Departments

Banking, Trust and Investment

In accordance with the relevant delegations by the Board, the Department is responsible for the licensing, supervision, regulation and inspection of Bermuda’s deposit-taking institutions, trust companies, investment businesses and investment funds, money service businesses, as well as for regulation of the BIU Credit Union and of the Bermuda Stock Exchange. The Banks and Deposit Companies Act 1999, the Trusts (Regulation of Trust Business) Act 2001, the Investment Business Act 2003, the Investment Funds Act 2006 and the Bermuda Monetary Authority Act 1969, together with related regulations, provide the Authority with the appropriate licensing and intervention powers. In the case of the Credit Union, the Minister of Finance has delegated certain powers to the Authority under the Credit Unions (Delegation of Minister’s Functions) Order 1989.

The Department seeks to act in the best interests of both current and prospective depositors and clients, while facilitating the continued development of a viable, healthy, competitive and innovative marketplace. The process for ongoing supervision is risk-based.  Supervisors seek to make judgments on business limitations and specific requirements based on assessing the inherent risks within institutions and of the effectiveness of management, systems and controls to mitigate these various risks. The Department’s primary objectives are to:

• Carry out the responsibilities placed on the Authority by the various Acts in an effective and efficient manner;
• Observe and adhere to international best practices while monitoring and responding to external developments, taking into consideration the nature of the Bermuda market place;
• Prioritise the allocation of the Department’s resources by developing and applying risk-based supervisory approaches as far as possible;
• Detect problems at an early stage, and take regulatory action on a timely basis where the Department considers a licencee’s practices to be imprudent or improper or where an entity is otherwise failing to meet its statutory obligations, and;
• Where major concerns arise in a licensed institution, to arrange, wherever possible, an early return to compliance or if that is not possible, its exit from the market in a timely and efficient manner.

The Authority is a member of a number of key international regulatory bodies, and members of the Department participate in their activities to ensure that the Authority is both informed of issues and regulatory developments internationally and able to contribute effectively to shaping new policy initiatives.

Corporate and Financial Services

Currency Operations

The Currency Operations Unit strives to be acknowledged as leading edge in its approach to currency security and distribution, creating bank notes and coins that Bermudians can use with pride and trust. Currency Operations is also responsible for developing and distributing commemorative coins that appropriately reflect Bermuda’s history and heritage, and for the efficient and effective management of these items. The Unit also operates a communication and compliance programme designed to foster pride in our currency and promote awareness of security features so that the general public, financial institutions and the retail sector can confidently recognise and transact in genuine bank notes. Ongoing research explores ways to enhance both the security and durability of bank notes. Bank note production consists of inventory management and transportation.

Finance

Provides a sound financial framework for effective financial decision-making and accountability across the Authority. The Finance Unit‘s services include:

• Developing and implementing effective and timely financial planning, budgeting, accounting and reporting;
• Establishing a continuous improvement process to ensure that financial reporting responds to client’s needs, and;
• Contract management, and procurement and payment services

Facility and Security Management

Provides a functional, safe and flexible work environment for the Authority, ensuring effective management, use and maintenance of assets. The Unit’s services include:

• Implementing a facilities strategy focused on clients’ business needs for effectiveness, overall efficiency and long term stewardship;
• Developing and implementing infrastructure and processes to support business continuity;
• Safeguarding the Authority's assets;
• Developing and implementing security policy and standards, and;
• Providing security management, screening and operations

Information Management

The Information Management Unit’s services include:

• Ensuring that the Authority’s information is appropriately and securely warehoused and made accessible in a safe, secure and efficient manner.
• Proper and timely delivery of information between Authority departments, and between the Authority and appropriate external parties

Information Technology

The Information Technology Unit provides a unified, effective, efficient and adaptive IT environment and services that will allow the Authority to carry out its responsibilities in a manner that is consistent with international standards and best practice. Services include:

• Providing an IT environment that supports the Authority’s requirement to have an appropriate ebusiness platform;
• Providing cohesive IT application development services to internal business clients, and;
• Developing and implementing an IT infrastructure that ensures continued delivery of essential services in a safe and secure manner

Human Resources

The Human Resources Department provides an integrated human resources framework that supports the attracting, hiring and retention of the staff required to meet the Authority’s objectives. Services include:

• Developing and implementing Human Resource strategies, programmes and tools that support the Authority’s strategic priorities and its ongoing business needs;
• Developing and implementing effective targeted recruitment strategies, and;
• Developing and marketing compelling career propositions that support the attraction and retention of Authority staff

Insurance

In accordance with the relevant delegations by the Board, the Department is responsible for the licensing, supervision, regulation and inspection of Bermuda’s insurance companies and for the licensing of all insurance brokers, agents, managers and salesmen. The Insurance Act 1978 and related regulations provide the Authority with full licensing and intervention powers. The Department seeks to act in the best interests of both current and prospective policyholders, while facilitating the continued development of a viable, healthy, competitive and innovative marketplace. The process for ongoing supervision is risk-based and an assessment of inherent risks within each particular class of insurer is used, in the first instance, to determine business limitations and specific requirements to be imposed. The Department’s primary objectives are to:

• Carry out the responsibilities placed on the Authority by the various Acts in an effective and efficient manner;
• Observe and adhere to international best practices while monitoring and responding to external developments, taking into consideration the nature of the Bermuda marketplace;
• Prioritise the allocation of the Department’s resources by developing and applying risk-based supervisory approaches as far as possible;
• Detect problems at an early stage, and take regulatory action on a timely basis where the Department considers an insurer’s practices to be imprudent or improper or where an entity is otherwise failing to meet its statutory obligations, and;
• Where major concerns arise in a licensed institution, to arrange, wherever possible, an early return to compliance or if that is not possible, its exit from the market in a timely and efficient manner.

