Greg Wojciechowski, head of the Bermuda Stock Exchange, says a boost to the Investment Business Act last year gave the Island's regulatory body oversight powers for the BSX as strong as any other jurisdiction.

Mr. Wojciechowski spoke with after the International Monetary Fund (IMF) said Bermuda's financial, regulatory and supervisory framework was "well developed" in most areas, but pointed out some areas of weakness including the need for "greater oversight of the stock exchange by the BMA".

The IMF assessment pre-dates some enhancements to Bermuda's financial legislation and regulatory frameworks, according to Finance Minister Paula Cox.

On the investment side, those 'enhancements' included the introduction of the new Investment Business Act 2003 as well as the Criminal Code Amendment Act 2004, to introduce general offences relating to insider dealing and unfair manipulation in securities markets. Mr. Wojciechowski said enhancements to the Investment Business Act had dealt with the IMF concerns on the regulation of stock exchanges to a point where "it can't really do more, as it would be stifling".

The Investment Business Act took effect at the end of January, 2004. In addition, Mr. Wojciechowski said a change to Bermuda's Criminal Code last August now gave the Island powers to crack down on insider trading ? a development he said had already been in the works when the IMF made their visit to the Island two years ago.

"That was key for Bermuda, as it really takes us to the next level" of protecting investors, he said. Mr. Wojciechowski also pointed out that Bermuda was the first offshore jurisdiction to license investment intermediaries. For its part, he said the BSX itself had an intensive two-day meeting with IMF representatives during their March, 2003 'mission' to Bermuda, including being probed on how the BSX handles disputes, how it deals with flags that indicates a possible issue, and more.

"I'm delighted; we spent a lot of time, and I'm glad it came out right," said Mr. Wojciechowski. He said he saw the fund's final Bermuda report as being "solid, conclusive support of this country".

"Bermuda's ability, as a newer jurisdiction, to hit the motherhood issues and hit them right is very good. Somebody has lifted the hood, tinkered and found that we take care of our assets," he concluded.