An assessment by the International Monetary Fund of the Island?s regulatory and supervisory regimes is nearing completion ? and the findings are expected to be made public early in the new year.

Bermuda Monetary Authority (BMA) superintendent of banking, trusts and investments, Munro Sutherland said the authority?s work on the IMF report ? titled the Review of Financial Sector Regulation and Supervision ? should be wrapped up this week.

He added that the report had identified a number of areas where changes or enhancements are recommended.

The review, which has been underway since 2003, is understood to be contained in two weighty tomes.

The first, about 50 pages in length, gives an overview of the findings including an executive summary. The second volume was said by Mr. Sutherland to be a much deeper assessment of what the IMF found during its lengthy review, which included an on-site visit in March, 2003.

The report ? yet another example of the Island?s systems being scrutinised by foreign bodies ? is part of the IMF regime for assessing the stability of offshore financial centres. The Island is one of 44 jurisdictions reviewed by the IMF with roughly half of the country reports already finalised and released.

Yesterday Mr. Sutherland said once the final touches are put on the report by an IMF editing team he expected it would be published on the IMF website. Although he could not say exactly how long the IMF would take, it was likely the report would be available in the next month.

Finance Minister Paula Cox said earlier in the year that she would deliver the report to Parliament as well as make the findings public through the Press.

Little light has been cast on exactly what the report contains but it is known to have already prompted some changes. One example of this was a tightening of insurance regulations passed by the House of Assembly and Senate earlier this month. Mrs. Cox has also said the review is likely to prompt further changes.

As for what happens once the report is finalised, Mr. Sutherland said recommendations were likely to become a published action plan for Government.

?There is no automatic timetable saying the IMF is looking for something to happen by a certain time. What has been agreed internationally is that the visits were round one of an ongoing process,? he said.

?In due course, the IMF is planning to go round the 40-odd jurisdictions again, so in the next few years Bermuda is likely to be invited to ask the IMF back again.?

Critics of Bermuda?s cooperation with the IMF review have said the Island must weigh following the recommendations carefully or risk losing its competitive advantage as a leading offshore jurisdiction.

One warning came earlier this month from Senator E.T. (Bob) Richards, cautioning that dancing to the tune of the IMF may not necessarily be in the best interest of the Island?s long-term success.

?Bermuda?s insurance industry is here because it isn?t like that of the US or Europe ? that?s why we have the business here,? Sen. Richards said.