As the panellists observe, from a legal and marketing perspective, Bermuda’s selling points include:
- its combination of modern and flexible, but well-established, corporate and regulatory statutes, and common law legal principles
- its diverse and experienced legal profession
- the Constitutional independence and high ethical standards of its judiciary
- its designated and experienced Commercial Court, with specialist commercial judges
- its experienced Court of Appeal, with at least 1 or 2 commercial judges on its panel, and
- the availability of rights of appeal to the Privy Council in London
Since the importance of these selling points cannot be overstated (and the competition from other jurisdictions is relentless), the Bermuda Government and other agencies, including the BMA, the BDA, and the Bermuda Bar Council, need to work hard to ensure that adequate resources are professionally applied towards:
- the maintenance and improvement of the Bermuda Court system (at both a judicial and administrative level)
- the regulation and improvement of the legal profession, and
- statutory law reform, both on issues of corporate and regulatory law, and on issues of dispute resolution and litigation procedure.
Financial services do not stand still.