Bermuda Monetary Authority Amendment Act 2010
BERMUDA MONETARY AUTHORITY AMENDMENT ACT 2 0 1 0
1
BERMUDA
2010 : 2
BERMUDA MONETARY AUTHORITY AMENDMENT ACT 2010
[Assent Date: 25 February 2010]
[Operative Date: 25 February 2010]
WHEREAS it is expedient to amend the Bermuda Monetary
Authority Act 1969 to enhance the corporate governance of the Bermuda
Monetary Authority, to clarify several provisions respecting the
calculation of fees and to make provision for limited increases in fees for
licensed entities in the financial sector;
WHEREAS it is expedient to make a related amendment to the
Investment Funds Act 2006 to make provision for a fee to be charged to
the operators of a fund for approvals of proposals under section 25 of
that Act;
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
1 This Act may be cited as the Bermuda Monetary Authority
Amendment Act 2010.
BERMUDA MONETARY AUTHORITY AMENDMENT ACT 2 0 1 0
2
PART 1
AMENDMENTS TO THE BERMUDA MONETARY AUTHORITY
ACT 1969
Amends Section 4
2 Section 4(1)(d) of the Bermuda Monetary Authority Act 1969 (the
“principal Act”) is amended by—
(a) deleting the word “eight” and substituting the word
“ten”; and
(b) deleting the words “, of whom four shall also have
experience of the insurance industry”.
Amends Fourth Schedule
3 The Fourth Schedule of the principal Act is amended—
(a) under the Heading “Banks and Deposit Companies Act
1999” by inserting before the semi-colons in paragraphs
(3)(a) and (b) and before the full stop in paragraph (3)(c)
the words “on December 31st of the year preceding the
year in which the fee is due”;
(b) under the Heading “Insurance Act 1978” by deleting in
paragraphs (7)(a)(ivb) and (7)(a)(ixb) the words “in the
year of assessment” and substituting the words “as
reported in the previous year’s statutory financial return
(or, with the approval of the Authority, in the most
recent statutory financial return)”; and
(c) under the Heading “Trusts (Regulation of Trust
Business) Act 2001” by inserting in paragraphs (2)(b)(i),
(ii) and (iii) after the word “where” the words “, on
December 31st of the year preceding the year in which
the fee is due”.
Amends Fees in Fourth Schedule
4 (1) The Fourth Schedule of the principal Act is further
amended—
(a) under the Heading “Banks and Deposit Companies Act
1999”—
(i) by deleting the fee in paragraph (1) and
substituting the fee “$21,000”; and
(ii) by deleting the fees in paragraphs (2)(a), (b) and
(c) and substituting the fees “$17,325”,
BERMUDA MONETARY AUTHORITY AMENDMENT ACT 2 0 1 0
3
“$115,500” and “$231,000” respectively for
those fees;
(b) under the Heading “Bermuda Monetary Authority Act
1969” by repealing paragraph (3) and replacing it with
the following—
“(3) application for a licence to carry on a money
service business pursuant to regulation 7(a) of the
Money Service Business Regulations
2007…......…………………………………….…………$4,725
(4) annual fee pursuant to regulation 7(b) of the
Money Service Business Regulations 2007
……………………………………………………………..$4,725”;
(c) under the Heading “Insurance Act 1978”—
(i) by deleting the fees in paragraphs (3)(a)(i), (iii),
(iv), (v), (vii), (viii), (ix) and (x) and substituting
the following fees in those subparagraphs—
“(3)(a)(i) $3,650
(iii) $1,737
(iv) $10,500
(v) $220,500
(vii) $10,500
(viii) $10,500
(ix) $10,500
(x) $220,500”;
(ii) by deleting the fees in paragraph (3)(b) and (c)
and substituting the following fees in those
paragraphs respectively “$1,406” and “$140”;
(iii) by deleting the fees in paragraphs (7)(a)(i), (iii),
(iv), (v), (vi), (vii), (viii), (ix) and (x) and
substituting the following fees in those
subparagraphs—
“(7)(a)(i) $3,650
(iii) $1,737
(iv) $10,500
(v) $220,500
(vi) $19,000
BERMUDA MONETARY AUTHORITY AMENDMENT ACT 2 0 1 0
4
(vii) $10,500
(viii) $10,500
(ix) $10,500
(x) $220,500”; and
(iv) by deleting the fees in paragraph (7)(b) and (c)
and substituting the following fees in those
paragraphs respectively “$1,406” and “$140”;
(d) under the Heading “Investment Business Act 2003”—
(i) by deleting the fee in paragraph (1) and
substituting the fee “$2,100”;
(ii) by deleting the fees in paragraphs (2)(a), (b) and
(c) and substituting the following fees in those
paragraphs—
“(a) $2,000
(b) $5,000
(c) $10,000”; and
(iii) by deleting the fees in paragraph (3)(a) and (b)
and substituting the following fees in those
paragraphs respectively “$57,750” and
“$231,000”;
(e) under the Heading “Investment Funds Act 2006”—
(i) by deleting the fees in paragraphs (1) to (9) and
substituting the following fees under those
paragraphs—
“(1) $788
(2) $788
(3) $1,418
(4) $893
(5) $893
(6) $525
(7) $630
(8) $7,875
(9) $8,663”; and
BERMUDA MONETARY AUTHORITY AMENDMENT ACT 2 0 1 0
5
(ii) by inserting immediately after paragraph (9) the
following—
“(10) Transaction fee for the issuance of
approvals by the Authority under section 25 of
the Act.…………………………………….……..$200”;
(f) under the Heading “Proceeds of Crime Regulations
(Supervision and Enforcement) Act 2008”—
(i) by inserting the paragraph number (1) before
the fee under that Heading and by deleting that
fee and substituting the fee “$105”; and
(ii) by inserting after paragraph (1) the following—
“(2) Annual fee pursuant to section 14(2)
………………………………………..….$750”; and
(g) under the Heading “Trusts (Regulation of Trust
Business) Act 2001” by deleting the fees in paragraphs
(1)(a) and (b), (2)(a) and (2)(b)(i), (ii) and (iii) and
substituting the following fees under those paragraphs—
“(1)(a) $525
(b) $5,250
(2)(a) $1,050
(2)(b)(i) $11,550
(ii) $20,213
(iii) $34,650”.
(2) Notwithstanding the date of commencement of this section, the
annual fees prescribed by subsection (1) that are payable pursuant to—
(a) section 16 of the Banks and Deposit Companies Act
1999;
(b) section 20B of the Bermuda Monetary Authority Act
1969;
(c) section 14(2) of the Insurance Act 1978;
(d) section 19 (b) of the Investment Business Act 2003;
(e) section 7(5), 17(1) or 45 of the Investment Funds Act
2006;
(f) section 14(2) of the Proceeds of Crime Regulations
(Supervision and Enforcement) Act 2008; and
BERMUDA MONETARY AUTHORITY AMENDMENT ACT 2 0 1 0
6
(g) section 14(1) of the Trusts (Regulation of Trust Business)
Act 2001,
shall have effect commencing 1 January 2010.
PART 2
RELATED AMENDMENT TO THE INVESTMENT FUNDS ACT
2006
Amends Section 17
5 Section 17 of the Investment Funds Act 2006 is amended by
inserting the following immediately after paragraph (a)—
“(aa) on the giving of notice of a proposal for which an approval is
required under section 25(2);”.
