The Bermuda Monetary Authority has published its 2014 business plan, setting out its regulatory priorities and goals for the year.
Jeremy Cox, the authority’s CEO, presented the plan to industry stakeholders at the annual meeting held at BMA House.
Cox said: “A world class financial services industry such as Bermuda’s requires the support of a world class financial services regulator capable of assuming a leading role at a global level. My goal and the goal of our leadership team is not only to ensure the authority remains the worldclass regulator our industry and country demands. We also want to set the standard for quality regulation at home and abroad for the benefit of all stakeholders, including other regulators.”
Several key areas of focus in the business plan were highlighted at the meeting, including the AIFMD opt-in regime. The authority will consider the implications of establishing an opt-in regime for Bermuda’s funds sector to comply with Europe’s Alternative Investment Funds Managers Directive.
The proposed opt-in regime would enable Bermuda’s alternative investment funds managers to register with an EU member state, upon which they could market funds throughout the EU by passporting, which will be available to non-EU countries by 2015.
The business plan also sets out the need for electronic reporting, which will be rolled out to Bermuda’s captive insurers this year.
The authority will amend insurance legislation in Q2 2014 to refine the content and process of filing requirements for captives.
An enhanced Statutory Financial Return, which consolidates previous filing requirements with a new risk self-assessment, will become an annual statutory requirement for Bermuda’s captives. These will be submitted electronically.
Cox said: “In 2014, the authority will continue to build upon our highly-regarded regime and further entrench key framework enhancements across all of the financial service sectors we regulate. We will also continue to facilitate business development for the jurisdiction while maintaining an effective, risk-based and appropriate regulatory environment that is workable for the quality firms which operate here."
