Notice - Consultation Paper - Proposed Regulation of Over-the-Limit (OTL) Fees (2023-05-12)

Summary

This notice announces that the Bermuda Monetary Authority (BMA) is consulting on proposed regulation of Over-the-Limit (OTL) fees charged by banks to customers, following a recent amendment to section 60(2) of the Banks and Deposit Companies Act 1999 that empowers the Minister of Finance to regulate any commercial or operational business fee, charge or penalty applied by banks.

• Subject matter: A consultation paper and an illustrative draft statutory instrument, the Banks and Deposit Companies (Over-the-Limit Fees) Regulations 2023, are being circulated for stakeholder input.
• Action requested: Stakeholders are invited to submit feedback on the proposals and the draft regulations.
• How to respond: Comments should be emailed to policy@bma.bm.

This is a consultation notice only; it does not itself impose binding requirements on banks, but signals upcoming regulation of OTL fees.

Applies to

banks, deposit companies

Deadlines

• 12 June 2023 (close of business): Deadline for stakeholders to submit comments on the consultation paper and draft Over-the-Limit Fees Regulations to policy@bma.bm