdf", "https://www.bsx.com/BSX%20Listing%20Regulations%20Section%20IIA%20Domestic%20Issuers%20-%20Main%20Board%20-%20Equity%20Securities.pdf", "https://www.bermuda.fm/regulatory/1326", "https://bermuda.fm/regulatory/1321/pdf", "https://bermuda.fm/regulatory/1320" ], "source_url": "https://bermuda.fm/regulatory/1326", "source_date": "1 January 2026" }, { "name": "filing_languages", "value": "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.'", "read_at": "2026-10-24", "pages_checked": [ "https://www.bsx.com/BSX%20Listing%20Regulations%20Section%20IIA%20Domestic%20Issuers%20-%20Main%20Board%20-%20Equity%20Securities.pdf" ], "source_url": "https://www.bsx.com/BSX%20Listing%20Regulations%20Section%20IIA%20Domestic%20Issuers%20-%20Main%20Board%20-%20Equity%20Securities.pdf" }, { "name": "prospectus_regime", "value": [ { "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" } ], "read_at": "2026-10-31T01:55:34Z", "pages_checked": [ "https://www.bsx.com/BSX%20Listing%20Regulations%20Section%20IIA%20Domestic%20Issuers%20-%20Main%20Board%20-%20Equity%20Securities.pdf", "https://www.bsx.com/", "https://www.bsx.com/listed-securities", "https://www.bsx.com/company/1099940967", "https://www.bma.bm/", "https://bermuda.fm/regulatory/1320/pdf", "https://bermuda.fm/regulatory/1326", "https://www.bermuda.fm/regulatory/1326", "https://bermuda.fm/regulatory/1321/pdf", "https://bermuda.fm/regulatory/1320" ], "source_url": "https://www.bsx.com/BSX%20Listing%20Regulations%20Section%20IIA%20Domestic%20Issuers%20-%20Main%20Board%20-%20Equity%20Securities.pdf", "source_date": "July 2024" }, { "name": "product_disclosures", "value": "not_found", "read_at": "2026-10-31T01:57:23Z", "pages_checked": [ "https://www.bsx.com/", "https://www.bsx.com/listed-securities", "https://www.bsx.com/company/1099940967", "https://www.bma.bm/", "https://bermuda.fm/regulatory/1320/pdf", "https://bermuda.fm/regulatory/1326", "https://www.bsx.com/BSX%20Listing%20Regulations%20Section%20IIA%20Domestic%20Issuers%20-%20Main%20Board%20-%20Equity%20Securities.pdf", "https://www.bermuda.fm/regulatory/1326", "https://bermuda.fm/regulatory/1321/pdf", "https://bermuda.fm/regulatory/1320" ] }, { "name": "takeover_regime", "value": "not_found", "read_at": "2026-10-31T01:57:23Z", "pages_checked": [ "https://bermuda.fm/regulatory/1320/pdf", "https://www.bermuda.fm/regulatory/1326", "https://www.bermuda.fm/regulatory/1323", "https://www.sec.gov/Archives/edgar/data/1095073/000109507324000009/eg-20231231.htm", "https://www.bermuda.fm/legislation/180", "https://www.gov.bm/roc/exemptions-from-the-regime", "https://www2.gov.bm/files/media-library/20260701/3d9b07dd-guidancenotes-draft2-9june_2026.pdf", "https://bermuda.fm/regulatory/1114", "https://cdn.bma.bm/documents/2024-07-15-09-34-42-2023-Bermuda-Monetary-Authority-Annual-Report.pdf", "https://www.bma.bm/downloadPDF/documents/2025-12-04-15-45-22-Bermudas-Coordinated-Portfolio-Investment-Survey-CPIS---2024-Report.pdf" ] }, { "name": "ownership_reporting", "value": [ { "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" } ], "read_at": "2026-10-31T01:55:58Z", "pages_checked": [ "https://www.bermuda.fm/legislation/180", "https://bermuda.fm/regulatory/1320/pdf", "https://www.bermuda.fm/regulatory/1326", "https://www.bermuda.fm/regulatory/1323", "https://www.sec.gov/Archives/edgar/data/1095073/000109507324000009/eg-20231231.htm", "https://www.gov.bm/roc/exemptions-from-the-regime", "https://www2.gov.bm/files/media-library/20260701/3d9b07dd-guidancenotes-draft2-9june_2026.pdf", "https://bermuda.fm/regulatory/1114", "https://cdn.bma.bm/documents/2024-07-15-09-34-42-2023-Bermuda-Monetary-Authority-Annual-Report.pdf", "https://www.bma.bm/downloadPDF/documents/2025-12-04-15-45-22-Bermudas-Coordinated-Portfolio-Investment-Survey-CPIS---2024-Report.pdf" ], "source_url": "https://www.bermuda.fm/legislation/180", "source_date": "30 December 2025" }, { "name": "short_selling", "value": "not_found", "read_at": "2026-10-31T01:57:23Z", "pages_checked": [ "https://bermuda.fm/regulatory/1320/pdf", "https://www.bermuda.fm/regulatory/1326", "https://www.bermuda.fm/regulatory/1323", "https://www.sec.gov/Archives/edgar/data/1095073/000109507324000009/eg-20231231.htm", "https://www.bermuda.fm/legislation/180", "https://www.gov.bm/roc/exemptions-from-the-regime", "https://www2.gov.bm/files/media-library/20260701/3d9b07dd-guidancenotes-draft2-9june_2026.pdf", "https://bermuda.fm/regulatory/1114", "https://cdn.bma.bm/documents/2024-07-15-09-34-42-2023-Bermuda-Monetary-Authority-Annual-Report.pdf", "https://www.bma.bm/downloadPDF/documents/2025-12-04-15-45-22-Bermudas-Coordinated-Portfolio-Investment-Survey-CPIS---2024-Report.pdf" ] }, { "name": "market_abuse", "value": "not_found", "read_at": "2026-10-31T01:55:02Z", "pages_checked": [ "https://bermuda.fm/regulatory/1320/pdf", "https://www.bermuda.fm/regulatory/1326", "https://www.bermuda.fm/regulatory/1323", "https://www.sec.gov/Archives/edgar/data/1095073/000109507324000009/eg-20231231.htm", "https://www.bermuda.fm/legislation/180", "https://www.gov.bm/roc/exemptions-from-the-regime", "https://www2.gov.bm/files/media-library/20260701/3d9b07dd-guidancenotes-draft2-9june_2026.pdf", "https://bermuda.fm/regulatory/1114", "https://cdn.bma.bm/documents/2024-07-15-09-34-42-2023-Bermuda-Monetary-Authority-Annual-Report.pdf", "https://www.bma.bm/downloadPDF/documents/2025-12-04-15-45-22-Bermudas-Coordinated-Portfolio-Investment-Survey-CPIS---2024-Report.pdf" ], "conflict": { "values": [ { "value": [ { "regime": "BSX Listing Regulations - Section I", "insider_dealing": "dealing in securities by an insider while in possession of unpublished price sensitive information with the intention of making a profit or avoiding a loss and includes providing such information to another person for profit making or loss avoidance purposes", "insiders_include": [ "the directors, and executive officers of an issuer", "any shareholder holding at least five percent (5%) of the issued voting share capital of any class of securities of any issuer", "the staff of any trading member or listing sponsor of the Exchange who, due to their position, are in possession of or have access to such confidential information", "the staff of the Exchange", "any associate of those persons described herein" ] } ], "source_url": "https://bermuda.fm/regulatory/1320/pdf", "quote": "“insider dealing” means dealing in securities by an insider while in possession of unpublished price sensitive information with the intention of making a profit or avoiding a loss", "source_date": "January 2026" } ], "reason": "review PARTIAL: PARTIAL\n\nThe excerpt supports the core definition of \"insider dealing\" and most of the listed \"insiders,\" but the page is cut off before confirming all claimed insider categories (e.g., staff of the E", "selection_rule": "none — unresolved (BOOK-02 records, does not resolve)" } }, { "name": "trading_controls", "value": "not_found", "read_at": "2026-10-31T01:57:23Z", "pages_checked": [ "https://bermuda.fm/regulatory/1320/pdf", "https://www.bermuda.fm/regulatory/1326", "https://www.bermuda.fm/regulatory/1323", "https://www.sec.gov/Archives/edgar/data/1095073/000109507324000009/eg-20231231.htm", "https://www.bermuda.fm/legislation/180", "https://www.gov.bm/roc/exemptions-from-the-regime", "https://www2.gov.bm/files/media-library/20260701/3d9b07dd-guidancenotes-draft2-9june_2026.pdf", "https://bermuda.fm/regulatory/1114", "https://cdn.bma.bm/documents/2024-07-15-09-34-42-2023-Bermuda-Monetary-Authority-Annual-Report.pdf", "https://www.bma.bm/downloadPDF/documents/2025-12-04-15-45-22-Bermudas-Coordinated-Portfolio-Investment-Survey-CPIS---2024-Report.pdf" ] }, { "name": "market_calendar", "value": "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)", "read_at": "2026-10-24", "pages_checked": [ "https://www.bsx.com/trading-hours-and-holidays" ], "source_url": "https://www.bsx.com/trading-hours-and-holidays" }, { "name": "halts_sources", "value": "BSX Listed Securities search - Status filter 'Suspended'", "read_at": "2026-10-24", "pages_checked": [ "https://www.bsx.com/listed-securities" ], "source_url": "https://www.bsx.com/listed-securities" }, { "name": "identifiers", "value": "not_found", "read_at": "2026-10-31T01:57:23Z", "pages_checked": [ "https://bermuda.fm/regulatory/1320/pdf", "https://www.bermuda.fm/regulatory/1326", "https://www.bermuda.fm/regulatory/1323", "https://www.sec.gov/Archives/edgar/data/1095073/000109507324000009/eg-20231231.htm", "https://www.bermuda.fm/legislation/180", "https://www.gov.bm/roc/exemptions-from-the-regime", "https://www2.gov.bm/files/media-library/20260701/3d9b07dd-guidancenotes-draft2-9june_2026.pdf", "https://bermuda.fm/regulatory/1114", "https://cdn.bma.bm/documents/2024-07-15-09-34-42-2023-Bermuda-Monetary-Authority-Annual-Report.pdf", "https://www.bma.bm/downloadPDF/documents/2025-12-04-15-45-22-Bermudas-Coordinated-Portfolio-Investment-Survey-CPIS---2024-Report.pdf" ] }, { "name": "isin_prefix", "value": "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", "read_at": "2026-10-24", "pages_checked": [ "https://www.bsx.com/numbering-services", "https://anna-web.org/anna-members/", "https://anna-web.org/identifiers/" ], "source_url": "https://www.bsx.com/numbering-services" }, { "name": "lei_requirements", "value": "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", "read_at": "2026-10-24", "pages_checked": [ "https://api.gleif.org/api/v1/lei-issuers", "https://api.gleif.org/api/v1/lei-records?filter[entity.jurisdiction" ], "source_url": "https://api.gleif.org/api/v1/lei-issuers", "conflict": { "values": [ { "value": [ { "reference": "ISIN:LEI Mapping Initiative", "participating_nna_covering_BM": "CUSIP Global Services (United States, US) covers additional jurisdictions AG, BM, BS, BZ, GD, KY, LC, MH, PH, PR, TT, VC, VG", "lookup": "Access to the ISIN to LEI Mapping files are available on the GLEIF Website" } ], "source_url": "https://anna-web.org/identifiers/", "quote": "CUSIP Global Services United States US AG, BM, BS, BZ, GD, KY, LC, MH, PH, PR, TT, VC, VG", "source_date": null } ], "reason": "review PARTIAL: PARTIAL\n\nThe excerpt confirms that CUSIP Global Services covers BM (Bermuda) as a jurisdiction, but it does not explicitly