Notice - Bermuda Monetary Authority Act 1969 General Powers and Fee-Related Changes (2024-07-10)

Summary

This is a notice from the Bermuda Monetary Authority announcing a consultation paper on proposed amendments to the Bermuda Monetary Authority Act 1969. The proposals concern the Authority's general powers, including how it manages its reserves, and changes to fee charges across several regulated sectors.

• Purpose of amendments: To increase clarity on how the Authority operates and manages its reserves, and to ensure fees charged align with the actual cost of supervising regulated financial institutions.
• Consultation invitation: Stakeholders are invited to review the consultation paper and submit comments on the proposed changes.
• How to respond: Comments should be emailed to policy@bma.bm.

This is a consultation notice, not a final rule; it does not itself impose new binding requirements but signals upcoming changes to BMA's powers and fee structures that regulated entities should monitor.

Key obligations

• Stakeholders wishing to comment must submit their views to policy@bma.bm no later than 16 August 2024

Applies to

regulated financial institutions across sectors supervised by the Bermuda Monetary Authority

Deadlines

• 16 August 2024: Deadline for stakeholders to submit comments on the consultation paper to policy@bma.bm