The chairman of the International Business Forum, Jan J. Spiering, has advocated greater freedom in Bermuda for international trade.

And he has warned that in the absence of deregulation or liberalisation in some regulations, international business development in Bermuda could fall behind its chief competitors.

Mr. Spiering is just one of a number of Bermuda business people who believe that long-time protectionist trade restraints should be reviewed, or amended, and in some cases, removed.

He declared that the 60:40 rule that restricts business control and ownership has sometimes worked against the interests of Bermudians.

He agreed with the Bank of Bermuda that such legal restrictions could prevent the Island's largest indigenous financial institution from fully realising its international potential.

He reiterated the bank's view that it is doubtful there is enough available money in Bermuda the bank could attract to allow it to establish the required capital base to compete "head-to-head'' with some international banks.

He stated: "The restriction, in my view, is preventing Bermudians participating to the full extent that the institution could become an international banking powerhouse.'' And generally, he said: "There are huge moves internationally, including from regulators, for a greater freedom of international trade.

"In that regard, I would like to see some liberalisation in certain areas, where, if we don't do it, the competitive world will pass us by.'' "The 60:40 issue should be looked at. And there are a lot of little things, such as the prohibition on one exempt company selling to another in certain industries in Bermuda.

"While in some cases special permission can be obtained, the restrictions are sometimes unnecessary. You can't currently, as an exempted investment management company sell your services to other exempt companies.

"But there are international pressures that make us do certain things.

Liberalisation will be necessary for the future.'' Mr. Spiering acknowledged that protectionist measures were established to shield Bermuda companies from the unfair competition of much more developed international businesses.

He commented: "There are obviously a lot of sensitivities in any kind of proposed liberalisation. Some people will stand up and ask why their particular industry is being targeted.

"And it is clear that Bermuda could never withstand a "big bang'' approach to liberalisation of some of the protectionist policies. It could lead to serious uncertainty as to where we would end up. The Island would be completely at the whim of the international world.

"But if you opened up a small, particular area, you could see the benefits.

We should remember what has occurred in the area of insurance, especially because of how successful that has been.

"There were very few restrictions on the insurance business when it came here. There were always regulatory issues. But many of the insurers are here because they feel there are less regulatory restrictions and problems than there are in other jurisdictions.

"When the insurance industry was allowed to set up here, you had a lot of foreign brokers who were able to come here and do business. They weren't covered by a 60:40 requirement. They had a lot of freedom.

"There wasn't that much regulation and restriction placed on business back then. But what have we ended up with in insurance? A true market. There are buyers, sellers and brokers.

"Such regulatory benefits could possibly be extended to an area like the investment management business. It fits in nicely with the financial services concept. And I'm talking about looking at industries we can support, given the Island's infrastructure limitations.'' Spiering looks to future: Page 13 Jan Spiering CONFERENCE CON