Pleasure Doing Business

By Business Bermuda

Bermuda continues to demonstrate its dedication to great business, as the Bermuda regulatory regime recently met new EU standards under the Alternative Investment Funds Managers Directive (AIFM Directive), as announced by the European Parliament on Nov. 11, 2010.

“Bermuda is already recognised by international bodies as being amongst the best regulated and most compliant jurisdictions worldwide,” says Cheryl Packwood, Chief Executive Officer of Business Bermuda. “Therefore it can be said that Bermuda-based funds and fund managers... will benefit from lower costs and practical efficiencies associated with the use of private placement regimes — a system which will no longer be available to EU-based funds with EU-based fund managers.”

Bermuda’s reputation as the premium ­offshore jurisdiction for fund domiciliation and fund administration is underpinned by a variety of key factors:

• The financial and fund services industries are regulated by the Bermuda Monetary Authority (BMA) to ensure sensible rules in place which meet or exceed international standards.
• Bermuda completed the first phase of the peer review process conducted by the Organisation for Economic Co-operation and Development (OECD) Global Forum on Transparency and Exchange of Information for Tax Purposes, meeting all the criteria identified by the peer review methodology, with recommendations.
• Bermuda offers less bureaucracy without compromising the standards necessary to manage and grow businesses.
• Regulatory changes are only implemented after consultation between the BMA and the businesses it supervises. This approach has resulted in innovative regulations and a governing framework that is purposeful rather than objective.
• The U.S. State Department has ­consistently placed Bermuda in the lowest-concern category of destinations used to launder money or finance terrorism.

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