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Bailey McCann, Opalesque New York: Bermuda has long been an offshore financial center, but with Brexit, how the country interacts with the UK and the EU could change. Like Cayman, Bermuda is looking at ways to gain access to passporting within the EU - something that could be harder to achieve with Brexit. But, according to delegates at the recent Opalesque Bermuda Roundtable - the country may be well placed going into these negotiations.
"The fact that the EU approved Bermuda for Solvency II holds us, we think, in very good stead compared to
other jurisdictions," explains Sean Moran, of the Bermuda Business Development Agency. "It is evidence that the European regulator recognizes the BMA as being capable of
competently supervising our insurance industry. And, since the BMA also regulates the
asset management industry here, we hope that the vote of confidence they have already received from the European regulator will improve Bermuda’s chances of being approved for third-country passporting under AIFMD."
Bermuda was granted third-country equivalence by the European Union for Solvency II, which essentially allows Bermudan insurance companies the same status as European ones within the EU. However, EU regulators haven't yet decided whether to extend that equivalency to the asset management industry. Bermuda has already taken steps to align its regulatory regime with European rules inclu...................... To view our full article Click here
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