Bermuda Monetary Authority Amendment (No. 2) Act 2022

What this bill does

This bill fixes errors in financial services fees that were set incorrectly in 2021 and updates some outdated legal definitions. It makes the corrected fees apply retroactively from January 1, 2022, so businesses pay the amounts that were originally agreed upon between the Bermuda Monetary Authority and the financial industry.

If passed (voted YES)

• Financial services companies will pay the corrected fees that were actually agreed upon, with some fees going up and others going down from what was previously stated
• Digital asset businesses, insurance companies, and banks will have their licensing and annual fees adjusted to the proper amounts
• The fee corrections will apply back to January 2022, meaning some companies may owe additional payments or receive credits

If rejected (voted NO)

• Financial services companies would continue paying incorrect fees that don't match what was originally negotiated
• The Bermuda Monetary Authority's fee schedule would remain misaligned with industry agreements made for 2022
• Legal definitions in the schedules would stay outdated and potentially cause regulatory confusion

Who it affects

This primarily affects digital asset businesses, insurance companies, banks, investment providers, and fund administrators operating in Bermuda. Regular citizens are not directly impacted, but the bill helps ensure Bermuda's financial services sector operates with correct and consistent fee structures.