BMA Announce Management Team Realignment
The Bermuda Monetary Authority today [May 20] announced structural changes within its senior management team as part of a drive to achieve greater supervisory effectiveness.
The changes, which impact four of the Authority’s departments, are designed to concentrate leadership expertise in core supervisory disciplines, with the aim of improving cost efficiencies and increasing Bermuda’s appeal to new market entrants, particularly in the field of fund management and administration.
Jeremy Cox, CEO of the Authority, said, “The restructuring and re-assigned responsibilities within the senior management team support the BMA’s work to implement Bermuda’s supervisory regimes even more effectively. We are successfully working towards achieving our focused vision for efficient, forwardlooking risk-based supervision as the market continues to evolve.
“Just as important, the changes also support sharing of our in-house technical skills across the market sectors we supervise, fostering a multidisciplined, coordinated supervisory approach.
“As we continue enhancing our capabilities as supervisors, we also aim to better facilitate new entrants to
Bermuda’s market with quality vetting in a time-sensitive, cost-efficient manner,” he added. “This is particularly relevant given the various joint public and private sector initiatives underway to build on the attractiveness of Bermuda’s financial services offerings.”
“One high profile example is in the asset management space,” Mr. Cox explained. “We recognise the value of speed-to-market for licensing new fund managers and administrators to support additions to Bermuda’s funds register and other investment businesses.
“This sector can potentially be another jewel in Bermuda’s crown to match the insurance sector’s success. The BMA will make sure that it does its part to provide the same robust but efficient vetting that has made Bermuda a premier domicile for quality insurance and reinsurance business.”
Mr. Cox added that with this in mind, in addition to aligning consolidated supervisory functions within one area, the Authority’s licensing and authorisations processes for all market sectors are now being centralised.
“Our new structure also ensures direct alignment between the policy, legal and enforcement functions,” he said. “Overall, these changes and re-assignments provide further balance and cost-efficiency in our resources. They also ensure the Authority’s teams are aligned appropriately as we provide effective financial regulation for today and the future.”
The management team changes, which follow the recent appointment of Craig Swan to the newly-created position of Managing Director, Supervision, are as follows:
Banking, Trust, Corporate Services and Investment – Marcia Woolridge Allwood, Director
Ms. Woolridge Allwood will add supervision of businesses licensed under Bermuda’s new Corporate
Services Providers regime to her responsibilities. This is in addition to the supervision of the banking,
trust, investment fund, fund administrators and investment businesses sectors.
Licensing and Authorisations – Shelby Weldon, Director
Mr. Weldon’s role will also expand as Director to include the licensing and authorisations functions for all
non-insurance entities. In addition to captive and commercial insurers, he will be responsible for licensing
and authorisations for banks, investment businesses, investment funds, trust companies and corporate
service providers.
Operations – Shanna Lespere, Director
Mrs. Lespere, formerly head of International Affairs, will assume responsibility for areas of the
Authority’s operations function, i.e. Finance and Currency Operations, Human Resources,
Communications, Research, Facilities, Programme Management and Enterprise Risk Management. In
future, International Affairs will be coordinated through the CEO’s office and will be jointly supported by
Supervision and the Policy Unit.
Policy, Legal and Enforcement – Shauna MacKenzie, Director
Mrs. MacKenzie’s role as Director will now encompass responsibility for the Authority’s regulatory policy
function. This is in addition to being responsible for legal services, and development and application of the
BMA’s enforcement framework.
The senior management re-assignments are to take effect immediately.
