Certainly, the decision was made by the EU Finance Ministers at the meeting of the Economic and Financial Affairs Council (ECOFIN) in Brussels in the morning. Bermuda’s global industrial groups have welcomed the news and applauded the Bermuda government’s efforts to ensure a successful outcome.
Likewise, the private sector worked in collaboration with government officials, together with the active participation of the Bermuda Monetary Authority, to implement reforms specifically related to collective investment vehicles (CIV).
Industry associations aware
Roland Andy Burrows, CEO of the Bermuda Business Development Agency (BDA), Bermuda’s independent economic development public-private partnership, said: “This outcome is testament to Bermuda’s commitment to meet and exceed the highest international standards of regulatory compliance and economic substance. Combined with our world-leading achievements in the Financial Action Task Force assessment, together with Bermuda’s EU Solvency II equivalence and status as a NAIC Reciprocal Jurisidiction in the U.S., Bermuda’s blue-chip transparency and outstanding offering to global business is second to none. I thank Bermuda’s government, regulator and all our industry stakeholders for continuing to ensure Bermuda maintains its world-class regime”.
Bermuda’s global industrial associations, representing sectors ranging from re/insurance, captive insurance, trusts and family offices to asset management, echoed those comments and welcomed the EU decision
Source: BERMUDA BUSINESS DEVELOPMENT AGENCY
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