DOCSLIB.ORG

Offering Circular

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Offering Circular OFFERING MEMORANDUM U.S.$665,000,000 3.717% Senior Notes Due 2027 The Government of Bermuda is offering $665,000,000 aggregate principal amount of its 3.717% Senior Notes due 2027. The notes will bear interest at a rate of 3.717% per year, accruing from October 19, 2016. Interest will be payable on January 25 and July 25 of each year, commencing on July 25, 2017. The notes will mature on January 25, 2027, unless earlier redeemed. The Government may redeem the notes, in whole or in part, at any time by paying the greater of the outstanding principal amount of the notes and a “make-whole” amount calculated by the Government. In addition, we may redeem the notes, in whole or in part, at any time on or after October 25, 2026 (three months prior to the maturity date of the notes) at a redemption price equal to 100% of the principal amount of notes to be redeemed, plus accrued and unpaid interest. See “Description of the Notes—Optional Redemption.” The notes will be general, direct, unconditional, unsubordinated and unsecured obligations of the Government and will rank pari passu with all of its other existing and future unsubordinated and unsecured debt. It is understood that this provision will not be construed so as to require the Government to make payments under the notes ratably with payments being made under any other external indebtedness. The notes will be backed by the full faith and credit of the Government. The notes will contain “collective action clauses.” Under these provisions, which differ from the terms of the Government’s Public External Debt issued prior to this offering, the Government may amend the payment provisions of any series of debt securities issued under the indenture (including the notes) and other reserve matters listed in the indenture with the consent of the holders of: (1) with respect to a single series of debt securities, more than 75% of the aggregate principal amount of the outstanding debt securities of such series; (2) with respect to two or more series of debt securities, if certain “uniformly applicable” requirements are met, more than 75% of the aggregate principal amount of the outstanding debt securities of all series affected by the proposed modification, taken in the aggregate; or (3) with respect to two or more series of debt securities, more than 66-2/3 % of the aggregate principal amount of the outstanding debt securities of all series affected by the proposed modification, taken in the aggregate, and more than 50% of the aggregate principal amount of the outstanding debt securities of each series affected by the proposed modification, taken individually. See “Description of the Notes— Meetings, Amendments and Waivers.” Application has been made to list the notes on the official list of the Luxembourg Stock Exchange and to trading on the Euro MTF Market (the “Euro MTF Market”). Application has also been made to list the notes on the Bermuda Stock Exchange (the “BSX”). Estera Securities (Bermuda) Limited has been appointed as the BSX listing sponsor for the notes. The BSX takes no responsibility for the contents of this document, makes no representations as to its accuracy or completeness and expressly disclaims any liability whatsoever for any loss howsoever arising from or in reliance upon any part of the contents of this document. Investing in the notes involves risks. See “Risk Factors” beginning on page 9 of this offering memorandum. _____________________ Offering Price: 99.986%, plus accrued interest, if any, from October 19, 2016. _____________________ The notes have not been registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), or the securities laws of any other jurisdiction. The notes will be offered only to qualified institutional buyers in the United States under Rule 144A of the Securities Act and to persons outside the United States under Regulation S of the Securities Act. For a description of certain restrictions on transfer of the notes, see “Transfer Restrictions” and “Plan of Distribution.” This offering memorandum includes particulars given in compliance with the listing regulations of the Luxembourg Stock Exchange and the BSX for the purpose of providing information with regard to the Government. The notes are expected to be delivered to the purchaser on or about October 19, 2016 in book-entry form only through the facilities of The Depository Trust Company (“DTC”) and its direct and indirect participants, including Euroclear Bank S.A./N.V. and Clearstream Banking, société anonyme. This offering memorandum constitutes a prospectus for purposes of Part IV of the Luxembourg law on prospectus securities dated July 10, 2005, as amended. _____________________ Sole Bookrunner HSBC The date of this offering memorandum is November 23, 2016. TABLE OF CONTENTS Presentation of Economic, Financial and Employment, Union Representation & Statistical Information .......................................iv Salaries ......................................................45 Forward-Looking Statements ....................................v Balance of Payments and Foreign Trade..........47 Summary....................................................................1 Money Supply and Foreign Currency Position......................................................49 Risk Factors...............................................................9 Public Finance .........................................................52 Use of Proceeds .......................................................14 Overview ..........................................................52 Bermuda ..................................................................15 Public Finance Policy.......................................53 Constitution, Government and Legal System and International Annual Budget..................................................54 Cooperation...............................................15 Government Revenue Sources and Tax Military.............................................................19 Policy.........................................................55 Independence....................................................20 Government Expenditures ................................58 Infrastructure ....................................................20 Public Debt.......................................................60 Education..........................................................23 Description of the Notes ..........................................67 Social Welfare ..................................................24 Book-Entry, Delivery and Form..............................80 Litigation ..........................................................25 Transfer Restrictions................................................87 Economy..................................................................27 Enforceability of Civil Liabilities under U.S. Federal Securities Laws and Other Economic Policy...............................................27 Matters..............................................................89 GDP..................................................................27 Taxation...................................................................90 International Affiliations ..................................30 Plan of Distribution .................................................93 Bank Regulations .............................................30 Official Statements ..................................................97 Insurer Solvency...............................................31 Legal Matters...........................................................97 Principal Sectors of the Economy ....................32 General Information ................................................98 _______________________ The information contained in this offering memorandum has been provided by us and other sources identified in this offering memorandum, which we believe to be reliable. No representation or warranty, express or implied, is made by the initial purchaser as to the accuracy or completeness of the information contained in this offering memorandum, and nothing contained in this offering memorandum is, or should be relied upon as, a promise or representation by the initial purchaser, whether as to the past or the future. The notes described in this offering memorandum have not been registered with, recommended by or approved by the U.S. Securities and Exchange Commission (the “SEC”), or any other U.S. federal or state securities commission or regulatory authority, nor has the SEC or any such state securities commission or authority passed upon the accuracy or adequacy of this offering memorandum. Any representation to the contrary is a criminal offense. The notes and this offering memorandum have neither been registered with nor approved by any regulatory authority in Bermuda. Each person receiving this offering memorandum is deemed to acknowledge that this offering memorandum does not contain all the information that would be included in a prospectus if this offering were i registered under the Securities Act. In addition, certain information included in this offering memorandum may not conform to the requirements for offerings under the Securities Act. This offering memorandum may be used only for the purposes for which it has been published. You must comply with all applicable laws and regulations in connection with the distribution of this offering memorandum and the offer or sale of the notes. See “Transfer Restrictions.” You are not to construe the contents
Load more

Recommended publications
  • Reply to the Throne Speech
    REPLYREPLY TOTO THETHE THRONETHRONE SPEECHSPEECH DELIVERED BY THE HON. N.H. COLE SIMONS, JP, MP LEADER OF THE OPPOSITION One Bermuda Alliance operates on the principles of Opportunity, Responsibility, Integrity, Transparency, Fairness, Inclusiveness and Service (“our Principles”). PREPARING BERMUDA FOR A NEW DAWN A LIFE WITH, AND A LIFE AFTER, COVID 19 MR. SPEAKER: May I begin my comments by congratulating the people of Bermuda, and Bermuda’s Parliament on its 400th anniversary. We in the One Bermuda Alliance, feel privileged and honoured that we are able to participate, and be a substantive part of the celebration of Bermuda’s rich democratic and parliamentary history. Mr. Speaker, as you know, Bermuda’s Parliament is amongst the world’s oldest and continuously functioning legislatures in the Western Hemisphere. Our Parliament first met in 1620, in St. Peter’s Church, in St. George’s, which is probably the oldest continuously operating Anglican Church in the Western Hemisphere. Today, we are preparing to re-enter our recently refurbished Parliament which has been the home of Bermuda’s legislature since 1819. MR. SPEAKER: Mr. Speaker a lot has changed since then. Our parliament saw the elimination of slavery. It continuously chipped away at institutional racism, even though we still have a way to go. Our parliament also addressed the adult suffrage movement. It introduced laws which enfranchised the coloured people of Bermuda as they were known then. It removed the plus vote. It went on to amend our Parliamentary Act which changed our parliamentary constituencies from dual seats to single seat constituencies. It also, over time, both increased and reduced the size of parliament.
