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Bermuda: Authority Outlines Stringent Banking Industry Regulations

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The Bermuda Monetary Authority (BMA) has released its comprehensive Policy and Guidance Framework for banks and deposit companies supervision, outlining a series of stringent regulations aimed at ensuring the stability and integrity of the banking sector in Bermuda.

Key Initiatives

• Final rules around Basel III for Bermuda banks
• Annual updates on stress testing
• Corporate governance policy
• Updated Statement of Principles
• Guidance notes

The BMA has also published various guidance documents and regulations, including:

Operational Cyber Risk Management Code of Conduct

• Banks and Deposit Companies Code of Conduct
• Bermuda Banking Association Code of Ethical Conduct

Enhancing Risk Management Practices

• Guidelines on troubled debt restructuring
• Loan-to-value ratios
• Stress testing

Guidance Notes

• Outsourcing
• Corporate governance
• Enhancement of stress testing in the Capital Assessment and Risk Profile (CARP) for Bermuda’s banking sector

The BMA has also issued regulations aimed at:

Promoting Sound Liquidity Risk Management Practices

• Ensuring that banks are adequately capitalized
• Providing guidance on regulatory framework
• Offering insights into the authority’s approach to liquidity risk management

Measurement and Monitoring of Liquidity and Principles for Sound Liquidity Risk Management and Supervision

These regulations demonstrate the BMA’s commitment to maintaining a robust and effective supervisory framework, ensuring that Bermuda’s banking industry operates in accordance with international standards and best practices.