Elderfield Named New Bermuda Monetary Authority CEO

April 16, 2007

The Bermuda Monetary Authority, which among other things regulates the island’s insurance industry, announced that Matthew Elderfield has been appointed as the organization’s next CEO. He “brings 20 years of experience in international financial services regulation to the Authority,” the bulletin noted, “encompassing supervision, policy and risk management and high-level advocacy in the US and Europe.

Elderfield will officially take over from the current CEO, Cheryl-Ann Lister, on July 16. She will remain with the organization through a handover period until August 17.

“Elderfield has been Head of Department, Major Retail Groups Division within the Financial Services Authority (FSA) [the UK financial services regulator] since December 2004. In this position, he has been responsible for the supervision of eight banking groups including Barclays, HSBC, Lloyds TSB and Royal Bank of Scotland,” said the announcement. He was with the FSA for eight years, and, among other tasks represented the FSA on the Basel Accord Implementation Group, and Chairs the FSA’s Basel Model Approval Panel. The Basel Accords cover EU regulatory procedures for banks.

“We are delighted to welcome Matthew to the BMA team,” stated Chairman Alan Richardson. “His career has been highlighted with an impressive technical ability, as well as a progressive and outstanding record of achievement in all of the positions he has held.”

Elderfield responded that he was “looking forward to working with the BMA’s Board, staff and stakeholders to determine how the work of the Authority should develop in the changing international regulatory environment.”

Richardson also praised Lister’s work over the last eight years. He expressed the BMA’s gratitude for “her continued commitment to the Authority. He also offered “on behalf of the Board, management and staff of the BMA,” their “sincere appreciation of her outstanding contribution in leading the organization to this point and also for her support through this transition period.”

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