Bermuda Monetary Authority’s Executive Briefing

March 3, 2015

Jeremy Cox thumbThe Bermuda Monetary Authority revealed its plans for 2015 at an Executive Briefing held recently at the Fairmont Hamilton.

Hinting at an expansion of its role, the Authority invited other organisations important to the health of Bermuda’s financial services sector to participate in a discussion about Bermuda’s economic future.

Jeremy Cox [pictured], the Authority’s Chief Executive Officer said, “In 2015, you’ll see the Authority becoming more closely identified with the Bermuda Team.

“This will mean working alongside the Bermuda Business Development Agency [BDA], the Finance Ministry and the Economic Development Ministry. It will mean the Authority becoming more involved in helping the Government develop Bermuda’s fiscal policies.

“We must come together, we must come together now, and we must develop a more cohesive and better coordinated strategy that puts Bermuda in a position to win.”

Mr. Cox said as the Authority completes international equivalence exercises this year, its challenge will be to adopt an approach that is simultaneously both conservative as well as radical.

“Conservative in order to preserve the gains and progress of the past, holding to the best while continuing to deliver on prior promises and undertakings, and radical enough to copewith and to lead change,” Mr. Cox said.

Following his keynote address, Mr. Cox participated on an expert panel comprising: Bob Richards, Deputy Premier and Minister of Finance; Dr. Grant Gibbons, Minister of Economic Development; Patrick Tannock, President ofXL Insurance [Bermuda] Ltd. /Chairman of the Association of Bermuda International Companies [ABIC]; and Ross Webber, Chief Executive Officer, Bermuda Business Development Agency [BDA.] Premier Michael Dunkley also gave an opening address to Bermuda’s business executives.

In conclusion, Mr. Cox said, “In 2015 the Authority will remain committed to the wider jurisdictional effort to increase understanding about Bermuda’s vital role in the global financial services industry. Believe me, in the current global environment, this has never been a more important exercise.”

He said, “A quality supervisory environment lies atthe heart of Bermuda’s unique value proposition. In 2015, the Authority will continue to foster stability and predictability within Bermuda’s vital financial services sector, while keeping supervisory costs at a reasonable level.”

The Authority’s 2015 Business Plan is available for download on the Authority’s website.

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