Burt: Bermuda primed to deal with Brexit
Legislation covering Bermuda for Britain’s departure from the European Union was passed in the House of Assembly on Friday.
David Burt, the Premier, said that the EU Withdrawal (Consequential Amendments) Bill 2020 would “ensure continuity now that the UK has left the EU in key areas of company law and investment business”.
He added: “Honourable Members will be aware that whilst the UK has left the EU, there is a transition period, during which a number of arrangements are being negotiated, particularly on trade and other regulations.
“As such, there may be a need to make further amendments to Bermuda’s laws to preserve our competitive advantage in financial services to ensure we meet international obligations.”
Mr Burt said the Bill would be deemed to have come into effect on January 31, in line with Brexit.
He called the situation “new international ground”.
Mr Burt explained: “Negotiators on both sides have found there is much to do and a very short time in which to get it done.
“This Bill will ensure that Bermuda is ready and able to adjust, whatever continues to be decided in this transition period, and will provide the framework for our continued responsiveness to this change in this relationship between the UK and the EU.”
Craig Cannonier, the Opposition leader, said the “compulsory” amendments needed to be made “to ensure that business carries on as usual”.
He added: “They need to be done ASAP.
“We don’t have any reservation. We support this wholeheartedly.”
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