The Authority is a charter member of the International Association of Insurance Supervisors and is closely involved with it in the development of guidelines for global insurance regulation. Members of the Department also represent the Authority at meetings of other relevant bodies.

Legal Services & Enforcement

The Department is responsible for providing legal support to ensure that the Authority fairly and effectively carries out its responsibilities on a sound legal basis, and that legal risks to the Authority and to the systems and entities that it oversees are adequately identified and monitored. In addition, the Department reviews and investigates, as appropriate, suspected breaches of the various regulatory Acts and regulations. The department's primary objectives are as follows:

Legal Services

• Provide timely and effective legal advice to senior management and line supervisory departments on the administration and enforcement of the various regulatory Acts, including, in particular, the exercise of regulatory powers;
• Advise the Board and Senior Management on matters relating to the governance of the Authority;
• Administer the Board’s affairs and those of its committees, and act as a liaison between the Board and relevant departments of the Authority;
• Be fully involved in the process of determining initiatives for legislation, and to carry forward the drATFing and production of such legislation;
• Advise the Policy and line departments on legal issues arising from proposed new policy initiatives;
• Provide legal advice on a wide range of administrative matters including employment, consultancy and other contracts and agreements into which the Authority may enter;
• Advise on any developments in the general law, either locally or internationally, that appear relevant to the Authority, and;
• Represent the Authority on appropriate legislative and other relevant committees.

Enforcement

• Manage the process of ensuring effective enforcement of the Acts in relation to non-licensed persons suspected of carrying on licensable activities and assist, as appropriate, with handling issues of non-compliance by licensed entities;
• Handle requests from foreign regulatory bodies in respect of possible use of the Authority’s powers to compel production of information in order to assist other supervisors;
• Oversee all matters relating to compliance by the Authority with the Anti-Money Laundering (AML) standards that apply to financial institutions;
• In conjunction with line supervisors as appropriate, handle and administer inquiries for information on licensed entities or their clients from either domestic or international regulators;
• Liaise with the supervisory units regarding the AML compliance matters of licensed entities.

Corporate Authorisations

• Ensure that requests for incorporation and share transfers are processed on a timely and efficient basis
• Provide recommendations for the development of appropriate policies in this regard
• Vet appropriate personnel and entities seeking to carry out licensable activities

Policy, Research & Risk Assessment

The Policy, Research and Risk Assessment Department is a multidisiplinary unit dedicated to the development of policy and discussion papers that support the goals of the supervisory units and the overarching mandate of the Authority as a leading risk based financial regulator. The department has direct responsibility for:

• Monitoring of international best practices with a view to providing advise to the Authority in the context of the applicability and relevance to the financial services under its remit;
• Researching and developing of consultative papers on issues that could impact or enhance the supervision of financial entities under the remit of the BMA;
• Carrying out risk assessments and analytics;
• Providing support and guidance to the supervisory units with particular regard to their oversight of regulated entities;

The Authority is a charter member of the International Association of Insurance Supervisors and the other international regulatory bodies. Members of the department also represent the Authority at meetings of these and other relevant bodies.

Chief Executive's Office

The units within the Chief Executive’s Office provide a range of services to support specific corporate policies and programmes.

Planning and Administration

• Coordinate the development and management of a strategic planning and budget framework for the Authority to provide corporate accountability, performance objectives, and the production of a proper business strategy.
• Oversee the administration of the Authority in the realisation of its vision and the fulfillment of its mission
• Ensure that the Authority’s corporate objectives of effective team oriented leadership of staff, efficient management of resources, quality service, consistency with best practice, proper risk assessment and management and a commitment to integrity and excellence are being appropriately met
• Proactively develop initiatives to provide direction and leadership for the financial services industry in Bermuda
• Develop appropriate corporate policies and programmes impacting the overall organisation

Executive and Staff Services

• Provide planning and management services for Authority-hosted international and national meetings and conferences, as well as a wide variety of special events in support of internal and external activities.
• Provide Executive with advice on matters of protocol and assist with the planning of visitor programmes.
• Provide administrative support to senior level committees
• Organise Board and Authority related functions
• Administer the travel arrangements for executive and staff on Authority business

Board Management

• Provide administrative and decision support for the Board and its Committees.

Corporate Governance

• Oversee the development, implementation, and monitoring of governance principles, policies, and procedures in a manner that is consistent, to the extent appropriate, with Bermuda statutory requirements, international regulatory guidance and general best practice.
• Ensure that the governance principles of integrity, independence, accountability and transparency are appropriately incorporated into the Authority’s activities.

Communications

• Manage the Authority’s communication activities with staff and with local and international persons and organisations to ensure they are carried out in a manner that will enhance relationships; promote the Authority’s mission, vision and values and increase transparency and understanding about the Authority. The Unit’s services include:

• Assisting the Authority with its internal communications to develop positive relationships and keep employees informed about its role and objectives using the intranet, and any other appropriate mechanisms.
• Researching and writing speeches for the Chairman, and the Executive team.
• Providing communications advice to all departments and helping them to prepare news releases and other communication tools.
• Providing support to senior Authority staff for public presentations and media events.
• Cultivating the Authority’s relationships with relevant media, government representatives, industry associations, students and the public.
• Hosting or participating in seminars, etc. to increase knowledge and understanding of the Authority and its responsibilities
• Providing the facilities and expertise (research, analysis, advice, planning, production and editing services) required to produce and distribute the Authority’s major external publications, including the Annual Report, and quarterly Regulatory Update
• Responsibility for the Authority’s external website and the intranet site