    [Show full text]
  • SAGE Commission Report
    F I N A L R e p o R t Submitted to Minister of Finance The Hon. E.T. “Bob” Richards Jp, Mp October 31, 2013 October 30, 2013 The Honourable E.T. “Bob” Richards JP, MP Minister of Finance Government of Bermuda The Cabinet Building 105 Front Street Hamilton HM05 Dear Minister, I am pleased to submit to you the final report of the Spending and Government Efficiency (SAGE) Commission. This document and its related appendices represent the SAGE Commission’s review of the Bermuda Government since the Commission was officially gazetted on April 15, 2013. The observations, findings and recommendations outlined here are the result of an exhaustive analysis of the cost of running the Government. Each Commissioner involved in this initiative has been shaken by the magnitude of the financial challenge facing Bermuda. However, each of us is convinced that solutions are within reach – if we don’t allow partisanship to fracture our resolve. We believe that we have outlined recommendations that are achievable. Our hope is that Government will act on these recommendations, and act on them with a sense of urgency. We would like to express our sincere gratitude to the many volunteers from the private sector who worked tirelessly with the SAGE Commission, and to the many dedicated Civil and Public Servants who met with us and provided candid, constructive feedback. Minister, we would also like to thank you and your colleagues for introducing the legislation that made the SAGE Commission possible. The Commission was established at a time when an independent review of the Bermuda Government was a bold step in the right direction.
    [Show full text]
  • Bermuda (Country Update)
    Country update BERMUDA Summary The (re)insurance sector remains the dominant sector on the island of Bermuda, followed by the tourism sector. A slow recovery in the US and Europe therefore weighs on economic growth in Bermuda. Economic growth is expected to be around 1-1.5% this year, which is similar to growth in 2011. Considering the high level of income, a low growth should not pose any problems, but it could hamper swift fiscal consolidation. After public debt doubled between 2008 and 2010, to 20% of GDP, people worried that the government would be unable to get the fiscal situation under control again. However, the direction of the 2011 and 2012 budgets suggests that the risk of public debt spiralling out of control has reduced substantially. Another issue that concerns the inhabitants of Bermuda is rising unemployment, which now unofficially stands at 12%. These issues are expected to play a role in the general elections, which will be held in 2013 at the latest. In the meantime, the Bermuda Monetary Authority has adopted regulation to qualify for Solvency-II equivalency, the new EU standards for insurers. Currently, only Switzerland and Bermuda are seen as candidates eligible for equivalency and a final decision is expected later this year. Things to watch: Progress on fiscal consolidation Unemployment and general elections in 2013 (at the latest) Author: Reintje Maasdam Country Risk Research Economic Research Department Rabobank Nederland Contact details: P.O.Box 17100, 3500 HG Utrecht, The Netherlands +31-(0)30-21-31403 [email protected]
    [Show full text]
  • Budget and Economic Debate-Final March 4
    REPLY TO THE BUDGET 2021/22 Delivered by The Hon. N.H. Cole Simons, J.P., M.P. Leader of the Opposition & Shadow Minister of Finance 5th March 2021 Without a doubt, 2020 will forever be remembered as the year that the Covid- 19 pandemic struck the world, and without warning, caused it to go into a free fall. It also helped to reset the dial for new global protocols. We began the year with the presumption of living our lives in the normal manner; when suddenly, the world was abruptly plunged into a global pandemic. We were mandated to shelter in place, work remotely in Teams, Zoom into meetings, study and worship online, purchased groceries online or on designated shopping days and spend more time with our families. Throughout riots and demonstrations of civil unrest around the globe, our new reality now includes social distancing, washing our hands with increasing regularity and compulsory wearing of masks in public places. Mr. Speaker, on the economic front, the societal disruption in Bermuda has been grave. Let’s face it, we were just not prepared for this type of catastrophic event. It was a shock to our economy. It was a stress test that revealed that Bermuda’s fiscal management under the Progressive Labour Party Government, was seriously lacking. While Bermuda has a great history of managing our way through disasters like hurricanes, the pandemic proved to be more than overwhelming. We don’t have to look far to find that many of our sisters, brothers, mothers, fathers, aunts, and uncles have lost, or are losing their jobs and we cannot stand idly by.
