Hashtag: #BermudaMonetaryAuthority
BMA Hosts 2nd Annual Community Clean-Up
The Bermuda Monetary Authority hosted an Island Wide Clean-Up event in support of Keep Bermuda Beautiful as part of its annual Community Day. A spokesperson said, “The Bermuda Monetary Authority [Authority or BMA] participated in its Second Annual Community Day by hosting an Island Wide Clean-Up event on Thursday, 28 September 2023. The Authority’s... Read more of this article
BMA Levies Civil Penalties On Acadia Life
The Bermuda Monetary Authority confirmed they have “levied civil penalties totalling $900,000 on Acadia Life Limited [Company], an entity registered by the Authority under the Insurance Act 1978 [Insurance Act] as a Class C insurer to carry on long-term insurance business.” A spokesperson said, “The civil penalties have been levied... Read more of this article
BMA & White Rock To Address Vesttoo Issues
The Bermuda Monetary Authority [BMA] and White Rock Insurance [SAC] Ltd. said they “jointly agreed to a course of action in the Supreme Court of Bermuda that will focus on pursuing maximum recovery for the [re]insureds impacted by the alleged fraud involving Vesttoo related segregated accounts.” A spokesperson said, “Both parties have... Read more of this article
2022 Bermuda Monetary Authority Annual Report
Premier and Minister of Finance David Burt tabled the Bermuda Monetary Authority Annual Report 2022 in the House of Assembly on Friday [June 2]. The Premier said, “The Authority’s mission is to contribute to Bermuda’s financial stability, protect customers of financial services and protect Bermuda’s currency through: maintaining effective... Read more of this article
BMA Invites Feedback On Bank OTL Fees
“The Banks and Deposit Companies Act 1999 was recently amended [in section 60[2]], to enable the Minister of Finance to ‘regulate any commercial or operational business fee, charge or penalty’ applied by banks to their customers,” the Bermuda Monetary Authority said. A spokespeson said, “In this connection, the Bermuda... Read more of this article
‘Has Not Issued A Licence To The Company’
The Bermuda Monetary Authority [BMA] said they are “aware of claims made by the Royal Investment Consortium [Company] in which the Company claims that it can form offshore companies in Bermuda, among other countries.” A spokesperson said, “In Bermuda, companies can only be formed by businesses that have received a licence issued by... Read more of this article
Coinbase Granted Digital Asset Licence
Coinbase Bermuda has obtained a license from the Bermuda Monetary Authority [BMA]. An update on the company’s website said, “Coinbase Bermuda Ltd. has obtained a Class F License under the Digital Asset Business Act from the Bermuda Monetary Authority [BMA]. Bermuda was one of the first financial centers to pass comprehensive digital assets... Read more of this article
Toby Mason Appointed As BMA’s New COO
The Bermuda Monetary Authority [BMA] has appointed Toby Mason as the Authority’s next Chief Operating Officer [COO], reporting to Deputy Chief Executive Officer Shanna Lespere. A spokesperson said, “Through this role, Mr Mason will oversee the Authority’s infrastructure, supporting organisational growth and improving results and efficiency... Read more of this article
BMA Celebrates International Women’s Day
On International Women’s Day [IWD], the women of the Bermuda Monetary Authority said they “are standing strong together to #EmbraceEquality.” “The BMA recognises that to truly create an inclusive world, we all need to take action on equity every single day. International Women’s Day offers us all yet another opportunity to put... Read more of this article
Wine Investment Fund To Be Wound Up
The Bermuda Monetary Authority [BMA] has successfully petitioned the Supreme Court of Bermuda to wind up The Wine Investment Fund Limited [Fund] pursuant to Section 36[1][b] of the Investment Funds Act 2006 [IF Act] and the Companies Act 1981. A spokesperson said, “The Fund was authorised as a Standard Fund on 2 June 2008 by the Authority. On... Read more of this article
BMA Successful In British Steamship Petition
The Bermuda Monetary Authority [BMA] has successfully petitioned the Supreme Court to wind up British Steamship Protection and Indemnity Association [Bermuda] Limited. A spokesperson said, “The Bermuda Monetary Authority [BMA] has successfully petitioned the Supreme Court of Bermuda to wind up British Steamship Protection and Indemnity Association... Read more of this article
Cash App Gets BMA Digital Asset Licence
[Updated] Cash App — a multi-billion dollar tech company best known for its popular app that allows people in the UK and US to send and receive money, buy stocks and more — has been granted a Digital Asset Business Licence by the Bermuda Monetary Authority. The licence was recently listed on the BMA’s website, with the listing stating,... Read more of this article
Monetary Authority 2023 Business Plan Released
The Bermuda Monetary Authority [BMA] has released its 2023 Business Plan. A spokesperson said, “The document is a blueprint for the year ahead, detailing how the BMA will continue to deliver its mandate, the progress it plans to make on its multi-year phased initiatives and the projects it will launch to maintain agility and nimbleness in its... Read more of this article
BMA Staff Donate To Nursing Home Residents
A staff donation drive at the Bermuda Monetary Authority [BMA] has collected more than 350 items of clothing and supplies for the residents of six nursing homes across the island. A spokesperson said, “The donations will be distributed to residents with the greatest need and include a wide range of items, from toiletries, nightclothes and footwear... Read more of this article
Monetary Authority Releases 2021 Captive Report
The Bermuda Monetary Authority [BMA] released the 2021 BMA Captive Report, which highlights the “market results from the 2020 year-end statutory financial returns submitted through the E-SFR system with a focus on the general business captive insurers [i.e., Class 1, Class 2 and Class 3 insurers].” The BMA said, “The report focuses... Read more of this article
BMA Cancels Registration Of HBC Management
The Bermuda Monetary Authority [BMA] has “cancelled the registration of HBC Management Limited.” A spokesperson said, “The Company was registered as a non-licensed person [NLP] on 20 November 2019 under the provisions of Section 10 of the Proceeds of Crime [Anti-Money Laundering and Anti-Terrorist Financing Supervision and Enforcement]... Read more of this article
