HAMILTON, BERMUDA – Bermuda’s Governor has provided assent to a bill to amend the Bermuda Monetary Authority Act 1969 (BMA Act) by adding a principal object to cover matters related to the conduct of business by financial institutions.
The BMA Act is the statute that established the Bermuda Monetary Authority (Authority or BMA) and that guides its functions and powers. Since it initially became operative, the BMA Act has been amended on occasion to allow the Authority’s role to evolve to both lead and respond to the changing needs of the Bermuda financial services industry. In 2020, the Authority conducted an internal review of its objectives and statutory mandate, which identified the need for a risk-based regulatory framework to enhance customer protection for customers of Bermuda’s regulated financial services providers. The Authority subsequently commenced a multi-year strategy to establish and implement, through comprehensive consultation with industry and other stakeholders, a conduct of business regulatory regime for Bermuda’s financial services industry.