Notice - Consultation Paper - Proposed Enhancements to the Corporate Service Provider Business Act 2012 (2024-06-14)

Summary

This is a notice from the Bermuda Monetary Authority (BMA) announcing a consultation paper on proposed enhancements to the Corporate Service Provider Business Act 2012. It does not itself change any legal requirements; it invites stakeholder feedback on proposed amendments to the regime governing corporate service providers.

• Scope of licensing: Amending the scope of business activities that require licensing under the Act.
• Financial filing: Introducing new financial filing requirements for corporate service providers.
• Late fees: Implementing administrative late fees for overdue filing submissions.

Stakeholders, including corporate service providers and other interested parties, are invited to submit comments on the proposals to policy@bma.bm by close of business on 9 August 2024. No amendments have yet been made; this is a consultation stage only.

Key obligations

• Stakeholders wishing to comment must send their submissions to policy@bma.bm no later than close of business on 9 August 2024

Applies to

corporate service providers

Deadlines

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