Bermuda's Global Business Reacts to Brexit
(Thomson Reuters ONE) -
HAMILTON, Bermuda, June 24, 2016 (GLOBE NEWSWIRE) -- Bermuda's international
business groups and stakeholders today made the following statements on the
United Kingdom's vote to withdraw from the European Union:
Ross Webber, CEO, Bermuda Business Development Agency (BDA):
"The United Kingdom has voted to leave the European Union, and the question now
becomes how the actual process of that exit will be carried out. There is
naturally much speculation and uncertainty over the vote's political
implications, as well as its socio-economic impact, and industry around the
world will be closely monitoring how this affects the markets and business
landscapes of the EU, Britain and their respective trade partners.
"In a global economy, Bermuda is affected, like other nations, by such major
events. We stand ready to deal with myriad eventualities. No matter how the exit
unfolds, we remind our business partners in the UK that Bermuda continues to
offer the same stable, attractive, effective and proven blue-chip international
business domicile as it has for the past 70-plus years.
"Today, in fact, Bermuda is better placed than ever to cater to the contemporary
needs of international business. Attributes such as our stand-alone Solvency II
equivalence with the EU and our progressive path towards Alternative Investment
Fund Managers Directive (AIFMD) passport rights in Europe may now appear even
more attractive than they were a day ago. These are examples of regulatory votes
of confidence given to Bermuda as a robust jurisdiction in its own right, and
not contingent on our relationship with Britain.
"Our island enjoys a strong relationship with Brussels nurtured over decades of
collaborative efforts by our government, industry and regulator.
"At the BDA we remain focused on helping foster job creation and economic growth
in this unique, elite jurisdiction, and we are happy to work with anyone seeking
more information about how Bermuda can provide solutions for their business
requirements amid an ever-evolving international environment."
International business bodies in Bermuda also reacted to the referendum vote:
Bradley Kading, President and Executive Director, Association of Bermuda
Insurers & Reinsurers (ABIR):
"Bermuda's Solvency 2 equivalence finding by the European Union will serve us
well as the UK negotiates its multi-year transition out of the EU. The Bermuda
equivalency is unaffected by the UK vote. ABIR has excellent relationships with
both UK and EU policymakers and regulators. ABIR members provide vital insurance
capacity that makes UK and EU insurance markets more competitive. ABIR members
will be reviewing corporate structures to determine what changes in their
regulatory footprints may be necessary in order to conform with expected changes
in European regulatory governance.
"Meanwhile, we encourage the Bermuda government and the Bermuda Monetary
Authority (BMA) to continue their wise investment in bilateral relationships
that lead to important legal agreements on tax cooperation and transparency, and
recognition of robust BMA regulation that is in compliance with international
standards. These essential actions are necessary to ensure we retain level
playing field access to the world's markets."
Greg Wojciechowski, CEO of Bermuda Stock Exchange (BSX) and Chairman of ILS
Bermuda:
"The result of yesterday's UK referendum in no way diminishes the unique
strengths that have for decades anchored Bermuda as a world-class, well-
respected, and robustly regulated financial centre. Bermuda's unique geographic
position between two of the world's deepest capital markets and largest
insurance centres has created commercial opportunity for the island as well as a
solid platform to provide services to a global audience-and the Brexit result
will not impact this. Bermuda will continue to provide a safe harbour amid
uncertainty for the foreseeable future.
"Whether considering Brexit, the Panama Papers, or other challenges, Bermuda's
legal, regulatory and commercial infrastructure has always provided clients and
associates comfort that their assets and business interests are being managed
with due care and protection. While the world wrestles with the impact of the
Brexit vote, Bermuda will continue to offer innovative commercial solutions to
clients and industry segments we support, and we welcome future opportunities
that may arise.
"In respect of the BSX, we continue to drive the development of the domestic
capital market to the benefit of the country and Bermudians. This includes
supporting niche capital market opportunities such the insurance-linked
securities (ILS) asset class, for which the BSX is now the global listings
leader, with over 70 percent of capacity. In the face of change, Bermuda's ILS
platform remains a stable centre of excellence for the creation and listing of
these structures. As an industry, we stand ready to provide collaborative
support to overseas colleagues to help drive the global ILS market."
Grainne Richmond, President, Bermuda Insurance Management Association (BIMA):
"As an economic bloc, the European Union is stronger with the United Kingdom in
it, yet respect has to be given to the decision of the British people in
yesterday's referendum. It will likely take years for a full departure of
Britain from the EU, therefore it remains premature to comment on any effects
the vote will have on the captive insurance market. BIMA and our members will be
monitoring the process closely in the UK."
CONNECTING BUSINESS
The BDA encourages direct investment and helps companies start up, re-locate or
expand their operations in our premier jurisdiction. An independent, public-
private partnership, we connect you to industry professionals, regulatory
officials, and key contacts in the Bermuda government to assist domicile
decisions. Our goal? To make doing business here smooth and beneficial.
MEDIA CONTACT:
Rosemary Jones
Communications Manager
rosemary(at)bda.bm
441 278-6558
441 337-4696
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Bermuda Business Development Agency (BDA) via GlobeNewswire
[HUG#2023102]
Datum: 24.06.2016 - 20:37 Uhr
Sprache: Deutsch
News-ID 479924
Anzahl Zeichen: 7236
contact information:
Town:
Hamilton
Kategorie:
Business News
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"Bermuda's Global Business Reacts to Brexit"
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