NU Online News Service, Oct. 20, 10:42 a.m. EDT
The board of directors of the Bermuda Monetary Authority has announced that Jeremy Cox was appointed chief executive officer of the Authority, effective Jan. 1, 2010.
Mr. Cox, who is currently deputy chief executive officer of the BMA, succeeds Matthew Elderfield, who will be joining the Central Bank of Ireland early next year as director of financial regulation.
In a statement Mr. Cox promised to further Bermuda's commitment to a regulatory environment that follows international standards.
The BMA said Mr. Cox, who has been deputy CEO for the past two years, as CEO will lead strategic direction and operational developments at the Authority and oversee ongoing enhancements to Bermuda's financial services regulatory framework.
Mr. Elderfield, who has been BMA CEO since 2007, joined the Bermuda authority from the UK's Financial Services Authority, where he held a series of senior management posts. During his tenure at the BMA, he focused primarily on the Authority's preparations for regulatory equivalence with key overseas jurisdictions, as well as managing the impact of the global financial crisis.
Mr. Cox said, "There are many challenges facing financial supervisors around the world, especially in the wake of the financial crisis, and the Authority has a pivotal role in supporting Bermuda's interests."
"Bermuda remains fully committed to applying effective regulations that are in line with international standards. My own commitment to that process will continue via my ongoing chairmanship of the Reinsurance Transparency Group of the International Association of Insurance Supervisors and vice chairmanship of the IAIS Reinsurance Subcommittee, as well as by building on our existing regular dialogue and active interaction with the Authority's fellow regulators globally, particularly in Europe and the United States."
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