2021 Bermuda Monetary Authority Fees

Summary

This is the Bermuda Monetary Authority's schedule of fees for 2021, effective 1 January 2021, covering all sectors it regulates. It sets out application fees, licensing fees, annual business fees and various transaction/exemption fees under each of the sectoral Acts the BMA administers, and explains general payment rules such as treatment of dual licensees, late payment penalties and refunds on deregistration.

• Banks and deposit companies: Annual fees under the Banks and Deposit Companies Act 1999 (banded by consolidated gross assets, due 31 March) and under the Banks and Deposit Companies (Fees) Act 1975 (due 31 January).
• Insurance: Application, registration, variation, exemption and internal capital model fees under the Insurance Act 1978, generally payable upon application, plus filing-deadline extension fees scaled by insurer class.
• Trust business: Application and annual fees under the Trusts (Regulation of Trust Business) Act 2001, due 31 March, tiered by licence type and gross income.
• Investment business and funds: Fees under the Investment Business Act 2003 and Investment Funds Act 2006, including annual filing fees for private and overseas funds, transaction fees for modifications/exemptions, and late filing fees for statements filed more than six months after fund year end.
• Fund administrators: Application and annual licensing fees under the Fund Administration Provider Business Act 2019, due 31 March.
• Corporate service providers: Application and tiered annual fees under the Corporate Service Provider Business Act 2012, based on number of entities serviced, due 31 March.
• Credit unions: Licence grant and annual fees under the Credit Unions Act 2010, due 31 March.
• Money service businesses: Application, licensing and annual fees under the Money Service Business Act 2016, due 31 March.
• Digital asset business and issuance: Application, licence and annual fees under the Digital Assets Business Act 2018 (calculated by formula based on estimated or actual client receipts, capped at $450,000) and authorisation fees under the Digital Asset Issuance Act 2020, scaled by offering size.
• AML/ATF supervision: Application and annual fees under the Proceeds of Crime (Anti-Money Laundering and Anti-Terrorist Financing Supervision and Enforcement) Act 2008, due 31 March.
• Innovation Hub: Initial application and three-month extension fees under section 20AD of the Bermuda Monetary Authority Act 1969, due 31 March.

General rules apply across sectors: entities holding more than one class of licence must pay a separate annual fee for each licence class, late payment attracts penalty fees set out in the relevant sectoral Act, and insurers cancelling registration before 31 March may receive a pro-rata refund of annual fees (none thereafter). The document also specifies that cheques are no longer accepted and lists domestic online banking payment streams and international wire transfer details for remitting fees, requiring entity name or registration number on all remittances.

Key obligations

• Pay the applicable annual business fee for each licence class held by the due date specified for that sector (e.g. 31 January for Banks and Deposit Companies Act 1975 fees; 31 March for most other sectors).
• Dual licensees must pay a separate annual business fee for each class of licence held.
• Late payment of annual fees triggers late penalty fees as prescribed in the relevant sectoral Act.
• Insurers seeking a refund on cancellation of registration must have their deregistration take effect before 31 March, otherwise no refund is granted.
• Payments must be made electronically (via specified online banking payment streams or international wire transfer); cheques are no longer accepted.
• All electronic remittances and wire transfers must include the entity name or registration number.
• Insurance Act filing deadline extensions and related fees must be paid according to the month-past-deadline schedule applicable to the insurer's class.

Applies to

banks, deposit companies, insurers, insurance managers, brokers and agents, insurance salesmen, trust companies (trust licensees), investment business licensees, investment funds (including private and overseas funds), fund administrators, credit unions, corporate service providers, money service businesses, digital asset business licensees, digital asset issuers

Deadlines

• 1 January 2021: Effective date of the 2021 BMA fee schedule; annual payment period runs from 1 January 2021 to 31 December 2021.
• 31 January: Annual fees due under the Banks and Deposit Companies (Fees) Act 1975.
• 31 March: Annual fees due under the Banks and Deposit Companies Act 1999, Innovation Hub fees, Corporate Service Provider Business Act 2012, Credit Unions Act 2010, Digital Assets Business Act 2018, 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.
• prior to 31 March: Insurance Act 1978 registrants must have deregistration effective before this date to qualify for a pro-rata refund of annual business fees.
• upon application: Insurance Act 1978 application, registration, variation and exemption fees are due at the time of application.
• more than six months after a fund's financial year end: Triggers a late filing fee for statements submitted under Investment Funds Act 2006 sections 6(3D), 6B(2), 8C(2) and 26(1)(b).