    [Show full text]
  • The Bermuda Day Heritage Parade 1907 BERMUDA DAY 2018 Schedule of Events
    The Bermuda Day Heritage Parade 1907 BERMUDA DAY 2018 Schedule of Events MORNING 8:50 AM Sinclair Packwood Memorial Cycle Race START: Somerset FINISH: Cedar Avenue 9:00 AM Bermuda Day Half Marathon Derby START: Somerset FINISH: Bernard Park 9:45 AM Heritage Junior Classic Race START: Docksiders, 121 Front Street FINISH: Bernard Park AFTERNOON 1:30 PM Bermuda Day Parade START: Marsh Folly Road FINISH: City Hall Car Park Parade coverage will be streaming live on CITV and Facebook Live from 1:30 PM MESSAGE FROM THE Greetings and welcome. Bermuda Day is one of my favorite Bermuda holidays. There are so many reasons to love Bermuda Day, from the intricately-designed parade floats, the show of physical strength and determination during the half-marathon race, and the hypnotic beat of the Gombey drum - there is something for everyone. But the best thing about Bermuda Day is that it highlights the culture we have in common, something which is captured in this year’s theme, What We Share. There really is no other place on earth like Bermuda. We are a melting pot of traditions and we all share the same welcoming and generous nature, and at no time is this more apparent than on Bermuda Day. If you get thirsty or hungry along the parade route, there will always be someone to offer you shade and refreshment. I am always struck with a profound sense of pride when I hear a Bermudian explaining the history of the parade to a tourist, or sharing with them memories of parades gone by.
    [Show full text]
  • July 2014 Sittings 26-28 of the 2013/14 Session (Pages 2577-2748)
    2013/14 SESSION of the BERMUDA HOUSE OF ASSEMBLY OFFICIAL HANSARD REPORT July 2014 Sittings 26-28 of the 2013/14 Session (pages 2577-2748) Hon. K. H. Randolph Horton, JP, MP Speaker Disclaimer: The electronic version of the Official Hansard Report is for informational purposes only. The printed version remains the official record. Official Hansard Report 4 July 2014 2577 BERMUDA HOUSE OF ASSEMBLY OFFICIAL HANSARD REPORT 4 JULY 2014 10:03 AM Sitting Number 26 of the 2013/14 Session [Hon. K. H. Randolph Horton, Speaker, in the Chair] DNDC GRANTS PROGRAMME ANNUAL PER- PRAYERS FORMANCE REPORT FOR FISCAL YEAR 2013/14 [Prayers read by Hon. K. H. Randolph Horton, Hon. Michael H. Dunkley: Thank you, Mr. Speaker. Speaker] Mr. Speaker, I have the honour this morning to attach and submit for the information of this Hon- CONFIRMATION OF MINUTES ourable House of Assembly the [DNDC Grants] Pro- gramme Annual Performance Report for [fiscal] year 27 June 2014 2013/14. The Speaker: Honourable Members, the confirmation of the Minutes of the 27th of June will be deferred. The Speaker: Thank you, Premier. Are there any objections to that? [Minutes of 27 June 2014 deferred] There are none. Honourable Premier, you have another paper. MESSAGES FROM THE GOVERNOR Please carry on. PUBLIC ACCESS TO INFORMATION REGULA- The Speaker: There are no messages from the Gov- TIONS 2014 ernor. Hon. Michael H. Dunkley: Yes, thank you, Mr. ANNOUNCEMENTS BY THE SPEAKER Speaker. OR MEMBER PRESIDING I also have the honour to attach and submit for the consideration of this Honourable House of As- The Speaker: I would like to announce that Mr.
    [Show full text]
  • Benchmarking and Self-Assessment for Parliaments O’Brien, Stapenhurst, and Von Trapp
    Benchmarking Parliaments for and Self-Assessment Public Disclosure Authorized Public Disclosure Authorized DIRECTIONS IN DEVELOPMENT Public Sector Governance O’Brien, Stapenhurst, and von Trapp O’Brien, and von Stapenhurst, Benchmarking and Self-Assessment Public Disclosure Authorized for Parliaments Mitchell O’Brien, Rick Stapenhurst, and Lisa von Trapp, Editors Public Disclosure Authorized Benchmarking and Self-Assessment for Parliaments DIRECTIONS IN DEVELOPMENT Public Sector Governance Benchmarking and Self-Assessment for Parliaments Mitchell O’Brien, Rick Stapenhurst, and Lisa von Trapp, Editors © 2016 International Bank for Reconstruction and Development / The World Bank 1818 H Street NW, Washington, DC 20433 Telephone: 202-473-1000; Internet: www.worldbank.org Some rights reserved 1 2 3 4 19 18 17 16 This work is a product of the staff of The World Bank with external contributions. The findings, interpreta- tions, and conclusions expressed in this work do not necessarily reflect the views of The World Bank, its Board of Executive Directors, or the governments they represent. The World Bank does not guarantee the accuracy of the data included in this work. The boundaries, colors, denominations, and other information shown on any map in this work do not imply any judgment on the part of The World Bank concerning the legal status of any territory or the endorsement or acceptance of such boundaries. Nothing herein shall constitute or be considered to be a limitation upon or waiver of the privileges and immunities of The World Bank, all of which are specifically reserved. Rights and Permissions This work is available under the Creative Commons Attribution 3.0 IGO license (CC BY 3.0 IGO) http:// creativecommons.org/licenses/by/3.0/igo.
