2022 Bermuda Monetary Authority Fees

Summary

This document sets out the Bermuda Monetary Authority's schedule of fees for 2022, effective from 1 January 2022, covering all regulated sectors under the various Acts the BMA administers. It lists application fees, licensing fees, annual business fees and transaction fees payable by regulated entities, along with guidance on payment timing, late penalties and refund eligibility.

• Annual payment period: The annual fee corresponds to the calendar year 1 January 2022 to 31 December 2022.
• Dual licensees: Entities holding more than one licence must pay a separate annual business fee for each licence held.
• Late payment penalties: Entities that fail to pay annual business fees by the due date are subject to late fee penalties, calculated per the relevant sectoral Act.
• Insurer refunds: Insurers cancelling registration under the Insurance Act 1978 are eligible for a pro rata refund only if deregistration takes effect before 31 March.
• Fee categories covered: Fees are set for banks and deposit companies, credit unions, corporate service providers, trust companies, investment business and investment funds licensees, fund administrators, money service businesses, digital asset businesses and issuers, insurers, insurance managers/brokers/agents/salesmen, and persons regulated under the Proceeds of Crime (AML/ATF) Act.
• Payment methods: Cheques are no longer accepted; payments must be made via specified domestic online banking payment streams (HSBC Bermuda or Butterfield Bank) or by international wire transfer, quoting the entity name or registration number.

Most annual fees under sector-specific Acts (e.g. Digital Assets Business Act, Fund Administration Provider Business Act, Trusts Act, Money Service Business Act, Proceeds of Crime Act, Credit Unions Act, Corporate Service Provider Business Act) fall due on or before 31 March 2022, while fees under the Banks and Deposit Companies (Fees) Act 1975 are due on or before 31 January 2022, and insurance-related application fees are due upon application.

Key obligations

• Regulated entities must pay their applicable annual business fee by the specified due date (generally 31 March, or 31 January for banks under the 1975 Fees Act).
• Entities holding multiple licences must pay a separate annual fee for each licence held.
• Entities that pay late are required to pay late payment penalty fees as prescribed under the relevant sectoral Act.
• Insurers seeking a pro-rata refund on cancellation of registration must have their deregistration take effect before 31 March, otherwise no refund is granted.
• Applicants for licences, registrations, extensions, exemptions, modifications or approvals under the various Acts must pay the specified application/transaction fee at the time of application.

Applies to

banks, deposit companies, credit unions, corporate service providers, trust companies (trust business licensees), investment business licensees, investment funds and fund administrators, fund administration providers, money service businesses, digital asset businesses, digital asset issuers, insurers, insurance managers, brokers and agents, insurance salesmen, persons regulated under the Proceeds of Crime (AML/ATF) Act

Deadlines

• 31st March: Due date for most annual fees, including under the Bermuda Monetary Authority Act 1969 Innovation Hub, 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 Act 2008, Trusts (Regulation of Trust Business) Act 2001, and Banks and Deposit Companies Act 1999 annual fee.
• 31st January: Due date for annual fees under the Banks and Deposit Companies (Fees) Act 1975.
• upon application: Insurance Act 1978 fees (registrations, approvals, exemptions, extensions, cancellations, etc.) are due at the time of application.
• 1 January 2022 to 31 December 2022: The annual payment period covered by the 2022 fee schedule.
• prior to 31 March: Insurers must have their deregistration effective before this date to be eligible for a pro-rata refund of annual business fees.