Bermuda Monetary Authority Amendment (No.2) Act 2006
BERMUDA MONETARY AUTHORITY AMENDMENT (NO.2) ACT
2006
BERMUDA
2006 : 41
BERMUDA MONETARY AUTHORITY AMENDMENT (NO. 2) ACT
2006
Date of Assent: 29 December 2006
Operative Date: 5 January 2007
WHEREAS it is expedient to make provision to authorise the
subdelegation of delegated functions and powers of the Bermuda
Monetary Authority; to amend the band thresholds for fees under the
Banks and Deposit Companies Act 1999; and to amend fees payable
under certain other Acts:
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 (N0. 2) Act 2006 and shall come into operation on such day
as the Minister of Finance may appoint by notice published in the
Gazette; and the Minister may appoint different days for different
provisions.
Interpretation
2 In this Act "the principal Act" means the Bermuda Monetary
Authority Act 1969.
Section 4D of principal Act amended
3 Section 4D(2) of the principal Act is amended by inserting the
following paragraph after paragraph (a) —
1
BERMUDA MONETARY AUTHORITY AMENDMENT (NO.2) ACT
2006
2
“(aa) authorise the delegate to subdelegate all or any of the
delegated functions or powers to persons falling
within paragraph (a) or (b) of subsection (1);”.
Fourth Schedule to principal Act amended
4 The Fourth Schedule to the principal Act is amended —
(a) under the heading “Banks and Deposit Companies Act
1999” —
(i) by deleting “$100 million” and substituting
“$500 million” in paragraph (3)(a); and
(ii) by deleting “$100 million” and substituting
“$500 million” in paragraph (3)(b);
(b) under the heading “Insurance Act 1978” by deleting
“$55,000.00” and substituting “$200,000.00” in each of
paragraphs (3)(a)(v), (3)(a)(x), (7)(a)(v) and (7)(a)(x) (‘Class
4 insurers’);
(c) under the heading “Investment Business Act 2003” by
inserting the following paragraph after paragraph (2) —
“ (3) Annual licence fee payable pursuant to section
19(b) where an investment provider falls within
paragraph (2)(a), (b) or (c) and is part of a group which is
subject to consolidated supervision by the Authority as
home regulator under the Investment Business Act
2003, and that group —
(a) has consolidated net assets not exceeding
$500 million $25,000.00
(b) has consolidated net assets exceeding
$500 million $100,000.00.”.
(d) under the heading “Trusts (Regulation of Trust Business
Act 2001” by repealing paragraph (2)(b) and substituting
the following —
“(b) for an unlimited trust licence —
(i) where a licensed company employs, or
otherwise engages the services of, less
than five persons $10,000.00
(ii) where a licensed company employs, or
otherwise engages the services of, five or
more persons but less than
ten $17,500.00
BERMUDA MONETARY AUTHORITY AMENDMENT (NO.2) ACT
2006
3
(iii) where a licensed company employs, or
otherwise engages the services of, ten or
more persons $30,000.00.”.
