Some Bermuda public companies will be allowed to apply for relief from the 60-40 rule on foreign ownership, under new legislation tabled in the House of Assembly on Friday.The Companies Amendment Act 2012 will permit certain firms to apply for a licence access more capital from overseas than the current 60 percent Bermudian ownership requirement allows.Business Development and Tourism Minister Wayne Furbert said the amendment aimed to provide “an alternative process by which local companies in certain specific categories may source foreign capital, free of the foreign investment restrictions referred to, on a timely basis that will be more commercially attractive”.Only public companies listed on the Bermuda Stock Exchange, or another designated exchange, in a “prescribed industry” will be eligible to apply for relief from the 60-40 rule.Prescribed industries listed in the bill are telecommunications, energy, insurance, hotel operations, banking and international transportation services (ship or aircraft).The new rules will open the door to overseas investors to buy more shares of BSX-listed companies like Ascendant Group Ltd, KeyTech Ltd, BF&M Ltd and Argus Group Holdings.Mr Furbert told MPs that the amendment aimed “to attract foreign capital investment to Bermuda for the purpose of improving liquidity in the local market for the production of products and services”.