BMA To Host International Regulatory Forum

November 18, 2012

The Bermuda Monetary Authority will once again bring some of the world’s best financial minds to Bermuda when it holds its third annual International Regulatory Forum at the Fairmont Hamilton Princess on Tuesday, 4th December 2012.

Keynote Speaker Richard C. Breeden, former Chairman of the US Securities and Exchange Commission will head the line-up of international financial experts slated to speak at the event, which includes Sir Andrew Large, former Deputy Governor, Bank of England and Karel van Hulle, Head of Unit for Insurance and Pensions at the European Commission.

Other figures who will bring global perspective to the Forum discussions include Walter Bell, Director of Swiss Re America and Richard Venn, Senior Executive Vice-President, CIBC. Dr. Sebastian von Dahlen, Principal, Insurance and Reinsurance Sector, from the International Association of Insurance Supervisors (IAIS) will also share insights from the international standard setting body for the insurance sector.

Topics that will be up for debate include: the fallout for the banking sector from the Eurozone crisis; current trends shaping the asset management market internationally; global developments in captive regulation; international regulatory equivalency efforts; and what the advent of Global Systemically Important Insurers (GSIIs) will mean for Bermuda.

The Forum will bring Bermuda-based leaders from both the private sector and the BMA together with the international speakers to discuss such issues, and their relevance to Bermuda. Speakers will include Constantine (Dinos) Iordanou, Chairman, President and Chief Executive Officer of Arch Capital Group and President of the Association of Bermuda Insurers and Reinsurers; Richard Mosley, CEO HSBC Bermuda and President, Bermuda Bankers Association; Craig Bridgewater, Partner, Alternative Investments, KPMG Bermuda; and Lawrence Bird, current President of the Bermuda Insurance Managers Association.

In addition to CEO Jeremy Cox, speakers from the BMA Executive team will be Shauna MacKenzie, Director, Legal Services and Enforcement; Mary Frances Monroe, Director, Policy, Research and Risk; Craig Swan, Director, Insurance Supervision; and Shelby Weldon, Director, Licensing and Authorisation. Banking and asset management matters will be covered in the morning session of the event, while insurance issues will be discussed in the afternoon.

Speakers will bring a variety of expertise to the discussions:

Richard Breeden served as Chairman of the US Securities and Exchange Commission from 1989 to 1993. He was appointed as a Director of H&R Block in September 2007 and was elected Chairman of the Board in November 2007. Mr. Breeden has served since 2005 as Chairman and Chief Executive Officer of Breeden Capital Management LLC, the manager of a series of affiliated investment funds.

Sir Andrew Large has been an investment banker for over twenty years, and was Deputy Governor of the Bank of England from 2002 to 2006. He was the Chairman of the Securities and Investments Board (precursor of the UK Financial Services Authority) from 1992 to 1997, and Deputy Chairman of Barclays Bank from 1998 to 2002. Sir Andrew currently advises governments on public policy issues in the field of financial stability. He is on the board of Axis.

Karel van Hulle is widely regarded as the architect of the Solvency II Directive for the insurance market and will provide a European perspective on regulatory change efforts. Mr. van Hulle has been head of the insurance and pensions unit of the Internal Market and Services Directorate General of the European Commission since November 2004. In 1984, Van Hulle joined the European Commission after working for eight years with the Belgian Commission on Banking, Finance and Insurance.

Walter Bell brings both industry perspective as well as a wealth of regulatory experience to the Forum. As President of the National Association of Insurance Commissioners, and Insurance Commissioner of the Alabama Department of Insurance over a period of five years, he has helped shape the direction of insurance regulation in the US, and has also contributed to global regulatory developments via the IAIS. Mr. Bell was named a Distinguished Fellow of the IAIS in 2010 in recognition of his significant contributions to IAIS activities. Mr. Bell is also on the Board of Directors of the Bermuda Monetary Authority.

Richard Venn is a 35-year veteran of the banking industry who has led most areas of investment and merchant Banking at CIBC. In addition to being Senior Executive Vice-President, CIBC, he is also Managing Director and Deputy Chair of CIBC World Markets Inc. Mr. Venn is a director of CIBC Mellon, FirstCaribbean International Bank Ltd., and the Bank of N.T. Butterfield & Son Ltd.

Dr. Sebastian van Dahlen has worked at the Secretariat of the IAIS since 2007 where he is responsible for captive insurance. His responsibilities also comprise reinsurance, other forms of risk transfer, and financial stability related aspects. Prior to his employment at the IAIS, Dr. van Dahlen trained as an economist and worked for both the insurance industry and the public sector

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