Bermuda was highlighted for underscoring the valuable role that offshore financial centres play in the global economy and, in particular, the growth and success of onshore businesses at 'The Future of Onshore and Offshore Financial Centres Conference' held in London, yesterday.

Among the key topics discussed was the Bermuda International Business Association's (BIBA) Economic Impact Study, which was completed in early 2009 and quantified the important role the Island plays in the US economy.

The one-day conference, which was chaired by Andrew Hilton from the Centre for the Study of Financial Innovation, was held at an important juncture in the development of offshore and onshore financial centres, particularly in relation to the Group of 20's (G20) agenda.

It followed on the G20's Pittsburgh meeting, where member nations reaffirmed its commitment to continue the fight against non-compliant offshore financial centres to protect the tax base of individual countries and ensure global regulatory compliance.

Keynote speeches were delivered at the event by Michael Foot, chairman, UK Office, Promontory Financial Group and author of the Foot Report and Jeffrey Owens, director of the Centre for Tax Policy and Administration, Organisation for Economic Co-operation and Development. Also, speaking on the future of offshore regulations was the departing CEO of the Bermuda Monetary Authority, Matthew Elderfield.

Cheryl Packwood, CEO of BIBA, said: "The message of the conference was clear that it was not enough to simply meet standards, but it will be vitally important for legitimate offshore financial centers to focus on being ahead of the curve in terms of their development and implementation of regulations and tax policy that meets and exceeds the standards of the onshore world.

"It was heartening to hear a noted panellist Richard Hay, a principal at Stikeman Elliot, single out Bermuda for praise in doing just that with its efforts and highlight the Association's Economic Impact Study as one of the most important research efforts conducted in 2009 because it put, in quantifiable terms, the role that Bermuda plays in the US economy in terms of aircraft, shipping, energy, insurance and reinsurance.

"The study delivered more than just rhetoric, but substance in terms of jobs, capital and investment across so many key segments of the US economy. Mr. Hay went on to say that efforts like that undertaken by Bermuda are an example of the type of effort that is key to 'winning hearts and minds in the onshore world'."

In addition to this conference in London, a Bermuda delegation was present at the GAIM Ops Europe Conference in Geneva, Switzerland from November 30 through to December 2, where leaders of hedge funds and funds of hedge funds came together to discuss solutions for overcoming operational issues and to address changes in regulatory frameworks.

Tom Davis, chairman of Meridian Fund Services, Stephen Castree, CEO of Equinoxe Alternative Investment Services, and his colleague Alan McKenna, were present at the conference and represented Bermuda and its fund administration business.