Regulation in an ever-evolving economy post-credit crunch was the focus for Conyers Dill & Pearman's eighth Annual Offshore Law Seminar held in New York.

More than 100 lawyers and financial executives attended the event, which was hosted by the law firm at the Grand Hyatt, to learn how the top financial centres have combined innovative legislation with sound regulation to meet the standards of the Organisation for Economic Co-Operation and Development and the Group of 20 nations.

A panel of Conyers lawyers provided an in-depth look at the state of the market and the impact of the credit crunch on legal systems in the major jurisdictions of Bermuda, the Cayman Islands, British Virgin Islands (BVI) and Mauritius.

In Bermuda, new partnership legislation introduced this summer is expected to improve the efficiency of formation and administration of the Island's partnerships and streamline procedures for overseas partnerships, as well as being particularly welcomed by investment fund clients.

The Companies Act was also revised this year to improve the efficiency for Bermuda companies listed on US exchanges.

Anthony Whaley, partner in the firm's Bermuda office, said: "We are pleased to be able to deliver insight on the leading jurisdictions to onshore lawyers, particularly during this time of global economic uncertainty.

"The audience's response was very positive, and we look forward to next year's forum."

Robert Briant, managing partner of Conyers' BVI office, had opened the seminar by saying there was a distinction between offshore financial centres and tax secrecy jurisdictions.

"The jurisdictions we advise on are tax neutral locations that facilitate international cross-border transactions," he said. "Bank secrecy jurisdictions facilitate the confidentiality of one's affairs.

"The difference could not be more stark. Each of our jurisdictions plays a legitimate role in global transactions, and all are on the OECD White List."

He also gave an update on the BVI commercial court and upcoming Securities and Business Act, which will require every BVI company worldwide which carries out investment business to be licensed.

Richard Finlay, managing partner of the firm's Cayman Islands office, then discussed the latest developments in the Cayman Islands.

"Cayman has modernised its partnership legislation in response to the increased use of exempted limited partnerships by private equity and hedge funds," he said.

"Also, we are pleased to report this quarter that for the first time since 2008, there has been an increase in the number of funds being licensed in Cayman.

"Another important development is the admission of CIMA as a member of IOSCO, which will allow Cayman funds access to emerging markets like India. The timing could not be better: we are already seeing Cayman funds investing in India through Mauritius subsidiaries."

Devalingum Gopalla, a Mauritius associate based in Conyers' London office, talked about Mauritius as the jurisdiction of choice for structuring investments into Africa, India and China.

"Mauritius has an extensive network of double taxation treaties and offers something different to the traditional offshore jurisdictions," he said.

"It is attracting some of the biggest enterprises in the US and Europe who are looking to invest in emerging markets, and has fast become a hub for private equity investment into Africa.

"Mauritius already accounts for about 44 percent of foreign direct investment into India. We are seeing increased interest from China in investing in Africa through Mauritius."