Financial Crime World

RA Initiates Comprehensive Review of Electronic Communications Sector

The Regulatory Authority (RA) in Bermuda has published a consultation document aimed at reviewing the electronic communications sector in the country. The review will encompass all applicable policies, legislation, regulations, and administrative determinations related to the sector.

Public Consultation

Members of the public, electronic communications participants, sectoral providers, and other interested parties are invited to submit their comments on the Consultation Document by August 31, 2022. The RA will issue a final decision following the conclusion of the consultation process.

General Legal/Regulatory Reforms

Approved Residential Schemes Guidelines

The Bermuda Government released an overview of the Approved Residential Schemes Guidelines (Guidelines) on July 15, 2022. The guidelines aim to facilitate economic development and regeneration within the Economic Empowerment Zones (EEZs).

  • Amendments made in 2019 allow for the designation of Approved Residential Schemes within EEZs and the removal of restrictions on non-Bermudians purchasing residential units.
  • The Guidelines set out the policy for Approved Residential Schemes and the application process.

Amendments to the Bermuda Monetary Act

On August 2, 2022, the Governor granted Royal Assent to a bill amending the Bermuda Monetary Authority Act 1969. The amendment adds a principal object related to the conduct of business by financial institutions, providing the Bermuda Monetary Authority (BMA) with powers to promote fair outcomes for customers.

  • The BMA will issue new or revised codes covering the conduct of business on a phased basis, starting with the insurance and banking sectors.
  • The regime aims to increase transparency and require financial institutions to treat customers fairly.

Status of Cannabis Legislation

On September 6, 2022, Government House released a statement regarding the Governor’s position on the Cannabis Licensing Bill 2022. The Governor confirmed that she would not Assent to the bill as drafted due to inconsistencies with international obligations under the 1961 Single Convention on Narcotic Drugs and the 1971 Convention on Psychotropic Substances.

  • The UK and Bermuda governments have expressed a desire to work together on reforms within existing international obligations.
  • The Attorney-General has stated that the Government of Bermuda intends to continue advancing the initiative within its constitutional powers.