The muscles in Brussels; Richards gets Bermuda’s viewpoint across

Like an itinerant preacher, Finance Minister Bob Richards is getting the word out.

He met with various agencies and departments in Brussels to discuss matters related to financial services, tax, and audit.

The meetings, held June 4 to 6, saw the Minister meet with representatives within the EU Commission, the UK Permanent Representation and the EU Parliament to discuss matters of common interest. 

The Minister was joined by Brussels based Counsel to the Government of Bermuda. 

In a press release, the Minister said: “Stakeholders at home and abroad want evidence that the Government is doing what it says. 

“The meetings directly support our commitment to the financial services sector.”

A Finance Ministry spokesperson said the department is committed to helping Bermuda’s financial institutions succeed in Europe. 

The spokesperson said: “The starting point is a clear understanding of the current reality. Bermuda is ranked in the top 10 per cent of regulators according to the World Bank’s Governance Indicator Report. 

“In addition, financial activity between Bermuda and Europe grew from $212 billion in 2000 to just under $740 billion in 2011, according to the 2012 Bermuda in the World Economy Report. 

The Minister also attended the Association of Bermuda Insurers and Reinsurers Fifth Annual International Insurance Regulatory Issues Dialogue on the June 4. 

He also met with other representatives of the EU Commission, members of the Bermuda insurance market. 

Minister Richards said: “The broader environment in which business operates has been altered. In Bermuda, financial institutions are the most directly affected by the changes in external regulatory policy. This is especially true in areas such as insurance, asset management, banking, and trust business. The trip is part of a broader effort to build goodwill and confidence in Bermuda.”