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Topic: Bermuda Monetary Authority

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	Bermuda Captive Conference 2005 (Site not responding. Last check: 2007-10-16)
		Bermuda has a great story to tell and it is not happenstance that we are dubbed the insurance laboratory of the world.
		It moved expeditiously to ensure that Bermuda’s position was safeguarded through the development and enactment of appropriate regulation that could provide consistency with the necessary standards, but in ways that provided solutions that were sensible for, and sensitive to, the business and markets that had developed in Bermuda.
		At the same time, he put in train the process by which the Bermuda Monetary Authority has been able to move confidently to take on an expanded role and responsibilities, and to become the autonomous, effective and highly professional regulatory body that it is today.
	www.bermudacaptive.bm /news-articles/031105.html (2340 words)

	BIBA Home Page (Site not responding. Last check: 2007-10-16)
		The BMA applies tougher standards and requirements where the general public is targeted and relies much more on full transparency and disclosure for those sophisticated investors who can reasonably be expected to understand and tolerate the underlying risks.
		BMA officials are blunt and forthright in the statement that they aim not to do marginal business and make no apologies for it.
		The BMA also ensures that schemes and service providers comply fully with the obligations placed on them under the Bermuda Monetary Authority (Collective Investment Scheme Classification) Regulations 1998, regularly conducting full compliance reviews to ensure that requirements are met and Authority records are up-to-date.
	www.biba.org /biba.cfm?FeatureID=3 (1118 words)

	Bermuda (10/04)
		Bermuda was discovered in 1503 by a Spanish explorer, Juan de Bermudez, who made no attempt to land because of the treacherous reef surrounding the uninhabited islands.
		Bermuda is the oldest self-governing overseas territory in the British Commonwealth.
		A third party, the Bermuda Democratic Party (BDP), was formed in the summer of 1967 with a splinter group from the PLP as a nucleus; it disbanded in 1970.
	www.state.gov /r/pa/ei/bgn/5375.htm (3338 words)

	globalEDGE (TM) \| country insights - Economy of Bermuda (Site not responding. Last check: 2007-10-16)
		Bermuda is considered an offshore financial center with a well-deserved reputation for the integrity of its financial regulatory system.
		Bermuda’s tourism industry is continuing to experience difficulties, although both the government and private sectors are working to improve it.
		Bermuda has a total of 599.30 kilometers (km) of roads, of which 351.3 km are public and other paved roads and 248 km are private roads.
	globaledge.msu.edu /ibrd/CountryEconomy.asp?CountryID=165&RegionID=1 (1269 words)

	PXRE GROUP LTD - PXT Securities Registration Statement (simplified form) (S-3) EXPERTS
		The Bermuda Monetary Authority may appoint an inspector with extensive powers to investigate the affairs of an insurer if the Bermuda Monetary Authority believes that such an investigation is in the best interests of the insurer's policyholders or persons who may become policyholders.
		Bermuda law provides that each director may appoint an alternate director, who shall have the power to attend and vote at any meeting of the board of directors or committee at which that director is not personally present and to sign written consents in place of that director.
		Bermuda law and our bye-laws provide that a company and its shareholders may waive all claims or rights of action that it or they might have, individually or in the right of the company, against any director or officer for any act or failure to act in the performance of that director's or officer's duties.
	sec.edgar-online.com /2004/08/09/0001125282-04-003717/section26.asp (3299 words)

	GeographyIQ - World Atlas - North America - Bermuda - Economy
		Bermuda has enjoyed steady economic prosperity since the end of World War II, although the island experienced a mild recession in 2001-02, paralleling the recession in the U.S. Bermuda enjoys one of the highest per capita incomes in the world.
		Bermuda has little in the way of exports or manufacturing; almost all manufactured goods and foodstuffs must be imported.
		Exports from Bermuda, including imports into the small free port that are subsequently re-exported, increased from $35 million in 1993 to $57 million in 2002 (provisional).
	www.geographyiq.com /countries/bd/Bermuda_economy_summary.htm (985 words)

	Bermuda Yellow Pages On-Line - International Business In Bermuda
		It can be claimed that Bermuda’s international prominence began with tourism when Princess Louise, the daughter of Queen Victoria, adopted the island as her winter retreat during the turn of the 19th century.
		Bermuda was also one of the first offshore jurisdictions to pass an Electronic Transactions Act in 1999 governing e-commerce.
		Bermuda consists of several tiny islands (rumored to total 365, one for each day of the year) with over 150 miles of roads in just 21 square miles of land-mass.
	www.bermudayp.com /bus-internationalbus.html (1449 words)

