Notice - Consultation Deadline Extended - Corporate Service Provider (Beneficial Owner) Regulations 2012 (2013-01-11)

Summary

This is a short BMA notice extending the public consultation deadline on the proposed Corporate Service Provider (Beneficial Owner) Regulations 2012. The draft regulations themselves are attached for context, but they remain unenacted (commencement date left blank) and are not yet binding law.

• New deadline: Consultation on the draft regulations is extended to Monday, 4 February 2013.
• How to respond: Industry stakeholders should send comments to policy@bma.bm.
• What the draft regulations would require: Corporate service providers would have to take all reasonable steps to identify beneficial owners of clients, maintain a written record of beneficial owner details at their registered address, and could issue notices requiring disclosure of beneficial ownership, with power to suspend or cancel an owner's interest for non-disclosure.
• Beneficial owner reporting duty: Under the draft rules, a beneficial owner would have to notify the corporate service provider in writing within 28 days of any change in their beneficial ownership, with a fine of up to $10,000 for failure to comply.

Because this is a consultation notice and the regulations are still in draft form, none of the substantive obligations described are currently in force; they are proposed requirements open for industry comment.

Key obligations

• Industry stakeholders wishing to comment on the draft Corporate Service Provider (Beneficial Owner) Regulations 2012 must submit comments to policy@bma.bm by Monday, 4 February 2013.

Applies to

corporate service providers, industry stakeholders

Deadlines

• Monday, 4th February 2013: Extended deadline for industry stakeholders to submit consultation comments on the draft Corporate Service Provider (Beneficial Owner) Regulations 2012 to policy@bma.bm.