    [Show full text]
  • BERMUDA This File Contains Election Results for the Bermudian House Of
    BERMUDA This file contains election results for the Bermudian House of Assembly in 1963, 1972, 1976, 1980, 1983, 1985, 1989, 1993, 1998, 2003, 2007, 2012, and 2017. It does not include the 1968 election results. Voters in each constituency elected two members through the 1998 election. All members have been elected from single-member constituencies since 2003. Voters possessed two votes if they owned freehold estates of at least 2000 square feet anywhere on the island at the time of the 1963 election. Year, Geography, and Turnout YEAR Election Year DISTNO Constituency Number (2003, 2007, 2012 and 2017 only) REJECT Rejected Votes (2012 only) SPOILED Spoiled Ballots in 2012, Void Ballots in 2003 and 2007 DISTRICT Constituency Name ELEC Registered Voters ELEC_S Registered Voters Single (one vote, in 1963 only) ELEC_P Registered Property Voters (two votes, in 1963 only) VALID Valid Votes BALL_S Ballots Cast of Single Voters (in 1963 only) BALL_P Ballots Cast of Property Voters (in 1963 only) Candidate Names and Votes Organized by Party UBP1_C United Bermuda Party First Candidate Name UBP1_V United Bermuda Party First Candidate Votes UBP2_C United Bermuda Party Second Candidate Name UBP2_V United Bermuda Party Second Candidate Votes PLP1_C Progressive Labour Party First Candidate Name PLP1_V Progressive Labour Party First Candidate Votes PLP2_C Progressive Labour Party Second Candidate Name PLP2_V Progressive Labour Party Second Candidate Votes OBA_C One Bermuda Alliance Candidate Name OBA_V One Bermuda Alliance Candidate Votes NLP1_C National
    [Show full text]
  • US$475,000,000 4.138% Senior Notes Due 2023
    http://www.oblible.com OFFERING MEMORANDUM US$475,000,000 4.138% Senior Notes Due 2023 The Government of Bermuda is offering $475,000,000 aggregate principal amount of its 4.138% Senior Notes due 2023. The notes will bear interest at a rate of 4.138% per year, accruing from July 3, 2012. Interest will be payable on January 3 and July 3 of each year, commencing on January 3, 2013. The notes will mature on January 3, 2023, unless earlier redeemed. The Government may redeem the notes, in whole but not in part, at any time by paying the greater of the outstanding principal amount of the notes and a “make-whole” amount. See “Description of the Notes – Optional Redemption.” The notes will be general, direct, unconditional, unsubordinated and unsecured obligations of the Government and will rank pari passu with all of its other existing and future unsubordinated and unsecured debt. The notes will be backed by the full faith and credit of the Government. Application has been made to list the notes on the official list of the Luxembourg Stock Exchange and to trading on the Euro MTF Market (the “Euro MTF Market”). Application will also be made to list the notes on the Bermuda Stock Exchange (the “BSX”). Bermuda International Securities Limited has been appointed as the BSX listing sponsor for the notes. The BSX takes no responsibility for the contents of this document, makes no representations as to its accuracy or completeness and expressly disclaims any liability whatsoever for any loss howsoever arising from or in reliance upon any part of the contents of this document.
