Registrar of Companies (Supervision and Regulation) Act

What this bill does

This bill transfers the responsibility for overseeing "dealers in high value goods" (businesses that sell expensive items like jewelry, cars, or art) from the Financial Intelligence Agency to the Registrar of Companies. It gives the Registrar new powers to monitor these businesses for money laundering and requires them to register and pay fees.

If passed (voted YES)

• Businesses that deal in high-value goods will need to register with and pay fees to the Registrar of Companies instead of the Financial Intelligence Agency
• The Registrar of Companies will gain new authority to supervise these businesses and monitor them for suspicious financial activity
• Registration fees will range from $100-$400 depending on business size, with annual fees from $150-$1,000

If rejected (voted NO)

• The Financial Intelligence Agency would continue overseeing dealers in high value goods as it currently does
• The Registrar of Companies would not gain these new supervisory powers over high-value goods dealers
• No new registration requirements or fee structure would be implemented for these businesses

Who it affects

This primarily affects Bermuda businesses that sell expensive goods like jewelry stores, car dealers, art dealers, and auction houses. It also impacts the Registrar of Companies office, which will take on new regulatory duties.