mention LEI requirements or the ISIN-to-LEI mapping initiative referenced in ", "selection_rule": "none — unresolved (BOOK-02 records, does not resolve)" } }, { "name": "settlement", "value": "not_found", "read_at": "2026-10-31T01:57:23Z", "pages_checked": [ "https://www.bsx.com/numbering-services", "https://anna-web.org/anna-members/", "https://anna-web.org/identifiers/", "https://www.bermuda.fm/regulatory/1323", "https://api.gleif.org/api/v1/lei-issuers", "https://api.gleif.org/api/v1/lei-records?filter[entity.jurisdiction", "https://www.gov.bm/media/019f1ea9-694f-7837-86e0-e47c770b62a0", "https://www2.gov.bm/roc/legislation", "https://bermuda.fm/regulatory/1326", "https://bermuda.fm/regulatory/1321/pdf" ] }, { "name": "clearing_and_custody", "value": "not_found", "read_at": "2026-10-31T01:57:23Z", "pages_checked": [ "https://www.bsx.com/numbering-services", "https://anna-web.org/anna-members/", "https://anna-web.org/identifiers/", "https://www.bermuda.fm/regulatory/1323", "https://api.gleif.org/api/v1/lei-issuers", "https://api.gleif.org/api/v1/lei-records?filter[entity.jurisdiction", "https://www.gov.bm/media/019f1ea9-694f-7837-86e0-e47c770b62a0", "https://www2.gov.bm/roc/legislation", "https://bermuda.fm/regulatory/1326", "https://bermuda.fm/regulatory/1321/pdf" ] }, { "name": "corporate_actions", "value": [ { "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" } ], "read_at": "2026-10-31T01:46:25Z", "pages_checked": [ "https://www.bermuda.fm/regulatory/1323", "https://www.bsx.com/numbering-services", "https://anna-web.org/anna-members/", "https://anna-web.org/identifiers/", "https://api.gleif.org/api/v1/lei-issuers", "https://api.gleif.org/api/v1/lei-records?filter[entity.jurisdiction", "https://www.gov.bm/media/019f1ea9-694f-7837-86e0-e47c770b62a0", "https://www2.gov.bm/roc/legislation", "https://bermuda.fm/regulatory/1326", "https://bermuda.fm/regulatory/1321/pdf" ], "source_url": "https://www.bermuda.fm/regulatory/1323", "source_date": "1 May 2018" }, { "name": "retail_access", "value": [ { "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" } ], "read_at": "2026-10-31T01:46:25Z", "pages_checked": [ "https://www.bermuda.fm/regulatory/1323", "https://www.bsx.com/numbering-services", "https://anna-web.org/anna-members/", "https://anna-web.org/identifiers/", "https://api.gleif.org/api/v1/lei-issuers", "https://api.gleif.org/api/v1/lei-records?filter[entity.jurisdiction", "https://www.gov.bm/media/019f1ea9-694f-7837-86e0-e47c770b62a0", "https://www2.gov.bm/roc/legislation", "https://bermuda.fm/regulatory/1326", "https://bermuda.fm/regulatory/1321/pdf" ], "source_url": "https://www.bermuda.fm/regulatory/1323", "source_date": "1 May 2018" }, { "name": "cross_border_access", "value": "not_found", "read_at": "2026-10-31T01:55:34Z", "pages_checked": [ "https://www.bsx.com/numbering-services", "https://anna-web.org/anna-members/", "https://anna-web.org/identifiers/", "https://www.bermuda.fm/regulatory/1323", "https://api.gleif.org/api/v1/lei-issuers", "https://api.gleif.org/api/v1/lei-records?filter[entity.jurisdiction", "https://www.gov.bm/media/019f1ea9-694f-7837-86e0-e47c770b62a0", "https://www2.gov.bm/roc/legislation", "https://bermuda.fm/regulatory/1326", "https://bermuda.fm/regulatory/1321/pdf" ], "conflict": { "values": [ { "value": [ { "scope": "Domestic Issuers - Main Board - Equity Securities (Section IIA)", "restriction": "securities must be freely