Bermuda Monetary Authority Q2 2024 regulatory update
In the second quarter of 2024, the Bermuda Monetary Authority (BMA) published its Q2 regulatory update providing information on multiple fronts, both domestically and internationally.
Here's a summary of their key activities:
Regulatory and legislative updates
1. Consultation papers
The BMA released a consultation paper on proposed enhancements to the Corporate Service Provider Business Act 2012. This was based on a peer review of Bermuda’s Trust and Corporate Service Provider regimes, with the goal of strengthening prudential requirements and supervisory powers. The consultation closed on 9 August 2024
2. Policy and guidance
A guidance note on Digital Asset Business Single Currency Pegged Stablecoins was published. It outlines expectations for issuers regarding governance, risk management, and market integrity.
3. Reporting forms and guidelines
Several updated reporting forms and guidelines were issued, including revisions for insurers and new financial return templates.
4. Legislation
The Insurance (Prudential Standards) (Recovery Plan) Amendment Rules 2024 were introduced, mandating insurers to develop recovery plans by May 2025.
International engagement
The BMA participated in international regulatory forums and meetings on global financial stability, insurance market developments, and digital assets. Key events included the IAIS Committee meetings, bilateral discussions with global regulatory bodies and participation in the Bank for International Settlements and Financial Stability Board activities.
Key collaborations
The BMA signed important Memorandums of Understanding with Lloyd’s of London and the Financial Services Regulatory Authority of Abu Dhabi, focussing on innovation, digital assets, and cross-jurisdictional regulatory cooperation.
For more information, BMA’s regulatory update can be found here.
