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Bermuda's Regulator Sets Out Goals For 2016

29 March, 2016

The Bermuda Monetary Authority has announced its strategic priorities for the year in its 2016 Business Plan.

Jeremy Cox, the Authority's Chief Executive Officer, said: "In 2016, the Authority will continue to spearhead projects of national economic significance, not the least of which is the further development of a financial stability policy initiative for Bermuda."

From 2016 onwards, the Authority will also publish details of instances where it has used its enforcement powers. The release will detail the nature of the enforcement action, the size of any penalty, the identity of the entity or person involved, and the circumstances of the breach. Details will also be included in the Authority's annual report and on its website.

Other highlights of the Authority's 2016 business plan include:

  • Implementing a new enhanced commercial regime for (re)insurers following the achievement of Solvency II equivalence;
  • Implementing an Alternative Investment Fund Managers Directive opt-in regime for Bermuda-based investment managers "passporting" into the European Union;
  • Supporting an assessment of Bermuda's Anti-Money Laundering/Anti-Terrorist Financing framework by the Caribbean Financial Action Task Force in early 2018;
  • Accepting applications for Corporate Service Provider licenses from the second quarter of 2016;
  • Continuing phased implementation of Basel III for Bermuda's banks;
  • Mandatory electronic filing for Bermuda's captives and Special Purpose Insurers from the second quarter of 2017; and
  • Building a risk-based supervision framework for insurance managers.

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