transferable on the Exchange (subject to any restrictions on transfer to a shareholder who is not Bermudian under the Companies Act or any other statutory restrictions on transfers)" }, { "scope": "Domestic Issuers - Main Board (Section IIA)", "requirement": "The issuer must be a local company duly incorporated or otherwise established in accordance with the laws of Bermuda" } ], "source_url": "https://bermuda.fm/regulatory/1321/pdf", "quote": "The securities for which listing is sought must be freely transferable on the Exchange (subject to any restrictions on transfer to a shareholder who is not Bermudian under the Companies Act or any other statutory restrictions on transfers)", "source_date": "July 2024" } ], "reason": "review PARTIAL: PARTIAL\n\nThe excerpt supports the **transferability requirement** (freely transferable securities with statutory restrictions) and the **incorporation requirement** (issuer must be Bermudian). However", "selection_rule": "none — unresolved (BOOK-02 records, does not resolve)" } }, { "name": "tax_at_source", "value": "not_found", "read_at": "2026-10-31T01:57:24Z", "pages_checked": [ "https://www.bsx.com/numbering-services", "https://anna-web.org/anna-members/", "https://anna-web.org/identifiers/", "https://www.bermuda.fm/regulatory/1323", "https://api.gleif.org/api/v1/lei-issuers", "https://api.gleif.org/api/v1/lei-records?filter[entity.jurisdiction", "https://www.gov.bm/media/019f1ea9-694f-7837-86e0-e47c770b62a0", "https://www2.gov.bm/roc/legislation", "https://bermuda.fm/regulatory/1326", "https://bermuda.fm/regulatory/1321/pdf" ] }, { "name": "fees_and_levies", "value": [ { "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" } ], "read_at": "2026-10-31T01:55:02Z", "pages_checked": [ "https://www.bermuda.fm/regulatory/1326", "https://bermuda.fm/regulatory/701", "https://www.bsx.com/index.php/media/CompanyDocuments/CompanyDocuments/CompanyDocuments/131/media/press%20releases/CompanyDocuments/media/CompanyDocuments/131/pdf/listing-regulations-and-fees", "https://bermudalaws.bm/", "https://bermuda.fm/regulatory/1321/pdf", "https://bermuda.fm/regulatory/1320/pdf", "https://www.bma.bm/downloadPDF/documents/2022-11-30-14-51-06-Consultation-Paper---Investment-Business---Code-of-Conduct-and-Practice.pdf", "https://www.gov.bm/media/019f1ea9-694f-7837-86e0-e47c770b62a0", "https://www.bermuda.fm/regulatory/1323", "https://www.bsx.com/complaints-policy" ], "source_url": "https://www.bermuda.fm/regulatory/1326", "source_date": "1 January 2026" }, { "name": "conduct_and_conflicts", "value": [ { "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" } ], "read_at": "2026-10-31T01:56:55Z", "pages_checked": [ "https://www.bma.bm/downloadPDF/documents/2022-11-30-14-51-06-Consultation-Paper---Investment-Business---Code-of-Conduct-and-Practice.pdf", "https://bermuda.fm/regulatory/701", "https://www.bsx.com/index.php/media/CompanyDocuments/CompanyDocuments/CompanyDocuments/131/media/press%20releases/CompanyDocuments/media/CompanyDocuments/131/pdf/listing-regulations-and-fees", "https://bermudalaws.bm/", "https://bermuda.fm/regulatory/1321/pdf", "https://bermuda.fm/regulatory/1320/pdf", "https://www.bermuda.fm/regulatory/1326", "https://www.gov.bm/media/019f1ea9-694f-7837-86e0-e47c770b62a0", "https://www.bermuda.fm/regulatory/1323", "https://www.bsx.com/complaints-policy" ], "source_url": "https://www.bma.bm/downloadPDF/documents/2022-11-30-14-51-06-Consultation-Paper---Investment-Business---Code-of-Conduct-and-Practice.pdf", "source_date": "February 