	Investments - FAQ (Site not responding. Last check: 2007-10-16)
		The Bermuda Monetary Authority is designated as the regulatory authority responsible for supervising this area.
		Bermuda law, however, does not prevent a trust from accumulating its income and this can continue throughout the life of the trust.
		Bermuda's economy and livelihood are dependent almost entirely on the two service industries of international business and tourism.
	www.ey.com /global/content.nsf/Bermuda/Investments_-_FAQ (1851 words)

	BERMUDA
		Bermuda is an isolated archipelago of 21 main islands and 160 islets located in the western Atlantic about 750 miles southeast of New York City and 3,445 miles from London.
		The Bermudas have a long history as a tax haven, and practitioners often refer to it as the “Cadillac” of the havens because it caters mainly to the rich and carriage trade.
		Bermuda’s bank vaults are stuffed with several thousand family trust deeds but wealthy investors would probably do better to appoint trustees from one of the island’s top law firms.
	www.offshore-manual.com /taxhavens/Bermuda.html (4639 words)

	Bermuda Sun: Lister: We will protect Bermuda (2004-02-27) (Site not responding. Last check: 2007-10-16)
		BERMUDA Monetary Authority (BMA) boss Cheryl-Ann Lister says that with the island’s reputation as a quality financial centre being challenged, it is now increasingly important for the BMA to protect that reputation.
		She says that she has used various forums here and abroad to explain Bermuda’s strong commitment to knowing its customers and the very strong checks and balances it has in place to ensure that the people who come to Bermuda to do business are of the highest quality.
		Since its formation, BMA has seen a number of significant financial milestones taking place, including the abolition of the interest rate ceiling, the development of a securities market in Bermuda, the abolition of the 10 per cent foreign currency purchase tax and a substantial relaxation in exchange controls.
	www.bermudasun.org /archives/2004-02-27/03Business02 (552 words)

	Bermuda Banks
		Bermuda Government benefits substantially from licensing and regulation, via the Bermuda Monetary Authority, of Bermuda's banks.
		The Bermuda Government charges them the highest banking fees anywhere in the world, so their interest rates are lower, interest bearing checking accounts do not exist, internationally cost competitive and comparable banking fees are not offered and service fees to consumers are the highest in the world.
		But the Bermuda Monetary Authority (BMA) is also their regulatory authority and has a list of their names, address and local or international affiliations.
	www.bermuda-online.org /banking.htm (2714 words)

	Bermuda Monetary Authority - Welcome (Site not responding. Last check: 2007-10-16)
		The Authority is responsible for the licensing, supervision and regulation of financial institutions including those conducting deposit-taking, insurance, investment and trust business in Bermuda.
		It is also the issuing authority for Bermuda’s bank notes and coinage, as well as providing a range of services and advice to Government on company incorporations and on banking and other financial and monetary matters.
		The Authority encourages high standards of compliance and works with Government and industry professionals to ensure that Bermuda’s reputation as a quality international financial centre is protected.
	www.bma.bm (130 words)

	Investment Funds in Bermuda (Site not responding. Last check: 2007-10-16)
		Bermuda has seen a 32% increase in the number of Collective Investment Schemes during the year ended June 30, 1997, bringing the total number to 944 and increasing their total net asset value by 39% to $20.43 billion.
		In Bermuda there are no taxes on profits, income or dividends, nor is there any capital gains tax, estate duty, stamp duty, transaction tax or inheritance tax payable by a Bermuda fund or their shareholders or unitholders, other those shareholders or unitholders ordinarily resident in Bermuda.
		Bermuda has established an appropriate and flexible regulatory framework that is successful due to the excellent working relationship among the funds, the Bermuda service providers and the BMA.
	www.deloitte.bm /invest.htm (1251 words)

	A printer friendly article from the Royal Gazette (Site not responding. Last check: 2007-10-16)
		Bermuda responded swiftly to the recommendation of KPMG by first removing the responsibility for overseeing insurance companies from the Minister to the newly created position of the Supervisor of Insurance.
		Because his department is now under the Bermuda Monetary authority, he must now report to the Chairman, the Executive team, and the Board of Directors as they all oversee his responsibilities.
		He knows Bermuda is being viewed under a microscope so he works hard to ensure all the necessary procedures have been followed to the letter and proper company documentation is in place.
	www.theroyalgazette.com /apps/pbcs.dll/article?Date=20020611&Category=BUSINESS&ArtNo=106110024&SectionCat=&Template=printpicart (1007 words)

	Overview - Law Developments (Legal500.com)
		Bermuda company law was substantially revised by the Companies Act 1981 (the Act) and now permits virtually all companies to be incorporated by registration rather than by a private act of the Bermuda legislature.
		Application for consent is made to the Bermuda Monetary Authority and must be accompanied by a copy of the company's proposed memorandum of association setting out its objects and share capital which, in the case of ordinary companies, is a minimum of US$12,000, and for insurance companies US$120,000.
		Bermuda law permits the amalgamation of two or more Bermuda-incorporated companies and also allows the amalgamation of a Bermuda company with a foreign corporation.
	www.icclaw.com /devs/bm/cl/overview.htm (2325 words)

