The Bermuda Monetary Authority Amendment Bill 2014 (Amendment Bill) was tabled in the House of Assembly on 28 November 2014.
The two key amendments relating to financial services businesses are:
- Granting the Bermuda Monetary Authority (BMA) with the right of entry in order to obtain information and documents where the BMA has required such information to be furnished; and
- Permitting the BMA to investigate the nature, conduct or state of the licensed company's business or any particular aspect of it, or the ownership or control of the licensed company, where it proves necessary to do so in the interests of the clients or potential clients of a licensed company.
The Amendment Bill is due to become operative on 1 January 2015.
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