Speeches by N. H. Cole Simons

26 Jul 2019 House of Assembly

Official Hansard Report - House Of Assembly

7 words

—South Africa and other A frican countries.

26 Jul 2019 House of Assembly

Official Hansard Report - House Of Assembly

3 words

Just be quiet.

26 Jul 2019 House of Assembly

Official Hansard Report - House Of Assembly

79 words

So, Mr. Speaker , there were concerns, and I am pleased to learn that if a foreign national has qualified in a jurisdiction and they want to practice and use their designations, they have to bas ically register with the accounting regulatory body. So what does this mean for the regulatory body, Mr. Speaker ? Well, it means that the …

26 Jul 2019 House of Assembly

Official Hansard Report - House Of Assembly

13 words

Canada, yes. Philippines — Bermuda House of Assembly Another Hon. Member: United States.

26 Jul 2019 House of Assembly

Official Hansard Report - House Of Assembly

274 words

—Hong Kong, and so f orth, and the United States, and look at the credentials to make sure that they are qualified to practice in Ber-muda. And so, again, I am delighted. It is an extension of their responsibility, but it is the right thing to do, Mr. Speaker . Mr. Speaker , the other issue that I would like …

26 Jul 2019 House of Assembly

Official Hansard Report - House Of Assembly

196 words

I did not have much as far as the . . . like I said, I am delighted that the accounting regulatory body has grown from a regulator of CAs [Chartered Accountant] and CGAs [Certified General Accountant] to cover other disciplines of the account-ing industry. And so they are more embracing and they take a more national role instead of …

26 Jul 2019 House of Assembly

Official Hansard Report - House Of Assembly

91 words

Yes. In regard to the Minister’s just recent comments, I am referring to [clause 2] (5) “a member of 2348 26 July 2019 Official Hansard Report Bermuda House of Assembly CPA.” He indicated that once a member leaves Bermuda his name will come off the register if he does not pay his annual subscription. I have no problem with this. …

26 Jul 2019 House of Assembly

Official Hansard Report - House Of Assembly

16 words

Question: “Resident” meaning that he must have a work permit? Hon. Diallo V. S. Rabain: Yes.

26 Jul 2019 House of Assembly

Official Hansard Report - House Of Assembly

14 words

Thank you, Mr. Chairman. I would like to refer the Minister to item 2.

26 Jul 2019 House of Assembly

Official Hansard Report - House Of Assembly

4 words

Sorry. Clause 2, yes.

26 Jul 2019 House of Assembly

Official Hansard Report - House Of Assembly

20 words

Physical presence, [new section 4A(2)(a)], and it states, “ where the strategic and operational decisions of the licensed undertaking occur;”—

26 Jul 2019 House of Assembly

Official Hansard Report - House Of Assembly

202 words

The question that I have is, Mr. Chairman, we know that we have a lot of international organisations here in this country; Bank of New York; Mellon; Citco; HSBC Securities; Lombard Odier ; Maples; MUFG Fund Services; Walkers, [and] R&H [Rawlinson & Hunter] . And we know that a lot of the strategic and operational decisions are made outside of …

26 Jul 2019 House of Assembly

Official Hansard Report - House Of Assembly

12 words

I will declare my interest in that I work in the industry.

26 Jul 2019 House of Assembly

Official Hansard Report - House Of Assembly

19 words

What about [subclauses] (c) and (d) in regard to directors who live overseas and make the strategic decisions overseas?

26 Jul 2019 House of Assembly

Official Hansard Report - House Of Assembly

15 words

Thank you, Mr. Speaker. I declare my interest. I work for a financial institut ion—

26 Jul 2019 House of Assembly

Official Hansard Report - House Of Assembly

207 words

—that does trust business. Mr. Speaker, as we know, we are evolving into the digital age. A number of these trusts are hol ding, as custodians, digital assets. So can the Minister provide clarity around whether the digital assets and the management thereof as custodians will be bound by the digital asset legislation that we put in place earlier this …

26 Jul 2019 House of Assembly

Official Hansard Report - House Of Assembly

52 words

Again, with the a dvent of these digital assets, are we going to require that trust professionals have new qualifications to play in this space? Because they can put their trust client’s assets at risk if we do not have the appropriate qualifications to manage these digital assets in the trust space.

26 Jul 2019 House of Assembly

Official Hansard Report - House Of Assembly

5 words

Clause 6, Mr. Chairman, 57B.

26 Jul 2019 House of Assembly

Official Hansard Report - House Of Assembly

91 words

Just for clarity and to help me understand, it says [that] the Authority may exempt prudential standards or requirements. Can the Mini ster give me an example of an occasion whereby the Authority would exempt an institution from the prudential standards or requirements? It was in the last piece of legislation, and I was slow to take off, and I …

26 Jul 2019 House of Assembly

Official Hansard Report - House Of Assembly

177 words

Thank you. I understand what the Minister has said, but from a commercial point, can you give us a live exam2378 26 July 2019 Official Hansard Report Bermuda House of Assembly ple of how it may occur and [under] what circumstances will I, as a company, be able to apply for exemption from the prudential rules? That is my question. …