BMA Host 3rd Meeting Of Financial Policy Council

September 19, 2016

The Bermuda Monetary Authority hosted the third meeting of the Financial Policy Council at its offices in Hamilton this month.

The Council, established in 2015, advises the Ministry of Finance and the Authority on financial system stability in Bermuda. Its purpose is to assess possible threats to Bermuda’s financial stability, and to identify policies and actions to mitigate or eliminate such threats.

The Council also advises on the development of a financial stability framework in Bermuda and makes policy recommendations designed to support the general economic and financial well-being of the country.

Members of the Council are the Deputy Premier and Minister of Finance Bob Richards [chair], Sir Andrew Large [deputy chair], Authority CEO Jeremy Cox, Sir Courtney Blackman, Michael Butt, Dame Amelia Fawcett and Gil Tucker.

The BMA said, “At their meeting on 1st September, Council members reviewed recent developments in the international economy, and assessed their potential risks and vulnerabilities to financial stability in Bermuda.

“Particular attention was paid to the effects on the international and domestic economies of the results of the unanticipated outcome of the UK referendum to exit the EU.

“Among topics discussed were recent developments in the global economy, including Brexit, which could have an impact on the financial sector in Bermuda, with specific focus on Bermuda’s banking, and international [re]insurance sectors.

“Council members also discussed regional and global financial policy developments Bermuda needed to remain at the forefront of in order to retain its position as a leading international financial centre. In particular, the Council explored work completed to date in respect of enhancements to Bermuda’s regime for Anti-Money Laundering and Anti-Terrorist Financing [AML/ATF].

“The Council reviewed several streams of AML/ATF work currently underway in both the financial and non-financial sectors and highlighted the critical importance of establishing and operationalising a sound AML/ATF regime in Bermuda.

“In addition, the Council:

  • Took stock of recent developments of Bermuda’s recovery and resolution framework for its domestic banking sector, including questions of operationalisation of the Special Resolution Regime enacted by the Legislature in February 2016.
  • Reviewed recent international and domestic developments related to beneficial ownership in light of Bermuda’s own experience in that area.
  • Reviewed recent work by the Financial Stability Board and others in respect to correspondent banking.

The Council’s next meeting is scheduled for early December 2016.

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Comments (1)

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  1. Finance Minister says:

    BMA needs to assess financial regulation based on size and nature of entity (big, small, local versus international). Us local companies are getting burdened with the same level of regulations as the larger companies (at least it seems).

    Bemuda’s success was sensible regulation…I’m not too convinced, except for the larger companies, we have a well thought out approach.

    Over the past couple of years, I’ve seen BMA as an impediment to efficient business. I can open a bank account in NY so much quicker than in Bermuda?

    Swing the pendulum back to the middle a bit! Don’t over burden local companies!

    Cost of doing business, in my opinion, is rising! Red tape if getting thicker!