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RCA Symposium: Premier, Finance Minister highlight Bermuda’s leading reputation as a business destination

Tuesday, April 19, 2016

Earlier today, Premier Michael Dunkley and Minister of Finance, Bob Richards participated in a panel discussion at the Regulatory Compliance Association’s (RCA) 2016 Bermuda Symposium, where it was announced that 30 Bermudians have successfully obtained full scholarships as part of the RCA Bermuda Compliance Certification (RBCC) programme.

By way of background, the public will recall that in 2014 the RCA partnered with the Ministry of Economic Development, the Bermuda College, the Bermuda Monetary Authority, the Bermuda Stock Exchange and several private sector organizations to create the RBCC programme – the first of its kind in any offshore domicile.

Thanks to the collective efforts of all involved, this year the partnership is already seeing positive results with full scholarships being granted to 30 Bermudian applicants out of a large pool of candidates.

Premier Dunkley who is a strong advocate of the RCA certification initiative highlighted the successful scholarship achievement at this morning’s RCA panel discussion.

This week’s RCA Symposium saw in attendance investment executives with the top 200 firms who were there to gain insight on compliance, operations and risk challenges for 2016 and to formulate strategic plans and initiatives.

Today’s panel entitled, Bermuda – Maintaining the Highest Standards to Protect Institutional Investors, was moderated by Kiernan Bell, Chairman of the Bermuda Business Development Agency and Partner and Head of Dispute Resolution Team at Appleby.

The discussion highlighted the importance of asset management to Bermuda’s economy; the Island’s efforts to develop and maintain its solid reputation for regulation; and safeguarding Bermuda domiciled entities.

In addition to touching on such topical matters as being a world leader in Insurance Linked Securities, Bermuda’s Solvency II achievement and Bermuda’s already demonstrated commitment to transparency in the wake of the Panama Papers revelations, Premier Dunkley stressed the importance of the 

During the discussion, Premier Dunkley said, “Bermuda is home to global award winning law firms, audit and consulting, fund administration and other financial services firms thrive in Bermuda.  It’s shouldn’t come as a surprise that an organization with the reputation of focusing on advanced education in regulation and compliance would be attracted to Bermuda.

“In 2014, we were delighted when the RCA partnered with Bermuda to invest and grow the Island’s intellectual capital in regulatory compliance. Last year at this symposium, I announced the launch of our pilot with over 20 local participants.

“Today, I am proud to announce that following the successful pilot and adoption of a final curriculum, the programme just granted full scholarships to 30 highly motivated Bermudian applicants out of a large pool of applicants. This programme trains Bermudians to deliver unmatched compliance, legal and operation services to fund managers. I want to take this opportunity to specifically thank RCA Chairman Walter Zebrowski and the entire local RBCC team for their support of this important initiative.”

The Premier concluded, “The Government is very encouraged with the results we are seeing because ultimately Bermuda will benefit. The lasting success of this initiative will be achieved through the continued support and active engagement of the Bermuda business community on several fronts; utilizing the programme for development of current employees; valuing the professional certifications obtained through the programme when recruiting for compliance roles; and encouraging individuals to pursue compliance certifications through this programme.”

The RCA Symposium began yesterday and concluded today. The host hotel was the Fairmont Southampton Princess. It should be noted that this is the second year in a row that the RCA has had its offshore Symposium in Bermuda, having moved it from the Cayman Islands.