2020 Bermuda Monetary Authority Fees

Summary

This document is the Bermuda Monetary Authority's published fee schedule for 2020, setting out application, licensing and annual business fees payable by entities regulated under the various Bermuda financial services statutes overseen by the BMA. It also explains general payment rules such as late penalties, dual-licensee fees, and pro-rata refunds on deregistration, and lists payment channels for domestic and international remittance.

• Scope: Covers fees under the Banks and Deposit Companies (Fees) Act 1975 and Banks and Deposit Companies Act 1999, Insurance Act 1978, Trusts (Regulation of Trust Business) Act 2001, Investment Business Act 2003, Investment Funds Act 2006, Fund Administration Provider Business Act 2019, Credit Unions Act 2010, Corporate Service Provider Business Act 2012, Money Service Business Act 2016, Digital Assets Business Act 2018, and the Proceeds of Crime (AML/ATF Supervision and Enforcement) Act 2008.
• Fee types: Lists application/licensing fees, annual business fees (often tiered by asset size, licence type, number of entities serviced, or client receipts), and miscellaneous fees for exemptions, extensions, direction requests, capital model approvals and other regulatory applications.
• Dual licensees: Entities holding more than one class of licence must pay a separate annual business fee for each class held.
• Late payments: Late penalty fees apply to any regulated entity that fails to pay its annual business fee by the due date, calculated according to the period the fee remains outstanding as prescribed in the relevant sectoral Act.
• Refunds: Insurance Act licensees cancelling a licence are eligible for a pro-rata refund of annual business fees only if the deregistration takes effect before 31 March 2020; otherwise no refund is granted.
• Payment channels: Fees may be paid by cheque, via 12 dedicated online banking payment streams at HSBC Bermuda and Butterfield Bank, or by international wire transfer, with entity name or registration number required on all remittances.

The schedule is an annual, sector-wide fee notice rather than a standalone rule change; it applies for the calendar year 1 January to 31 December 2020 and does not itself alter licensing conditions beyond fee amounts and payment timing.

Key obligations

• Banks and every deposit company must pay their annual business fee under the Banks and Deposit Companies (Fees) Act 1975 on or before 31 January 2020.
• Banks and deposit companies must pay the annual fee under section 16 of the Banks and Deposit Companies Act 1999 on or before 31 March 2020, based on their consolidated gross assets band.
• Corporate service providers must pay their annual fee under section 13 of the Corporate Service Provider Business Act 2012 on or before 31 March 2020, based on licence type and number of entities serviced.
• Credit unions must pay their annual fee under section 13(1) of the Credit Unions Act 2010 on or before 31 March 2020.
• Digital asset business licensees must pay their annual fee under section 16(1)(b) of the Digital Assets Business Act 2018 on or before 31 March 2020, calculated from estimated or actual client receipts.
• Fund administration providers must pay their annual licensing fee under the Fund Administration Provider Business Act 2019 on or before 31 March 2020.
• Money service businesses must pay their annual fee under section 13(1)(b) of the Money Service Business Act 2016 on or before 31 March 2020.
• Entities supervised under the Proceeds of Crime (AML/ATF Supervision and Enforcement) Act 2008 must pay their annual fee under section 14(2) on or before 31 March 2020.
• Trust licensees must pay their annual fee under section 14(1) of the Trusts (Regulation of Trust Business) Act 2001 on or before 31 March 2020, based on licence type and gross income.
• Entities holding more than one class of licence must pay a separate annual business fee for each class of licence held.
• Regulated entities that fail to pay annual business fees by the due date must pay late payment penalty fees as prescribed in the relevant sectoral Act.
• Payments made via online banking or wire transfer must include the entity name or registration number.

Applies to

banks, deposit companies, insurers, insurance managers, brokers, agents, marketplace providers and salesmen, trust companies (trust licensees), investment business licensees, investment funds, fund administration providers, credit unions, corporate service providers, money service businesses, digital asset businesses, entities supervised under Proceeds of Crime (AML/ATF) legislation

Deadlines

• 31 January 2020: Annual business fees due under the Banks and Deposit Companies (Fees) Act 1975 (sections 3 and 3A).
• 31 March 2020: Annual fees due for Banks and Deposit Companies Act 1999 (section 16), Corporate Service Provider Business Act 2012, Credit Unions Act 2010, Digital Assets Business Act 2018 (section 16(1)(b)), Fund Administration Provider Business Act 2019, Money Service Business Act 2016, Proceeds of Crime (AML/ATF) Act 2008, and Trusts (Regulation of Trust Business) Act 2001.
• 1 January 2020 to 31 December 2020: Period covered by the annual payment referred to throughout the fee schedule.
• prior to 31 March: Deadline for an insurer's deregistration to take effect in order to qualify for a pro-rata refund of annual business fees; otherwise no refund is granted.