Bermuda's financial institutions will have to wait at least a week before they get the all-clear from a report on the Island's financial regulations.

Finance Minister Eugene Cox is still in London discussing the implications of a KPMG report into Bermuda's financial regulatory systems -- and has not yet given a thumbs-up signal on its content.

And it will be at least a week before it is released.

It is understood Mr. Cox was involved in meetings with other overseas territories and Foreign Office officials yesterday, to discuss the next step for the Island with the information.

A Foreign Office spokesman said part of the meeting would be to discuss how the information contained in the document would be released to the public.

KPMG refused to disclose its contents, saying its release was up to the FCO which had commissioned it.

The report was done after the UK Government became concerned about some of the financial practices in some overseas territories.

It was Bermuda's suggestion that an independent company be commissioned to write it, to remove any suggestion of bias. It was to look into regulations policing banks and other financial institutions.

The news comes as some Caribbean countries have complained about remaining on the Organisation for Economic Co-operation and Development's (OECD) list of harmful tax havens.

Bermuda was left off the list earlier this year, but Bahamas, Cayman Islands and other countries from the region were included. And they are angry they are still on after the OECD reviewed the list last week in Spain.

BUSINESS BUC