Bermuda's reputation as a "safe haven" for businesses and investors during the financial crisis has proved to be a key selling point for the jurisdiction, according to Finance Minister Paula Cox.

The Minister, who was the keynote speaker at the Annual Bermuda Financial Services Conference held at The Harvard Club in New York yesterday, told The Royal Gazette that she was happy with the findings of the Organisation for Economic Co-operation and Development's Peer Review Group report published yesterday, which said that the Island had the legal framework in place to meet international tax transparency standards and will now move on to the second phase of the review.

Ms Cox said she had been struck by the level of interest in Bermuda from around the world throughout the conference, particularly given the impact of the economic downturn and people looking for a credible and sound regulatory place to do business. Cheryl Packwood, CEO of Business Bermuda, said that more than 300 people attended the event, with representatives from the financial and re/insurance sectors, including New York firms USB, Morgan Stanley and Merrill Lynch, as well as lawyers and accountants.

She said the main point about this year's conference compared to previous years was the receptiveness to Bermuda as a top financial centre that is able to meet their financial and regulatory requirements. The conference, which focused on business developments and opportunities in Bermuda, kicked off with a pre-conference Bermuda summit featuring an offshore overview panel with guest speaker Jeremy Cox, CEO, Bermuda Monetary Authority, Pamela Burrows, Assistant Financial Secretary at the Ministry of Finance, Greg Wojciechowski, CEO of the Bermuda Stock Exchange, Theresa Paiz Fredel, sovereign wealth analyst, Fitch Ratings, and Michael Tannenbaum of Tannenbaum Helpern Syracuse & Hirschtritt. The panel highlighted the key benefits of the jurisdiction and provided an insight into its position in the offshore world.

Minister Cox then spoke over lunch on the state of the Island's economy versus other financial centres.

Panel sessions ranged from infrastructure and hedge funds, capital markets, re/insurance and captives, to convergence, aircraft and shipping registry, private wealth management and banking.

Key issues including tax policy, regulation and Bermuda's role in offering a new range of financial solutions that will provide the capital and risk management expertise to boost the global economy were also discussed.