BMA receives limited feedback in fee consultation

The Bermuda Monetary Authority (BMA) received feedback from only one institution in its recent consultation paper about fee changes, the regulator said.

The BMA said the feedback welcomed the “more equitable” graduated annual fee structure for corporate service providers (CSP) in this proposal, relative to its proposal in 2018, which suggested a flat fee.

The feedback also called for fees to be lower for the smallest CSPs, the BMA admitted. But the regulator insisted its proposals were proportionate, taking into account the number of clients CSPs have in their portfolios, and the baseline costs associated with supervising/regulating all CSPs.

The Consultation Paper published in October 2019 set out fee revisions in four areas, including: a new fee structure for CSPs; revised fees within certain regulated sectors required as a result of legislative changes; new innovative hub-related fees; and corrections of fees currently misstated in, or omitted from, the fourth schedule of the Bermuda Monetary Authority Act 1969.