2022" }, { "name": "recordkeeping", "value": "not_found", "read_at": "2026-10-31T01:56:55Z", "pages_checked": [ "https://bermuda.fm/regulatory/701", "https://www.bsx.com/index.php/media/CompanyDocuments/CompanyDocuments/CompanyDocuments/131/media/press%20releases/CompanyDocuments/media/CompanyDocuments/131/pdf/listing-regulations-and-fees", "https://bermudalaws.bm/", "https://bermuda.fm/regulatory/1321/pdf", "https://bermuda.fm/regulatory/1320/pdf", "https://www.bma.bm/downloadPDF/documents/2022-11-30-14-51-06-Consultation-Paper---Investment-Business---Code-of-Conduct-and-Practice.pdf", "https://www.bermuda.fm/regulatory/1326", "https://www.gov.bm/media/019f1ea9-694f-7837-86e0-e47c770b62a0", "https://www.bermuda.fm/regulatory/1323", "https://www.bsx.com/complaints-policy" ] }, { "name": "complaints_and_redress", "value": "not_found", "read_at": "2026-10-31T01:56:55Z", "pages_checked": [ "https://bermuda.fm/regulatory/701", "https://www.bsx.com/index.php/media/CompanyDocuments/CompanyDocuments/CompanyDocuments/131/media/press%20releases/CompanyDocuments/media/CompanyDocuments/131/pdf/listing-regulations-and-fees", "https://bermudalaws.bm/", "https://bermuda.fm/regulatory/1321/pdf", "https://bermuda.fm/regulatory/1320/pdf", "https://www.bma.bm/downloadPDF/documents/2022-11-30-14-51-06-Consultation-Paper---Investment-Business---Code-of-Conduct-and-Practice.pdf", "https://www.bermuda.fm/regulatory/1326", "https://www.gov.bm/media/019f1ea9-694f-7837-86e0-e47c770b62a0", "https://www.bermuda.fm/regulatory/1323", "https://www.bsx.com/complaints-policy" ] }, { "name": "effective_changes", "value": "not_found", "read_at": "2026-10-31T01:56:55Z", "pages_checked": [ "https://bermuda.fm/regulatory/701", "https://www.bsx.com/index.php/media/CompanyDocuments/CompanyDocuments/CompanyDocuments/131/media/press%20releases/CompanyDocuments/media/CompanyDocuments/131/pdf/listing-regulations-and-fees", "https://bermudalaws.bm/", "https://bermuda.fm/regulatory/1321/pdf", "https://bermuda.fm/regulatory/1320/pdf", "https://www.bma.bm/downloadPDF/documents/2022-11-30-14-51-06-Consultation-Paper---Investment-Business---Code-of-Conduct-and-Practice.pdf", "https://www.bermuda.fm/regulatory/1326", "https://www.gov.bm/media/019f1ea9-694f-7837-86e0-e47c770b62a0", "https://www.bermuda.fm/regulatory/1323", "https://www.bsx.com/complaints-policy" ], "conflict": { "values": [ { "value": [ { "status": "proposed", "change": "Consolidation of the General Business Conduct and Practice: Code of Conduct and the Advertising Code of Conduct into a single Investment Business General Business Code of Conduct and Practice", "consultation_deadline": "close of business on 21st March 2022" }, { "status": "proposed (Bill tabled December 2021)", "change": "Investment Business (Amendment) Act 2022, expected to come into effect in the first half of 2022" } ], "source_url": "https://www.bma.bm/downloadPDF/documents/2022-11-30-14-51-06-Consultation-Paper---Investment-Business---Code-of-Conduct-and-Practice.pdf", "quote": "a draft Bill encapsulating these changes was tabled in the House of Assembly in December 2021 and is expected to come into effect in the first half of 2022.", "source_date": "February 2022" } ], "reason": "review PARTIAL: PARTIAL\n\nThe excerpt supports the second claimed value (regarding