Daily Stock Setups

Bermuda to Get New Top Financial Regulator

Posted on: Tue, 20 Oct 2009 11:28:00 EDT

Symbols: IRE

Do you know when to trade IRE ?

Check for a PowerRating from TradingMarkets

HAMILTON, Bermuda, Oct 20, 2009 (A. M. Best via COMTEX) --
IRE | Quote | Chart | News | PowerRating -- Jeremy Cox has been named chief executive officer of the Bermuda Monetary Authority effective Jan. 1, succeeding Matthew Elderfield, who is leaving his post to take a position with the Central Bank of Ireland.

Cox is has been deputy CEO of the BMA for the past two years. As CEO, Cox will lead the strategic direction and operational developments at the authority, as well as oversee the ongoing enhancements to Bermuda's regulatory framework for financial services.

Elderfield, who has been CEO since 2007, will become the Central Bank of Ireland's director of financial regulation early next year.

"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," Cox said in a statement. "I look forward to leading our efforts in that regard with the board and the committed staff at the BMA. Bermuda remains fully committed to applying effective regulations that are in line with international standards."

Cox said he will continue to chair the Reinsurance Transparency Group of the International Association of Insurance Supervisors, and serve as vice chairman of the IAIS Reinsurance Subcommittee. Also, he said he'd continue to build on Bermuda's existing regular dialogue with fellow regulators globally, particularly in Europe and the United States.

Attempts to reach Cox for additional comment were not immediately successful.

The Authority regulates Bermuda's banks, trust companies, investment businesses and insurance companies. It also regulates the Bermuda Stock Exchange, and issues currency.

The BMA has had a flurry of regulatory activity in the past month, as regulators prepare to meet the next wave of new capital to enter the insurance market, and as well as gear up to meet the demands of Solvency II.

The BMA is launching a new regulatory framework for special purpose insurers, as well as issuing several draft proposals designed to meet the requirements of Solvency II, the new regulatory framework established by the European Union. The BMA also launched a new online system for companies to register with the authority electronically (BestWire, Oct. 8, 2009).

(By Meg Green, senior associate editor, BestWeek: Meg.Green@ambest.com)

For full details on The Governor and Company of the Bank of Ireland (IRE) IRE. The Governor and Company of the Bank of Ireland (IRE) has Short Term PowerRatings at TradingMarkets. Details on The Governor and Company of the Bank of Ireland (IRE) Short Term PowerRatings is available at This Link.

More News: Market Updates | Stock Alerts | All Trading News

Disclaimer:

The Connors Group, Inc. ("Company") is not an investment advisory service, nor a registered investment advisor or broker-dealer and does not purport to tell or suggest which securities or currencies customers should buy or sell for themselves. The analysts and employees or affiliates of Company may hold positions in the stocks, currencies or industries discussed here. You understand and acknowledge that there is a very high degree of risk involved in trading securities and/or currencies. The Company, the authors, the publisher, and all affiliates of Company assume no responsibility or liability for your trading and investment results. Factual statements on the Company's website, or in its publications, are made as of the date stated and are subject to change without notice.

It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable or that they will not result in losses. Past results of any individual trader or trading system published by Company are not indicative of future returns by that trader or system, and are not indicative of future returns which be realized by you. In addition, the indicators, strategies, columns, articles and all other features of Company's products (collectively, the "Information") are provided for informational and educational purposes only and should not be construed as investment advice. Examples presented on Company's website are for educational purposes only. Such set-ups are not solicitations of any order to buy or sell. Accordingly, you should not rely solely on the Information in making any investment. Rather, you should use the Information only as a starting point for doing additional independent research in order to allow you to form your own opinion regarding investments. You should always check with your licensed financial advisor and tax advisor to determine the suitability of any investment.

HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN INHERENT LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING AND MAY NOT BE IMPACTED BY BROKERAGE AND OTHER SLIPPAGE FEES. ALSO, SINCE THE TRADES HAVE NOT ACTUALLY BEEN EXECUTED, THE RESULTS MAY HAVE UNDER- OR OVER-COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN.

The Connors Group, Inc.
10 Exchange Place, Suite 1800
Jersey City, NJ 07302

All analyst commentary provided on TradingMarkets.com is provided for educational purposes only. The analysts and employees or affiliates of TradingMarkets.com may hold positions in the stocks or industries discussed here. This information is NOT a recommendation or solicitation to buy or sell any securities. Your use of this and all information contained on TradingMarkets.com is governed by the Terms and Conditions of Use. Please click the link to view those terms. Follow this link to read our Editorial Policy.