Corporate Service Provider Business Amendment Act 2017

Summary

This Act amends the Corporate Service Provider Business Act 2012 to change how limited licensees may provide certain corporate services. It narrows a previous exclusion so that specific services now require the prior permission of the Bermuda Monetary Authority before they can be carried out.

• Section 10(5)(b) amendment: Removes wording that had excluded corporate services under sections 2(2)(a) and 2(2)(c)(vii) from a permission requirement.
• New permission requirement: For services under sections 2(2)(a) and 2(2)(c)(vii) (forming a company or partnership, or altering a register of members by transfer or issue of shares or interests), the Authority's permission is now required unless expressly not required by law.
• Commencement: The Act comes into operation on a day (or days for different provisions) to be appointed by the Minister by notice in the Gazette.

In practice, limited licensees carrying on corporate service provider business must obtain the Authority's prior consent before forming a company or partnership, or before altering a register of members by transfer or issue of shares or interests, for the affected service categories, unless the law expressly says such consent is not required.

Key obligations

• Limited licensees must obtain the prior permission of the Bermuda Monetary Authority before providing corporate services under sections 2(2)(a) and 2(2)(c)(vii) of the Corporate Service Provider Business Act 2012, specifically before forming a company or partnership or altering a register of members by transfer or issue of shares or interests, unless expressly not required by law.

Applies to

corporate service providers, limited licensees

Deadlines

• such day as the Minister may appoint by notice published in the Gazette: Commencement date of the Act (and possibly different dates for different provisions), to be fixed by ministerial notice.

Related documents

• This document amends Corporate Service Provider Business Act 2012