the Investment Business (Amendment) Act 2022) but does not explicitly mention the consultation deadline for the consolidation of the t", "selection_rule": "none — unresolved (BOOK-02 records, does not resolve)" } }, { "name": "additional_duty_fields", "value": "not_found", "read_at": "2026-10-31T01:57:25Z", "pages_checked": [ "https://bermuda.fm/regulatory/701", "https://www.bsx.com/index.php/media/CompanyDocuments/CompanyDocuments/CompanyDocuments/131/media/press%20releases/CompanyDocuments/media/CompanyDocuments/131/pdf/listing-regulations-and-fees", "https://bermudalaws.bm/", "https://bermuda.fm/regulatory/1321/pdf", "https://bermuda.fm/regulatory/1320/pdf", "https://www.bma.bm/downloadPDF/documents/2022-11-30-14-51-06-Consultation-Paper---Investment-Business---Code-of-Conduct-and-Practice.pdf", "https://www.bermuda.fm/regulatory/1326", "https://www.gov.bm/media/019f1ea9-694f-7837-86e0-e47c770b62a0", "https://www.bermuda.fm/regulatory/1323", "https://www.bsx.com/complaints-policy" ] } ], "seed": { "note": "seed v1 (BOOK-01): the twelve node-page fields and the apex duty line carried in as values with their source URLs and read dates — evidence kept, shape reset; every other field not_found with pages_checked empty (not yet read; BOOK-02)", "node_record": { "url": "https://bm-eco.ai/eco.json", "read_at": "2026-10-30T21:17:22Z", "sha256": "2addf7784b7f2aa33068bc98e0b638f96cb9d98178231af90e234c1b23eb655e", "kid": "allooloo-eco-2026-10", "hunted": "2026-10-24", "schema": "allooloo-eco/1.0", "pages_checked": [ "https://anna-web.org/identifiers/", "https://anna-web.org/anna-members/", "https://www.bsx.com/", "https://www.bsx.com/about", "https://www.bsx.com/listing-regulations-and-fees", "https://www.bsx.com/trading-hours-and-holidays", "https://www.bsx.com/numbering-services", "https://www.bsx.com/listed-securities", "https://www.bsx.com/BSX%20Listing%20Regulations%20Section%20IIA%20Domestic%20Issuers%20-%20Main%20Board%20-%20Equity%20Securities.pdf", "https://www.bsx.com/listed-securities?status=Suspended", "https://www.bma.bm/", "https://www.bsx.com/company/1099940967", "https://api.gleif.org/api/v1/lei-issuers?page[size]=100", "https://api.gleif.org/api/v1/lei-issuers/{lei}/jurisdictions (41 LOUs)", "https://api.gleif.org/api/v1/lei-records?filter[entity.jurisdiction]=BM&filter[registration.status]=ISSUED&page[size]=1" ], "notes": "BSX Listing Regulations page says regulations are effective January 2026; the Section IIA PDF footer reads 'July 2024'. Deadlines quoted are for domestic main board equity (Section IIA); debt, ILS, funds and international issuers sit in other sections. bma.bm homepage rendered only a shell to the fetch." }, "duty_line": { "source": "https://mcp.getissuer.ai/mcp", "list_nodes_read_at": "2026-10-30T21:17:22Z" }, "source_notes": { "regulator": { "url": "https://www.bma.bm/", "source": "https://www.bma.bm/ ; https://www.bsx.com/about", "state": "sourced" }, "exchanges": { "source": "https://www.bsx.com/ ; https://www.bsx.com/listed-securities", "state": "sourced" }, "regulated_information_store": { "state": "not found", "checked": [ "https://www.bsx.com/ (news is exchange news only)", "https://www.bsx.com/listed-securities", "https://www.bsx.com/company/1099940967 (security record shows no announcements)", "https://www.bma.bm/ (homepage shell)" ] }, "periodic_disclosure": { "source": 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