A visit to Belgium by Finance Minister Bob Richards has raised Bermuda’s profile in the Europeant Union, he told the House of Assembly yesterday.Mr Richards was in Brussels for informal meetings with European Union officials and politicians on June 4 and 5.“The meetings were informal in the sense that no negotiations were involved, nor was I required to take a formal position on any issue,” he said.“Like previous visits, this visit raised Bermuda’s profile in the EU at a time when a number of decisions of importance to Bermuda are in the pipeline. These include the revision of the Overseas Association Decision, the conclusion of the Solvency II and Omnibus II legislation on insurance, the entry into force in July of the Alternative Investment Fund Managers Directive and the formulation of new EU measures on direct taxation.”Mr Richards added: “The visit was also timely in the sense that the EU itself is currently in the throes of the most serious political, economic and institutional crisis since its creation more than 60 years ago.“The visit focused on all aspects of Bermuda’s relations with the EU, including: the political, institutional, economic and legal situation of the EU; tax; financial services; and audit.“Generally, the results of the meetings indicated that the Bermuda financial sector model has some visibility with all of the stakeholders that I met. The meetings were opportunities to hear from the EU about how Bermuda can improve its relationship to help businesses in Bermuda and in Europe to succeed. The visit also provided an opportunity to confirm that the Government of Bermuda takes an inclusive view of, and has an understanding of, the key risks to Bermuda’s reputation.”Mr Richards added that Bermuda was not asked to commit to any other EU directives.“Following the first day of meetings, a senior level dinner was hosted by the Association of Bermuda Insurers and Reinsurers. It provided an opportunity for the private sector to engage senior European as well as US regulatory officials directly about topics, outcomes, and proposals on the EU reinsurance agenda.“The broader environment in which business operates has been altered. In Bermuda, financial institutions are the most directly affected by the changes in external regulatory policy. This is especially true in areas such as insurance, reinsurance, banking, asset management and trust business.“Only by having a strong grip on the factors that drive your reputation, and having a deep understanding of how stakeholders perceive the Government, and of their shifting concerns, will we be able to assess accurately the likelihood and impact of regulatory risks facing Bermuda.”