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Act

Bermuda Monetary Authority Act 1969

Bermuda Monetary Authority (BMA) · Bermuda

In force

Status per Bermuda Laws Online (bermudalaws.bm) (as at 2026-07-30)

View on BMA's website Source document

Current version last checked: 2026-07-27

Summary

This is Bermuda's foundational Act establishing the Bermuda Monetary Authority (BMA) as a body corporate and setting out its constitution, powers, currency functions, and its role as regulator of financial institutions operating in or from Bermuda. It covers the Authority's board structure, capital and reserves, currency issuance, supervisory and investigatory powers, fee-setting, secrecy obligations, and offences for providing false information.

  • Constitution and governance: Establishes the BMA as a body corporate with a Board of Directors, Chairman, executive and non-executive members, and delegation powers.
  • Currency functions: Gives the Authority sole right to issue notes and coins, set parity of the Bermuda dollar, and manage external and local reserves.
  • Supervisory powers: Authorises the BMA to supervise, regulate and inspect financial institutions listed in the Third Schedule, set fees, and assist foreign regulatory authorities.
  • Innovation hub: Establishes an innovation hub with its own application process, fees, and restrictions on disclosure of hub information.
  • Information and reporting duties: Requires financial institutions and other persons to furnish information to the Authority and imposes penalties for failure to comply or for transmitting false information.
  • Fees schedule: The Fifth Schedule sets out detailed annual fee tiers for insurers, designated insurers, insurance groups and internationally active insurance groups (IAIGs) based on gross premium, assets or reserves, with annual fees due on or before 31 March.
  • Secrecy and offences: Imposes secrecy obligations on Authority officers and creates offences for false verification of accounts or reports and for transmitting false information to the Authority.

The Act has been amended numerous times since 1969, most recently affecting the Fifth Schedule fee tables (effective 1 January 2024, 2025 and 2026) and the definition of specified securities. Readers should note that several sections referenced in the table of contents (e.g. money service business, sections 20D to 20I) have since been repealed.

Key obligations

  • Financial institutions and other regulated persons must furnish information and documents to the Authority when required under Part V of the Act.
  • Insurers, designated insurers, insurance groups and IAIGs must pay the annual fees set out in the Fifth Schedule according to their applicable tier (based on gross premium written, total assets, or reserves).
  • Auditors of financial institutions have a duty to communicate certain matters to the Authority under section 33A.
  • Persons must not transmit false information or falsely verify an account or report to the Authority, on penalty of offence.
  • Officers, servants and agents of the Authority are bound by secrecy obligations regarding information obtained in the discharge of the Authority's functions.

Applies to

financial institutions (as specified in the Third Schedule), banks and deposit companies, insurers (Class 3A, 3B, 4, C, D, E), insurance groups and internationally active insurance groups (IAIGs), credit unions, money service businesses, auditors of financial institutions, applicants to the innovation hub

Deadlines

  • on or before 31st March: Annual fees under the Fifth Schedule (payable by insurers, designated insurers, insurance groups and IAIGs) are due.

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Version history

2026-07-07

source file (current)