The Bermuda International Business Association has deemed a Bermuda Briefing held in London last week a success.

BIBA, a business organisation of Bermuda resident service providers, works with the private sector and Government to develop and promote the island as ?one of the world?s foremost centres for international business?.

This is the second time in so many years that BIBA has travelled to London to update UK industry leaders on Bermuda?s latest business initiatives and showcase the depth and breadth of the island?s expertise in hedge funds and trusts.

BIBA CEO, Deborah Middleton said this year?s forum provided opportunity to explain many of the new procedural and legislative changes that have taken place which enhance the business experience in Bermuda including Switzerland?s clarification that funds exempted from Bermuda?s Collective Investment Scheme Regulations 1998 would be out of scope of its home rules under the newly implemented European Union Savings Directive.

?The delegates welcomed the news of Bermuda?s unique and successful response to the European Union Savings Directive which puts Bermuda firmly on the map as a first choice jurisdiction for both funds and trusts in addition to our standing as one of the top three insurance centres in the world,? she said.

The event also included an overview of Bermuda?s regulatory environment and forthcoming Collective Investment Schemes initiatives and legislation.

While many of the entities taking part already have strong interests in Bermuda such as HSBC, Butterfield Private Bank, KPMG and PWC,other representation came from Aurum Funds, Baring Asset Management, ED&F Man Holdings, Barons Financial Services (UK), Credit Suisse, Jupiter International Group, Lehman Brothers, BNP Paribas Private Bank. The law firms of Eversheds, KSB Law, Rooks Rider, Norton Rose, Stikeman Elliot, Withers, Lawrence Graham were represented along with accounting firm Moore Stephens.

New BIBA chairman Lloyd Wiggan said: ?We were delighted to start the year with a raft of positive business news for the UK and European market. BIBA worked hard last year, together with the Ministry of Finance and Bermuda Monetary Authority, to ensure that we remain a key player in financial services.

?Our funds and trusts sectors are thriving and, thanks to new, market-focused legislative updates, will continue to do so in the future.?