Guidelines for keeping information and records straight for all Bermuda’s financial sectors will be put in place with a bill being debated in the House of Assembly today.The Specified Business Legislation Amendment Act is designed to bring greater tax transparency on the Island and follows recommendations by the Organisation of Economic Co-operation and Development.It comes after the OECD, which met this week at Fairmont Southampton for a global forum, carried out a review of Bermuda’s legislative and regulatory framework last year.Bermuda met all the necessary criteria for effective exchange of information, according to Premier and Finance Minister Paula Cox, but OECD identified some inconsistencies in its overall set-up, which the Act aims to put right.Tabling the bill two weeks ago, Ms Cox said it would illustrate Bermuda’s commitment to progress in line with the OECD’s recommendations.In what’s expected to be a brief House sitting today, the only other piece of legislation which may be up for discussion is the Bermuda Small Business Development Corporation Amendment Act.This bill paves the way for medium-sized businesses to get the same kind of breaks as small businesses from Government’s initiative to help local firms during the economic crisis.It defines medium-sized business as Bermudian-owned, owner operated firms with three of the following criteria:l gross annual revenue between $1 million and $5 million;l net assets of less than $2.5 million;l annual payroll between $500,000 and $2.5 million;l between 11 and 50 employees;l been operating for at least ten years.