Bermuda Monetary Authority chairman Cheryl-Ann Lister and a team of local business representatives depart for Boston today, with Mrs. Lister due to speak to a gathering of lawyers, those from the hedge fund sector and regulators, as well as key financial media journalists on the Island?s attractiveness as a jurisdiction for hedge funds.

The trip to Boston follows earlier trips this year to Chicago, New York and London, in April, May and November respectively, with Mrs. Lister giving an update, to those close to the industry, on Bermuda?s legislation and regulation of hedge funds.

It was not known if earlier trips ? in conjunction with Bermuda International Business Association (BIBA) executives and others from the Island?s business sector ? had led to any increase in the number of Bermuda-based hedge funds. Indeed, Mrs. Lister said the BMA?s tracking of investment vehicles does not break out hedge funds separately.

But Mrs. Lister stressed that her intent in speaking in these various cities ? key hedge fund centres ? on the subject of Bermuda as a hedge fund domicile was not done as a marketing exercise, but was educational in scope. ?Marketing is not our job,? she said, adding that she sought to educate people who may have gotten the wrong idea about Bermuda.

Mrs. Lister pointed, as way of example, to an international media report that, earlier this year, reported on an EU report that had been released, and talk of looking at taking a lighter hand at regulation to attract hedge funds to EU countries, which were said to be going to offshore domiciles, such as Bermuda, as a jurisdiction outside the ?long arm? of EU supervisors.

Mrs. Lister said that sort of misperception about the level of regulation in Bermuda abounded, and that there were many not familiar with the Island who assumed there was a poor level of regulation.

Despite a diligent level of regulation and review of existing legislation, Mrs. Lister said there continued to be ?a lot of ignorance (about) the effectiveness of our regulation in Bermuda?.

Mrs. Lister added that there are presently changes to the Collective Investment Scheme Act under consultation, with the intent of revising the laws to bolster regulation where necessary.

Mrs. Lister predicted that proposed revisions to that legislation could come before the House of Assembly by next summer. In terms of how tighter legislation could impact hedge funds, Mrs. Lister said little on the regulatory front would change ? unless there was a problem.

?From a hedge fund perspective, it will give us much more in the way of regulatory and intervention powers, if there is a problem. We will have effective tools to intervene on a timely basis,? she said.

In addition, the amendments would see the introduction of regulation of those who provide services to the hedge fund sector.

?For the first time we will licence fund administrators,? Mrs. Lister said.

She continued to say that tighter legislation would seek ensure that service providers to the sector were ?doing their job?.

Mrs. Lister?s speech in Boston will be followed by several media interviews, with her saying that the message she hoped to convey to the various audiences ? whether lawyers, those involved with hedge funds, those with a regulator capacity or the Press ? was that Bermuda was a ?quality jurisdiction with effective regulation?.