Registrar of Companies (Supervision and Regulation) Act
Passed
Simplified for You
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.
Vote counts are not published.
The Bermuda Parliament does not publicly record individual vote counts or how each member voted.
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Related Bill
Registrar of Companies (Supervision and Regulation) Act
Download bill PDF