Monetary Authority Launch 2016 Business Plan
The Bermuda Monetary Authority today [March 24] announces its strategic priorities for the year in its 2016 Business Plan.
Jeremy Cox, the Authority’s Chief Executive Officer said, “In 2016, the Authority will continue to spearhead projects of national economic significance, not the least of which is the further development of a financial stability policy initiative for Bermuda.”
Other highlights of the Authority’s 2016 business plan include:
- Implementing our new enhanced commercial regime for [re]insurers following the achievement of Solvency II equivalence
- Increased transparency on details of enforcement actions
- Implementing an Alternative Investment Fund Managers Directive opt in regime for Bermuda based investment managers passporting into the European Union
- An assessment of Bermuda’s Anti-Money Laundering/Anti-Terrorist Financing framework by the Caribbean Financial Action Task Force in early 2018
- Accepting applications for Corporate Service Provider licences from Q2-2016
- Continuing phased implementation of Basel III for Bermuda’s banks
- Mandatory electronic filing for Bermuda’s captives and Special Purpose Insurers from Q2-2017
- Building a risk-based supervision framework for insurance managers
The Authority’s 2016 Business Plan is available for download here.
