Bermuda Monetary Authority Amendment Act

What this bill does

This bill updates the fee schedule that the Bermuda Monetary Authority charges to various financial services businesses operating in Bermuda. It corrects errors in existing fees and sets new fee amounts for businesses like insurance companies, investment funds, digital asset companies, and other financial service providers for 2020 and 2021.

If passed (voted YES)

• Some financial services businesses will pay higher fees to the BMA - for example, Fund Administration Provider fees increase from around $8,940-$9,840 to $9,570-$10,530 in 2020
• New fee categories are added for Special Purpose insurers, Class IIGB insurers, and Collateralized insurers (ranging from $150-$200 each)
• Digital asset businesses get clearer fee structures, with most fees capped at $450,000 but potentially lower based on their client receipts

If rejected (voted NO)

• The current fee schedule with errors and omissions would remain in place
• Some businesses might face uncertainty about what fees they actually owe to the BMA
• The BMA would continue operating under the existing fee structure without the updates and corrections

Who it affects

This primarily affects financial services companies operating in Bermuda, including insurance companies, investment fund managers, digital asset businesses, and corporate service providers. Ordinary Bermuda residents are not directly impacted by these regulatory fees.