Advanced Search

Bermuda Monetary Authority Amendment Act 1999

Subscribe to a Global-Regulation Premium Membership Today!

Key Benefits:

Subscribe Now for only USD$40 per month.
Bermuda Monetary Authority Amendment Act 1999
BERMUDA MONETARY AUTHORITY AMENDMENT ACT 1999

1

BERMUDA
1999 : 48

BERMUDA MONETARY AUTHORITY AMENDMENT ACT 1999

[Date of Assent 22 December 1999]

[Operative Date 1 January 2000]

WHEREAS it is expedient to amend the Bermuda Monetary
Authority Act 1969:

Be it enacted by The Queen's Most Excellent Majesty, by and
with the advice and consent of the Senate and the House of Assembly of
Bermuda, and by the authority of the same, as follows:

Short title and commencement
1 This Act may be cited as the Bermuda Monetary Authority
Amendment Act 1999 and shall come into operation on 1 January 2000.

Interpretation
2 In this Act, unless the context otherwise requires, "the principal
Act" means the Bermuda Monetary Authority Act 1969.

Amends section 1
3 Section 1(1) of the principal Act is amended 

(a) by deleting the definitions of "bank" and "deposit
company";

(b) by inserting the following definitions in their appropriate
alphabetical positions

BERMUDA MONETARY AUTHORITY AMENDMENT ACT 1999

2

""holding company" has the meaning given in the
Companies Act 1981;

"institution" has the meaning given in the Banks and
Deposit Companies Act 1999;

"subsidiary company" has the meaning given in the
Companies Act 1981;".

Amends section 2
4 Section 2(1) of the principal Act is amended by inserting "or any
other Act" after "this Act".

Amends section 4
5 Section 4 of the principal Act is amended 

(a) in subsection (4), by inserting "or any other Act and the
Regulations made thereunder" after "this Act";

(b) in subsection (5A), by deleting "this Act or the
Regulations" and substituting "this Act or any other Act
and the Regulations".

Amends section 4A
6 Section 4A of the principal Act is amended by deleting ", after
consultation with the Minister,".

Amends section 11
7 Section 11(2) of the principal Act is amended by deleting
"Punishment on summary conviction: a fine of $720 or imprisonment for
6 months or both such fine and imprisonment" and substituting
"Punishment on summary conviction : a fine of $10,000 or imprisonment
for six months or both; Punishment on conviction on indictment: a fine
of $25,000 or imprisonment for two years or both.".

Repeals section 20
8 Section 20 of the principal Act is repealed.

Amends section 20A
9 Section 20A of the principal Act is amended by repealing
subsection (3) and substituting the following subsection

" (3) An order made under subsection (2) shall be subject to
negative resolution procedure.".

BERMUDA MONETARY AUTHORITY AMENDMENT ACT 1999

3

Amends section 22A
10 Section 22A(2) of the principal Act is amended by deleting "a fine
of five thousand dollars" and substituting "a fine of $10,000 or
imprisonment for six months or both.".

Amends section 23
11 Section 23 of the principal Act is amended

(a) in paragraph (b), by deleting "in any bank in Bermuda or
elsewhere" and substituting "in any institution in
Bermuda or in a bank in any country other than
Bermuda";

(b) in paragraph (c), by deleting "and maturing within 93
days" ;

(c) in paragraph (d), by deleting "maturing in not more than
20 years" ;

(d) in paragraph (e), by deleting "and maturing within 184
days (exclusive of days of grace) from the date of
acquisition";

(e) in paragraph (j), by deleting "banks" and substituting
"financial institutions" ;

(f) in paragraph (k), by deleting "banks" and substituting
"financial institutions".

Amends section 28
12 Section 28(3)(b) of the principal Act is amended by deleting "and
December".

Amends section 29
13 (1) Section 29(1) of the principal Act is amended 

(a) in paragraph (h), by deleting "subsidiaries" and
substituting "subsidiary companies, holding companies";

(b) by inserting the following paragraph after paragraph
(h)

"(ha) regulating mergers, reconstructions,
acquisitions, disposals and amalgamations of
and by financial institutions;";

(c) in paragraph (i), by deleting "financial institution" and
substituting "financial institutions and their subsidiary
companies".

BERMUDA MONETARY AUTHORITY AMENDMENT ACT 1999

4

(2) Section 29(2) of the principal Act is amended by deleting "a
fine of ten thousand dollars" and substituting "a fine of $20,000 or
imprisonment for six months or both, and if the offence is a continuing
offence to a further fine of $1000 for every day or part of a day during
which the offence has continued.".

Amends section 31
14 Section 31 of the principal Act is amended

(a) in subsection (1), by deleting "(1A)" and substituting
"(1AA)" ;

(b) in subsection (1A)

(i) by deleting "a fine of $10,000 or imprisonment
for six months or both such fine and
imprisonment" and substituting "a fine of
$50,000 or imprisonment for two years or both";
and

(ii) by deleting "a fine of $25,000 or imprisonment
for two years or both such fine and
imprisonment" and substituting "a fine of
$100,000 or imprisonment for five years or
both";

(c) in subsection (1AA)

(i) by repealing paragraph (a) and substituting the
following paragraph 

"(a) to the Minister in any case in which the
disclosure is for the purpose of enabling
or assisting him to discharge his
statutory functions or is in the public
interest;";

(ii) by inserting the following paragraphs after
paragraph (a)

"(aa) to the Registrar of Companies for the
purpose of enabling or assisting him to
discharge his statutory functions;

(ab) to a financial institution, which is a self-
regulating organisation, for the
purposes of its functions in its capacity
as a self-regulating organisation;".

BERMUDA MONETARY AUTHORITY AMENDMENT ACT 1999

5

Amends section 32
15 Section 32 of the principal Act is amended

(a) by deleting "a fine of $10,000 or imprisonment for six
months or both such fine and imprisonment" and
substituting "a fine of $50,000 or imprisonment for two
years or both"; and

(b) by deleting "a fine of $25,000 or imprisonment for two
years or both such fine and imprisonment" and
substituting "a fine of $100,000 or imprisonment for five
years or both".

Amends section 33
16 Section 33(2) of the principal Act is amended 

(a) in paragraph (a), by deleting "a fine of five thousand
dollars" and substituting "a fine of $10,000 or
imprisonment for six months or both";

(b) in paragraph (b)

(i) by deleting "a fine of twenty-five thousand
dollars or to imprisonment for six months or
both" and substituting "a fine of $50,000 or
imprisonment for two years or both"; and

(ii) by deleting "a fine of fifty thousand dollars or to
imprisonment for two years or both" and
substituting "a fine of $100,000 or
imprisonment for five years or both".

Amends section 34
17 Section 34(1) of the principal Act is amended by deleting
"Punishment on summary conviction: a fine of $1,500 or in default of
payment thereof imprisonment for 3 months" and substituting
"Punishment on summary conviction : a fine of $10,000 or imprisonment
for six months or both. Punishment on conviction on indictment : a fine
of $25,000 or imprisonment for two years or both.".

Amends Third Schedule
18 The Third Schedule to the principal Act is amended by 

(a) deleting "Bank" and "Deposit Company";

(b) inserting "any institution".