Bermuda Monetary Authority Launches New Web Site for Regulations

April 1, 2008

The Bermuda Monetary Authority (BMA) has launched a new web site that provides an unprecedented level of detail about Bermuda’s regulatory standards online.

The BMA stated that the new site, which went live today, April 1, “represents a significant upgrade in terms of its content, structure, functionality and navigation. It features a detailed breakdown of the Authority’s risk-based approach to regulation, the framework applied for risk assessment of the companies regulated by the BMA and the wide range of supervisory tools used in that process.”

BMA CEO Matthew Elderfield stated: “We have built the new site with key user groups in mind and the result is another demonstration of the Authority’s commitment to transparency in explaining its work and proposed changes to Bermuda’s regulatory framework to stakeholders here and overseas.

The bulletin said the “site presents details of the BMA’s approach to identification and monitoring of risks related to the entities under its responsibility, along with overviews of particular risk assessment models currently in use by the Authority. Information about the new risk-based capital model, the Bermuda Solvency Capital Requirement, which will set new capital standards for Bermuda’s larger insurance companies, is also included.

“The site also provides information about a variety of supervisory processes currently in use, including enhanced monitoring of entities via expanded on-site programs across all markets of Bermuda’s financial services sector.”

“Given the Authority’s increased interaction and involvement with other regulatory agencies and standard setting bodies, as well as on going consultation with industry locally on regulatory developments, many contacts are seeking to gain detailed information about the BMA and Bermuda’s regulatory framework online,” Elderfield added. “The new web site provides a very accessible reference point for that information, organized in a manner that is designed to serve user needs quickly and easily.”

He also noted that the site aims to make information that is most relevant to users available quickly. It features a variety of links that were specifically developed based on feedback from user groups both internal and external to the organization.

In addition to the broader information on the BMA’s standards and regulations, the new site provides clearer and faster access to items such as industry consultation papers; the incorporation and licensing process for companies; market statistics; Bermuda’s financial services legislation; and a warning list of companies purporting to be Bermuda-licensed entities that are not.

There are also highlighted areas for news, events and media matters, as well as for those seeking information about career opportunities at the BMA, and wishing to purchase commemorative coins on line.

The BMA’s new web site can be accessed at www.bma.bm.

Source: Bermuda Monetary Authority

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