Bermuda Public Accountability Act Tabled
Premier Paula Cox tabled the Bermuda Public Accountability Act 2011 in the House of Assembly this morning [July 1].
Premier Cox said, “Governance is important. Accordingly, I am pleased to have tabled this Bill as it will be a critical step towards meeting the requirements set out in the European Union Audit Directive.”
In summary, the Bill was drafted to provide for a legislative framework within which a comprehensive regulatory system will be established to deliver oversight of Bermuda public accountants that perform annual audits on entities listed and trading of exchanges within the European Union.
A spokesperson said, “The objective of the Bill is to ensure that such audits are performed under a transparent system of public oversight and provide for a quality assurance system that is backed by a meaningful regime of investigations and penalties. The Bill is the result of a co-operative effort with stakeholders.”
“The passage of the Bill will bring Bermuda’s oversight system of public accountants that perform annual audits, on entities listed and traded on exchanges in E U countries, a step closer towards achieving equivalency status with that existing in the European Union and achieve the overarching goal of enhancing investor protection and confidence in financial markets.”
“However, the work is not done. While this Bill establishes the necessary legislative foundation there are still committees to be formed and processes and regulations to be developed. This work will be undertaken in the upcoming months.”
Premier Cox noted, “I look forward to the passage of this important legislation in the House to demonstrate Bermuda’s ongoing commitment to meeting internationally standards and to maintaining Bermuda’s regulatory infrastructure at the highest level.”
Governance is important. Accordingly, I am pleased to have tabled this Bill as it will be a critical step towards meeting the requirements set out in the European Union Audit Directive.”
Premier Cox added “I would like to thank the Institute of Chartered Accountants for their contribution to the development of this Bill.”
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You would think with a name like “Bermuda Public Accountability Act 2011″ that it had something to do with the public’s funds and the accountability of Government…
But NO…. Maybe the name was to make us all think so….
not much of a financial guy here… is it basically saying its regulations on auditors who audit stocks on the EU exchange?
100% pure political spin. But unfortunately the masses don’t care.
This has nothing to do with the Bermuda govt improving on their own governance.
Amazing, but not surprising, that such legislation can appear and be rushed through whilst there is no strengthening of accountablity required of the Bermuda Government. Get the priorities right and protect Bermuda taxpayers first, and now, before shareholders of companies traded in Europe.
“Investigations and penalties?” You guys must be joking! You expected that these elected officials would table and pass a bill which would make them more accountable for the public purse and be subjected to “investigations and penalties?” Your good humour will add years to your life.
This government has little to no integrity and so you can expect that no such reflexive accountability legislation will ever be tabled for them to have to dance to, so get it out of your head once and for all.