CSP - Important Update (2016-07-22)

Summary

This notice from the Bermuda Monetary Authority announces that it has begun accepting licence applications from Corporate Services Providers (CSPs). It warns that continuing to carry on CSP business after a fixed date without having applied for a licence will constitute an offence.

• Licensing now open: The Authority is accepting applications for CSP licences as of the notice date.
• Offence trigger: It is an offence to carry on CSP business after 1st October 2016 without having submitted a licence application to the Authority.
• How to apply: Application forms are available on the Authority's website (www.bma.bm); further information can be obtained at csp@bma.bm.

Key obligations

• Any institution carrying on CSP business must submit an application for a CSP licence to the Bermuda Monetary Authority before 1st October 2016 to avoid committing an offence.

Applies to

Corporate Services Providers (CSPs)

Deadlines

• 1st October 2016: Deadline by which CSP business must not be carried on without having submitted a licence application to the Authority; doing so after this date without an application is an offence.