Details of a new code of conduct for e-commerce companies -- which could be the first of its kind in the world -- were unveiled by Telecommunications and E-commerce Minister Renee Webb yesterday.

The Minister was at a power breakfast meeting hosted by the Bermuda International Business Association while attending the Risk & Insurance Management Society conference annual meeting in the city.

She explained the details of the code, which will go into effect on July 3, 2000, which applies to all Internet and e-commerce service providers connected in Bermuda.

Ms Webb said: "E-commerce is truly the wave of the future, and Bermuda has every intention of riding this wave to the fullest. We are also the only jurisdiction with legislation that preserves a flexible operating environment while promoting the regulatory regime and transactional clarity that businesses need.'' The power breakfast, which was also attended by Premier Jennifer Smith and Finance Minister Eugene Cox, had been arranged to promote Bermuda as the place to do business in the new world economy.

Ms Webb said: "We are proud to be able to unveil the Standard for Electronic Transactions (Code of Conduct) for intermediaries and e-commerce service providers.'' Code of conduct She added: "The code sets out to establish minimum standards, which fall into the following categories: observe business integrity, know your customer, know your own business, protect personal data, avoid abusive usage, advertise truthfully, deal fairly and openly with customers and settle complaints and disputes as quickly and fairly as possible.'' Ms Webb explained to the delegates that Bermuda had forged the way in e-commerce and was keeping ahead of the pack.

"By keeping aware, monitoring trends and facilitating an environment conductive to e-business, Bermuda has been at the forefront of this boom.

"Our Island was the first jurisdiction in the world to devote an entire government department to e-commerce. We have also enacted omnibus legislation that preserves Bermuda's flexible environment while fostering the regulatory regime and transactional clarity that businesses and jurisdictions need.

"In fact our legislation been held up as a model for many jurisdiction to emulate drafting theirs.'' Ms Webb explained that the 1999 Electronic Transactions Act laid a strong foundation for conducting e-commerce on a technology neutral basis.

She explained that the act was developed in close consultation with the Bermuda business community and provides a high degree of self-regulation and she said it was flexible enough to embrace new technological developments.

After the meeting Ms Webb explained that the code had real teeth as those who do not comply with it can be taken to court and fined.

She added: "The standard provides investor confidence by protecting their interests whilst maintaining the regulatory checks and balances in order to protect Bermuda's reputation. This code is decidedly customer and user friendly and is harmonious with Bermuda's existing light, but effective regulatory environment, The code allows businesses to operate within the construct of their own standard.'' At the end of the breakfast Ms Webb invited those gathered to become part of the Bermuda "family''.

"If you are looking for an offshore jurisdiction, please feel free to come to Bermuda. We are most hospitable and you are welcome to come to our shores.'' BUSINESS BUC