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Bermuda's Regulator Sets Out Goals For 2015

by Mike Godfrey, Lowtax.net, Washington
05 March, 2015

The Bermuda Monetary Authority (BMA), the territory's financial regulator, set out its plans for 2015 at a recent briefing.

The BMA said that it intends to collaborate more with the Government during 2015, engaging in particular with the Bermuda Business Development Agency, the Finance Ministry, and the Economic Development Ministry. The BMA said it will be more involved in advising the Government on fiscal policies that could benefit the financial services industry.

Jeremy Cox, the Authority's Chief Executive Officer, said that, as the Authority completes international equivalence exercises this year, the challenge will be to adopt an approach that is simultaneously conservative and radical. "Conservative in order to preserve the gains and progress of the past – holding to the best, while continuing to deliver on prior promises and undertakings – and radical enough to cope with and to lead change."

Cox said: "In 2015, the Authority will remain committed to the wider jurisdictional effort to increase understanding about Bermuda's vital role in the global financial services industry. Believe me, in the current global environment, this has never been a more important exercise."

"A quality supervisory environment lies at the heart of Bermuda's unique value proposition. In 2015, the Authority will continue to foster stability and predictability within Bermuda's vital financial services sector, while keeping supervisory costs at a reasonable level."

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