Bermuda Monetary Authority Amendment Act 2024

What this bill does

This bill updates the rules and fees for Bermuda's financial services industry. It excludes certain bank securities from investment rules, allows the Bermuda Monetary Authority to reduce or waive fees for companies using their innovation program, and adjusts various licensing and annual fees across different financial sectors.

If passed (voted YES)

• Financial companies using BMA's innovation hub could get reduced or waived fees, making it cheaper to test new financial products and services
• Various licensing and annual fees will increase for some financial services (like anti-money laundering supervision fees rising from $108 to $150)
• New fee structures will apply to different classes of insurance companies, with some fees reorganized by company size and type

If rejected (voted NO)

• Current fee structures remain unchanged, with no fee relief available for innovation hub participants
• Existing licensing and supervision fees stay at current levels
• The current definition of "specified securities" remains broader, continuing to include securities from BMA-regulated financial institutions

Who it affects

This primarily affects financial services companies operating in Bermuda, including banks, insurance companies, investment firms, and fintech startups participating in the innovation hub. Individual consumers are unlikely to be directly impacted by these regulatory fee changes.