Bermuda's Premier in Brussels for European Commission Meetings: Speaks to ABIR Regulatory Forum

Hamilton, May 31, 2012 AEST (ABN Newswire) - The Hon. Paula A. Cox, J.P., M.P., Premier and Minister of Finance was in Brussels this week to deliver a clear message to key European decision-makers that Bermuda considers it vital to actively engage with Europe.

The Premier said it is important to put a political face on Bermuda while crucial decisions are being made. "We can afford to leave nothing to chance so the Government of Bermuda continues to work diligently to support the continued efforts of our independent regulatory authority, the Bermuda Monetary Authority and ABIR in strengthening the relations with the EU, both at the Member State level and among individual institutions," she said.

The Premier added: "It is crucial that the Government is visible in its support of the BMA and industry as Bermuda continues to press for formal recognition in its efforts to achieve equivalence. Although the gravity of the economic and financial issues dominates the Brussels agenda, there was real willingness and openness to meeting with me."

Bermuda's European advisor in Brussels, Mr. Alastair Sutton, accompanied the Premier in a serious of one-on-one meetings which were not limited to discussion concerning equivalence but were to underscore Bermuda's commitment to closer strategic partnering with the European Commission policy-makers and regulators. "The aim is to aid growth of Bermuda's financial services sector and to share ideas as to how to enhance the relationship and means of fostering closer cooperation where there are opportunities to benefit Bermuda and Bermudians," she said.

The Premier said she met with Ms. Emer Daly, Director for the Governance of the Single Market in the Directorate General for Internal Markets and Services, and that the meeting provided an opportunity to update Ms. Daly on the equivalence discussions. "Given her wide remit it also afforded an opportunity to hear directly from her about the wider issues within Europe and was keen for me to share some of our legislation for information purposes."

At the meeting with Mr. Theo Saramandis, the Head of the OCT Task Force in the Directorate General for Development, the Premier discussed the framework for the EU relations with overseas territories which is being revised and reforms are taking place. "It presents an opportunity for Bermuda to consider how it wishes to engage and to assess the benefits for Bermudians. This was a very fruitful and productive exchange," she said.

Ms. Paulina Dejmek, the member of Commissioner Barnier's Cabinet, who is responsible for financial services in general and the Premier spoke frankly about the importance to Bermuda of the segmented approach relating to captive and insurance/reinsurance companies. "A one size fits all approach cannot be the appropriate model. I also indicated that I should be happy to have follow-up discussions on an ongoing basis with her on Bermuda-related issues," she said.


The Premier, who later delivered remarks at an ABIR hosted dinner on Tuesday evening, added that the EU business could be summed up as falling generally into the following three areas. Firstly, working to resolve the deficit crises in Greece and preventing contagion in other vulnerable Member States such as Spain and Portugal. Secondly, implementing measures to strengthen economic and financial governance in the EU. Lastly, discussing normal business such as external trade, aid and cooperation, competition, environment and climate change, green issues and the Single Market. "It was, in all, a most productive meeting," she said.

Contact

Magnus Henagulph TEL: 441-294-2780 EMAIL: rmhenagulph@gov.bm International Media Contact: Victor Webb Marston Webb International TEL: +1-212-684-6601 EMAIL: marwebint@cs.com