1. INTRODUCTION
Over the years Bermuda has developed a highly regarded
reputation and position as a substantive international financial
centre with a strong focus on financial stability coupled with
effective and efficient supervision and regulation for both local
and international business. Through the efforts of the Government
and highly skilled professionals from the legal, accounting and
financial services fields and the oversight of the Bermuda Monetary
Authority (BMA), Bermuda is committed to providing open,
transparent regulatory frameworks and requirements, which are
consistent with international best practice.
Underpinning the supervisory work programme is the BMA's
risk-based philosophy which ensures that standards are
appropriately calibrated to Bermuda's wholesale and domestic
financial markets and that supervisory resources are applied to
those firms which pose the greatest risk. The BMA's sensible
and effective regulation of the investment industry
