Mr Elderfield, who is currently CEO of the Bermuda Monetary Authority, will be responsible for all regulatory activities at the Central Bank.
The BMA is the integrated regulator of the financial services sector in Bermuda and supervises all segments of the financial market there.
He replaces Mary O'Dea who has been acting CEO of the Financial Regulator since February of this year.
The appointment has been welcomed by Minister for Finance Brian Lenihan, who earlier this year said the Government intends bringing forward legislation to establish a single, fully integrated regulatory institution within the Central Bank.
Before Mr Elderfield worked in Bermuda, he spent eight years at the UK Financial Services Authority as a head of department in a variety of posts, including bank supervision.
He also set up the European operations of the International Swaps and Derivatives Association and held posts at the London Investment Banking Association, the British Bankers' Association and a US-based consultancy firm.
He will take up his new position in January.
