Minister Opening Remarks: ACSDA Assembly
Last night [Mar.23] Acting Minister of Business Development & Tourism Walter Roban delivered the welcoming remarks at the Americas’ Central Securities Depositories Association’s [ACSDA] General Assembly, being held in Bermuda and hosted by the Bermuda Stock Exchange [BSX].
Twenty-four countries will be represented at this first assembly ever hosted by one of ACSDA’s island members. At this assembly, ACSDA will elect a new Executive Committee and Officers for 2011-2013, will publish their audited 2010 financial statements, unveil ACSDA’s newly redesigned website, and more. Premier Paula Cox will deliver the keynote address at 11.30 a.m. today.
Minister Robans full remarks follow below:
Good evening, everyone. Thank you for the kind introduction.
On behalf of the Government of Bermuda, it gives me great pleasure to welcome you to Bermuda and to extend congratulations to the Bermuda Stock Exchange and the American Central Securities Depositories Association for hosting the 2011 American Central Securities Depositories Association General Assembly.
Established 40 years ago, the Bermuda Stock Exchange has an array of responsibilities under its mandate. The financial climate has changed considerably in 40 years. And these are not easy times for the financial sector as well as financial markets.
Bermuda like many other jurisdictions the world over is experiencing unprecedented challenges in the global financial market. Some well known corporate entities have encountered severe difficulties and it underscores that no entity is immune. Yet, during such times the Bermuda Stock Exchange has risen to the occasion by providing the Government with invaluable advice and prudent oversight to ensure Bermuda’s stability.
Nothing is more important to the Ministry of Business Development and Tourism then promoting increased economic ties between Bermuda and its many trading partners. We know that our economies are inextricably linked and we must strive to solve any challenges through open dialogue. It will mean more opportunities for Bermuda companies to invest in other countries.
The Government is committed to helping the Bermuda Stock Exchange succeed and an important part of that job, especially during times of great uncertainty, is funding initiatives of this kind.
By the end of the Conference, I hope and expect that we’ll have a better insight into how regulatory policy decisions are getting made by this group and how we can work together to build a better multilateral relationship that benefits us all.
Again, I especially want to thank Bermuda Stock Exchange for hosting this event and all of our guest experts who will be participating on panels throughout the next few days.
Thank you.
