NOTICE - Bermuda Monetary Authority Determination of Appeals Amendment Act 2016 (2016-05-12)

Summary

This is a Bermuda Monetary Authority (BMA) notice announcing a proposed Bill, the Bermuda Monetary Authority Determination of Appeals Amendment Act 2016, and inviting comment before it is finalised. The Bill aims to fix an unintended drafting anomaly in the appeals provisions of six regulatory Acts, ensuring that all rights of appeal created under each Act's Rights of Appeal section fall within the scope of the tribunal's determination.

• Acts to be amended: Insurance Act 1978, Banks and Deposit Companies Act 1999, Trusts (Regulation of Trust Business) Act 2001, Investment Business Act 2003, Investment Funds Act 2006, and Corporate Service Provider Act 2012.
• Nature of change: Each Act's Determination of Appeals section currently cross-references only specific subsections of its Rights of Appeal section, inadvertently omitting some appeal rights; the Bill deletes these narrow subsection references and substitutes a general reference to the whole section.
• Related regulatory action: The BMA is separately reviewing the associated Appeal Tribunal Regulations for each Act and may propose further consequential changes to Government in due course, with stakeholders to be notified separately.

The notice is a consultation document only: it attaches a draft Bill and asks stakeholders to submit comments by a stated deadline. It does not itself amend the law or impose any new compliance requirements on regulated entities.

Applies to

insurers, banks and deposit companies, trust companies (trust business licensees), investment business licensees, investment funds, corporate service providers

Deadlines

• 3rd June 2016: Deadline for interested parties to submit comments on the proposed Bill to the BMA (policy@bma.bm) or to the Ministry of Finance (pburrows@gov.bm).

Related documents

• This document amends Banks and Deposit Companies Act 1999
• This document amends Insurance Act 1978
• This document amends Investment Business Act 2003
• This document amends Investment Funds Act 2006
• This document amends Trusts (Regulation of Trust Business) Act 2001