Premier in EU talks

WEDNESDAY, JUNE 22: Premier Paula Cox visited Brussels, Belgium, this week to gain a greater insight into the workings of the European Union.

A Cabinet Office statement said: “Until now, outside the field of insurance — and with the exception of those responsible for Overseas Territories — Bermuda is not well-known within the EU institutions and Member States.

“The Premier will provide an understanding of Bermuda’s constitutional situation, both internally and with regard to the UK, and set out its strategy towards the EU and how this relates to Bermuda’s other bilateral and multilateral relationships.

“UK authorities have made clear they welcome the initiative by Bermuda to be more proactive in its relations with the EU and its Member States.

“Premier Cox will highlight the way in which Bermuda currently participates in the work of international organisations such as the OECD, FATF, IMF, IOSCO, IAIS etc., Bermuda’s white-listing in the OECD and its track record of concluding TIEAs.

“Beneficial to our developing relations with the EU are Bermuda’s seeking equivalence under Solvency II (a process which is already underway) and its achieving recognition under the 2006 Statutory Audit Directive.”

Today the Premier will sign a Tax Information Exchange Agreement (TIEA) with the Republic of Indonesia.

It will be the 25th TIEA to be signed by Bermuda.