The Bank of Bermuda has been temporarily stymied in its efforts to seek a secondary listing overseas.

On Tuesday Parliament's private bills committee decided to delay considering whether to recommend the passing of an act which would give the bank exemption from the Island's 60/40 regulation. The regulation limits foreign ownership in a local company to a maximum of 40 percent.

The exemption is a necessary step to the bank's drive to list on the Nasdaq stock exchange.

Bank executives argue the listing would give the bank access to capital it needs for international development and help boost the share price.

The bank is currently listed on the Bermuda Stock Exchange.

Apparently the consideration of the bill was put off because of last-minute amendments made to it.

The bank had hoped to list on the Nasdaq by June this year, but that plan is now on hold depending on when the private bills committee decides to take up the issue again. "While we are disappointed that the bill was held over, we recognise that this is an important matter both for Bermuda and the bank,'' a bank spokesman said. "We respect the fact that members of the House want to devote the appropriate amount of time to consideration of the bill. Meanwhile the bank remains committed to the earliest possible achievement of a secondary listing of its shares and realisation of the attendant benefits the listing will provide to our shareholders and to Bermuda.'' The eight-member private bills committee makes recommendations to the House of Assembly whether a particular bill should be passed or not.

The committee, a mix of MPs and senators, is made up of four UBP members, three PLP members, and one independent. They get advice from technical officers, including those from the Finance Ministry, the Bermuda Monetary Authority, the Attorney General Chambers, and the Registrar of Companies.

The bank has been lobbying UBP and PLP members to inform them of details of the bill.

Finance Minister Grant Gibbons, while not openly supporting the grant of exemption, has said he believes the bank has a good argument for not having the 60/40 rule applied to it.

PLP shadow finance minister Eugene Cox has said he was still considering the bill.

Grant Gibbons