Amendments relaxing the 60-40 rule on foreign ownership of businesses in specific industries were approved yesterday by the Senate.According to Senator Vince Ingham, the change would allow firms listed on the Bermuda Stock Exchange, or other designated exchange, to apply for a licence to access more capital overseas than the current 60 percent Bermudian ownership requirement allows.The legislation however limits the businesses that can apply for such licences to capital-heavy industries, such as the insurance, telecommunications and hotel industries.Senator Michael Dunkley said that in the past the 60-40 rule had helped protect Bermudians, but that industries like hotels and insurance need capital injections to spur them to higher levels.“In the past the 60-40 rule has served the Island quite well, but I think it’s prudent to review policies,” he said.He noted that there was already a way for businesses to apply for an exception to the 60-40 rule, questioning Sen Ingham as to how many companies have applied for the existing exception.Sen Ingham later responded that 169 companies have applied for 114B licences.Independent Senator James Jardine and Attorney General Kim Wilson both noted the importance of striking the right balance with the legislation to both protect Bermudian business ownership, and helping the businesses grow to create jobs.PLP Senator David Burt said that some members of the public seem to be concerned that the legislation could introduce international businesses like Walmart to set up shop in Bermuda.He however said that was not the case, noting that the businesses that can apply for an exemption under the legislation are restricted to specific industries.“I believe that the Government is treading carefully, but we must strike the correct balance,” Sen Burt said.