    [Show full text]
  • Reply to the Throne Speech 2016. Delivered By
    Reply to the Throne Speech 2016 OUR PLAN FOR A BETTER BERMUDA vision2025.plp.bm Delivered by: The Hon. E. David Burt, JP, MP LEADER OF THE OPPOSITION November 14, 2016 Introduction .................................................................................................................................... 2 A Tale of Two Bermudas ................................................................................................................. 2 Lessons Learned in Opposition ....................................................................................................... 4 The One Bermuda Alliance Record ................................................................................................. 5 Creating Jobs, Opportunities, Wealth and Prosperity for Bermudians .......................................... 5 Agenda for Growth ..................................................................................................................... 6 Economic Diversification Unit ................................................................................................. 6 Creation of a Bermuda Fund ................................................................................................... 6 Establishment of a Technology Incubator .............................................................................. 7 Doing the Right Thing for Bermuda’s Workers ........................................................................... 7 Promoting Entrepreneurship .....................................................................................................
    [Show full text]
  • I Negotiating Ocean Territory in Bermuda and the Sargasso Sea By
    Negotiating Ocean Territory in Bermuda and the Sargasso Sea by Leslie D. Acton Marine Science and Conservation Duke University Date:_______________________ Approved: ___________________________ Lisa Campbell, Supervisor ___________________________ Xavier Basurto ___________________________ Noella Gray ___________________________ Elizabeth Shapiro-Garza Dissertation submitted in partial fulfillment of the requirements for the degree of Doctor of Philosophy in Marine Science and Conservation in the Graduate School of Duke University 2017 i v ABSTRACT Negotiating Ocean Territory in Bermuda and the Sargasso Sea by Leslie D. Acton Marine Science and Conservation Duke University Date:_______________________ Approved: ___________________________ Lisa Campbell, Supervisor ___________________________ Xavier Basurto ___________________________ Noella Gray ___________________________ Elizabeth Shapiro-Garza An abstract of a dissertation submitted in partial fulfillment of the requirements for the degree of Doctor of Philosophy in Marine Science and Conservation in the Graduate School of Duke University 2017 i v Copyright by Leslie D. Acton 2017 Abstract To address growing concerns about global oceans health, state and non-state actors have pushed for the establishment of large marine protected areas (LMPAs) in national exclusive economic zones (EEZs) and on the high seas. This push has resulted in a rapid proliferation of LPMAs in recent years, despite limited understanding of their social and political attributes and implications. This dissertation contributes to growing social science scholarship on LMPAs by employing a qualitative, multi-sited case study investigating negotiations over two proposed, overlapping LMPAs in Bermuda’s EEZ and the Sargasso Sea. It engages with human geography theory on territoriality to examine the territorial practices emerging through LMPA proposals and how negotiations over these ‘scaled-up’ management tools are contributing to transformations in global oceans governance.
    [Show full text]
  • Final Report Cpa Post-Election Seminar
    COMMONWEALTH PARLIAMENTARY ASSOCIATION FINAL REPORT CPA POST-ELECTION SEMINAR BERMUDA HOUSE OF ASSEMBLY 1 - 3 DECEMBER 2020 About the CPA CONTENTS The Commonwealth Parliamentary Introduction Association (CPA) connects, develops, promotes and supports parliamentarians and their staff to identify benchmarks of good INTRODUCTION 3 governance and the implementation of the enduring values of the Commonwealth. IMPACT, OUTCOMES AND OUTPUTS 4 The CPA collaborates with parliaments and other organisations, including PROGRAMME SUMMARY 5 From 1 – 3 December 2020, the CPA Headquarters Secretariat with the Bermuda House of the intergovernmental community, to Assembly, delivered a 3-day virtual training and induction programme for new and returning achieve its statement of purpose. It brings PROGRAMME 14 Members of Parliament. The programme was conducted entirely online through Zoom parliamentarians and parliamentary videoconferencing software. staff together to exchange ideas among PANELLISTS 17 themselves and with experts in various fields, The programme was delivered by a resource team comprising of experienced Commonwealth to identify benchmarks of good practices parliamentarians, presiding officers and clerks from the CPA Caribbean, Americas and Atlantic and new policy options they can adopt or (CAA), Canada, and British Islands and the Mediterranean regions. The programme was adapt in the governance of their societies. opened by the Speaker of the Bermuda House of Assembly, Hon. Dennis Lister JP MP and the CPA Secretary-General, Stephen Twigg. BACKGROUND Acknowledgements The CPA Headquarters Secretariat would Bermuda is an internally self-governing British Overseas Territory in the North-Atlantic Ocean. like to thank the Speaker of the Bermuda The Constitution of Bermuda was introduced in 1968 and an appointed Governor, responsible House of Assembly, Hon.
    [Show full text]