Bermuda and the business world have to work together to survive in an increasingly complex world, Premier Craig Cannonier told a conference on international regulation yesterday.

Mr Cannonier said: “This is truly about a partnership working together.”

He added that, when the OBA won power last December, he was surprised at the many layers of regulation on international finance and how often they changed.

Mr Cannonier said: “We are living in an ever-changing world where it seems the goalposts do move. It’s fluid.”

He was speaking at the fourth annual Bermuda Monetary Authority (BMA) International Regulatory Forum, held at the Hamilton Princess.

Mr Cannonier said that Government had put through the Investment Fund Act — designed to make it easier for companies to set up on the Island — in just four months after discussions with business leaders.

And he told the international gathering: “Gone are the days when Government put policies and legislation into place then comes to you afterwards and says ‘does this fit you?’”

He added that it was important the Island “brought product to the market swiftly” to help the economy and business “survive the next few years”.

Mr Cannonier said: “I believe, in partnership, we can make wonderful things happen.”

He added: “We will continue to put you first and continue to remember the organisations you represent are run by people.”

Mr Cannonier said: “Here in Bermuda we have an intellectual capital which is second to none. We have a one-stop shop which I believe is second to none.

“This is a wonderful place where you can simply get things done.”

Mr Cannonier said that the BMA had made a major contribution to keeping Bermuda ahead of the game — and in protecting its image as a well-run jurisdiction with a world-leading reputation in regulation.

He added: “When we do travel and say ‘Bermuda Monetary Authority’, everybody knows this is a high-quality destination.”

Opening the conference, Shanna Lespere, BMA director of operations, said that the conference topics, which include banking supervision and global financial stability and the need to strike a balance between regulation and business development in asset management were vital to charting a course in an “evolving environment”.

She added: “The relevance of the topics in our programme also indicate another important point — Bermuda’s continued relevance as a sophisticated financial centre.”