1  Executive summary

1.1  Introduction

1.2  Financial services in Bermuda

1.3  Financial services regulation

1.4  Summary of principal findings

1.5  Conclusion

2  Methodology

2.1  Introduction

2.2  Scope of the review

2.3  Project governance

2.4  Approach to the review

3  Regulatory authority

3.1  Introduction

3.2  Principles relating to a regulator

3.3  Self-regulation

3.4  Factual assessment

3.5  Issues and recommendations

3.6  Oversight of the Bermuda Stock Exchange

3.7  Registrar of Companies

4  Banking

4.1  Introduction

4.2  Type and scale of banking activity

4.3  Factual assessment

4.4  Issues and recommendation

5  Insurance

5.1  Introduction

5.2  Type and scale of activity

5.3  Factual assessment

5.4  Issues and recommendations

6  Securities/investments

6.1  Introduction

6.2  Type and scale of activity

6.3  Factual assessment

6.4  Issues and recommendations

7  Collective investment schemes

7.1  Introduction

7.2  Type and scale of activity

7.3  Factual assessment

7.4  Issues and recommendations

8  Stock exchange

8.1  Introduction

8.2  Type and scale of activity

8.3  Factual assessment

8.4  Issues and recommendations

9  Companies

9.1  Introduction

9.2  Type and scale of activity

9.3  Factual assessment

9.4  Issues and recommendations

10  Company service providers

10.1  Introduction

10.2  Type and scale of activity

10.3  Factual assessment

10.4  Issues and recommendations

11  Partnerships

11.1  Introduction

11.2  Type and scale of activity

11.3  Factual assessment

11.4  Issues and recommendations

12  Trusts

12.1  Introduction

12.2  Type and scale of activity in Bermuda

12.3  Factual assessment

12.4  Issues and recommendations

13  Trust service providers

13.1  Introduction

13.2  Type and scale of activity

13.3  Factual assessment

13.4  Issues and recommendations

14  International co-operation

14.1  Introduction

14.2  Confidentiality

14.3  Co-operation between regulatory authorities

14.4  Co-operation between law enforcement authorities

14.5  Requests to other jurisdictions for assistance in criminal and regulatory matters

14.6  Co-operation between regulatory and law enforcement authorities

14.7  Co-operation on fiscal matters

14.8  Intelligence networks

14.9  Support

14.10  Issues and recommendations

15  Anti-money laundering

15.1  Introduction

15.2  Factual assessment

15.3  Issues and recommendations

16  Appendix 1