The first sessions of a new course designed to produce Bermudian compliance experts are under way.

Premier Michael Dunkley, speaking at a compliance and regulatory conference held on the Island last week, told the delegates that more than 20 people had signed up for sessions, including seven Bermuda College students.

The scholarships, run in partnership with the international Regulatory Compliance Association (RCA), are part of the Advanced Workforce Training Initiative.

At the RCA Regulation, Operations and Compliance Symposium, held at The Fairmont Southampton, Mr Dunkley said: “Here in Bermuda, the Government has assembled a local curriculum committee to work with the RCA, composed of representatives from asset management, funds services, legal compliance and our regulator.”

The committee chairman is New York-based Bermudian George Thomas, who was a driving force behind the programme on the Island.

“Bermuda partnered with the Regulatory Compliance Association and through the RCA’s generosity received 150 scholarships to its Law and Masters Concentration in Asset Management Practice, Compliance and Regulation,” Mr Dunkley added.

“The scholarships have become the basis for retraining Bermudians to deliver unmatched compliance, legal and operational services to fund managers.”

Mr Dunkley said that the Bermuda Government was keen to rejuvenate the fund and asset management business, which was a large part of the Island’s business in the late 1980s and 1990s.

He added that the Government had modernised its asset management laws, cutting bureaucratic red tape after talks with main players in the industry in the United States.

“One New York-based fund manager, who was part of the process, said his advice to clients today is that Bermuda ‘may be the best jurisdiction for offshore funds’, considering its cost benefits, practical regulations and access to officials,” Mr Dunkley said.

More than 200 leaders in alternative asset management and regulation attended the RCA conference, which included a keynote speech by Sir Russell Coutts, the chief executive officer of Oracle Team USA, the America’s Cup defender.

• For the Premier’s full remarks at the symposium opening, click on the PDF file under “Related Media”.