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Bermuda Responds To Foot Report's Recommendations,
by Phillip Morton, Investors Offshore.com
Tuesday, November 03, 2009
The Bermuda Monetary Authority has responded to recommendations in Michael Foot’s
report on the review of the British Offshore Financial Centres, presenting proposals
to target areas highlighted within the report.
The Authority has been actively addressing the Report’s five recommendations
to regulators, namely:
The need for increased resources: the Report emphasizes the importance of
ensuring that regulatory authorities have sufficient resources to conduct
their responsibilities, and notes that the BMA has in fact increased its resources
significantly over the past five years. The BMA Board has recently approved
significant increases in the Authority’s resources to ensure the BMA
continues to deliver effective supervision, and that Bermuda remains able
to meet the demands of implementing and enforcing international regulatory
standards.
Establishing good governance arrangements: this recommendation appears to
be focused on smaller offshore territories, but the Authority argued that it should be noted that the
the BMA has been continually upgrading its governance framework over time,
and is currently conducting a further benchmarking exercise to ensure that
its framework remains effective.
Suggestions for design principles of deposit protection: the Authority is
in the process of working with the government to develop proposals in this
area, and observed that the recommendations in the Foot Report will be helpful for this work.
Ability to take robust action over large banks and clear powers for intervention:
The BMA noted that the report commends the prompt action and close oversight
of the Bermuda authorities in addressing the pressures facing the local banking
sector. The Authority currently has a project underway examining further
enhancement of its bank intervention powers.
Ability to commission independent firm reviews: the Authority already has
the power to commission independent reviews of firms, at the firms' expense,
and it has used this power during the financial crisis.
Matthew Elderfield, CEO of the Bermuda Monetary Authority, announced that:
“While we are pleased
with the progress we have already been making in the areas recommended by the
report, there is no room for complacency."
"We recognise that the Authority’s
continuing work programme must ensure Bermuda maintains its high regulatory
standards and cooperative approach in the international financial sector. This
recognition has driven the work we have underway to enhance Bermuda’s
regulatory framework.”
“Our intention is to ensure that the momentum around the Authority’s
continual improvement process remains in place, particularly as we work toward
our goal of achieving regulatory equivalence for Bermuda,” added Jeremy
Cox, incoming CEO at the BMA.
He concluded: “With that in mind, the Authority, like
other financial regulators, can use the Foot Report as useful reference for
benchmarking the arrangements in place for regulation in the jurisdiction.”
The Foot report also examined other key issues for the UK's dependencies and territories, including taxation, in relation to financial stability, sustainability and future competitiveness.
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