Stakeholder Letter: Proposed Amendments for the Regulation of Investment Exchanges and Clearing Houses and Other Additional Changes to the Investment Business Act 2003 (2023-11-16)

Summary

This is a short stakeholder letter from the Bermuda Monetary Authority following up on a Consultation Paper (CP) issued 6 September 2023 on proposed amendments to the regulation of investment exchanges and clearing houses under Part IV of the Investment Business Act 2003, plus other additional changes to the Act. It reports that no responses to the CP were received and reiterates the Authority's intent to proceed with the proposed enhancements.

• Background: Follows July 2022 amendments modernising supervision of investment businesses; the Authority then reviewed the framework for investment exchanges and clearing houses under Part IV of the Act.
• Consultation outcome: No stakeholder responses were received on the CP, likely because feedback from a key stakeholder was already incorporated during pre consultation.
• Next steps: The Authority intends to proceed with the proposed changes and invites stakeholders wanting clarification or more information to contact policy@bma.bm.

The letter itself does not enact any rule changes or set new requirements; it is an informational update on the consultation process for previously proposed amendments to the Investment Business Act 2003.

Applies to

investment exchanges, clearing houses, entities subject to the Investment Business Act 2003