	Bermuda (Site not responding. Last check: 2007-10-16)
		Becoming a Bermuda company is a paper transaction, as easy as securing a mail drop there and paying some fees, while keeping the working headquarters back in the United States.
		The Bermuda Monetary Authority is Bermuda's central monetary authority and is responsible for the issue of Bermuda notes and coins, supervision of Bermuda's financial services sectors, providing advice to Government on banking and other financial and monetary matters and the vetting of individuals and entities wishing to set up corporate entities in Bermuda.
		Bermuda satisfies many of the factors which may be considered as relevant in selecting an FSC jurisdiction including the speedy incorporation and organisation of the FSC, no Bermuda income tax or profits tax, withholding tax, capital gains tax, capital transfer tax, estate duty or inheritance tax is payable by a Bermuda company or its shareholders.
	www.executivecaliber.ws /sys-tmpl/bermuda (600 words)

	Laws Affecting Offshore Operations in Bermuda
		Non resident trusts are not permitted to hold Bermuda currency, shares or security in local companies, or an interest in land in Bermuda without the prior consent of the Bermuda Monetary Authority.
		Bermuda trusts need not be registered, and following the Stamp Duty Amendment Act 1993 the only Bermuda trusts still subject to stamp duty are those established by residents in favour of their families.
		Bermuda, like many other offshore jurisdictions, is tightening up its regulatory regime in response to pressure from the OECD and FATF.
	www.lowtax.net /lowtax/html/bermuda/jbrlolaw.html (1829 words)

	BF&M: Get Insurance
		The chief officer under Bermuda’s insurance legislation is the Supervisor of Insurance who leads a regulatory team within the Bermuda Monetary Authority (the “BMA”).
		The BMA is an independent body which was established by the Bermuda Monetary Authority Act 1969.
		A board of directors is responsible for the policy of the BMA and the general administration of its affairs and business.
	www.bfm.bm /products/insurance_101/risk (1027 words)

	Win At Blackjack and more monetary authority (Site not responding. Last check: 2007-10-16)
		The Bermuda Monetary Authority is responsible for the licensing of banks, deposit companies and...
		The Bermuda Monetary Authority is responsible for the licensing of banks, deposit companies and investment...
		The Maldives Monetary Authority (MMA) was established on 1st July 1981, and is endowed with the regular powers and obligations of a central bank under the mandate provided by the MMA Act (1981).
	goldentriangledistribution.com /th/blackjackkey/monetary-authority.htm (722 words)

	Lowtax News Story
		And the Bermuda Monetary Authority has had to take on extra staff to deal with a flood of forms and meetings in the past 18 months, according to Cheryl-Ann Lister, Chairman of the Bermuda Monetary Authority.
		Lister added that the BMA had taken on staff in the past year to help deal with the extra work, and would be taking on a further three staff in the near future.
		She added at the end of her speech: "Bermuda remains committed to ensuring that it maintains an appropriate framework of robust supervision and regulation.
	www.lowtax.net /asp/story/frontstory.asp?storyname=923 (861 words)

	Bermuda Sun: BMA to rule if HSBC is fit to run the Bank of Bermuda (2003-11-07) (Site not responding. Last check: 2007-10-16)
		The BMA in making its assessment will consider that before an institution may be granted a licence the Authority has to be satisfied that the minimum criteria is met; i.e.
		“The BMA must be satisfied that the proposed new controller is a fit and proper person to become a controller and that the interests of depositors of the institution would not be in any other manner threatened or potentially threatened by that person becoming a controller,” Mr.
		The Authority will be reviewing the application by HSBC against the provision of the BMA over the coming weeks and months to make sure the application meets the minimum licencing criteria set out.
	www.bermudasun.bm /archives/2003-11-07/03Business02 (967 words)

	Exporting cash (Site not responding. Last check: 2007-10-16)
		Firstly your readers should be made aware that, in October 1994, the Bermuda Monetary Authority issued a Public Information Notice which, in a convenient, easy-to-read form, explains what the general public may do rather than what they may not do.
		The Form FC is an application to purchase foreign currency with Bermuda dollars from a bank and must be completed for cash purchases in excess of the equivalent of BD$100 and stamped by a local bank.
		The Authority will also issue export permission letters in the rare cases where legitimate funds to be exported have not been obtained from a local bank.
	www.bermudasun.org /issues/s22_95/williams.html (1086 words)

	money; january 9, 1998 (Site not responding. Last check: 2007-10-16)
		According to Bermuda Monetary Authority estimates, bank fees, including interest charges, for a local credit card account are closer to 11 per cent per year on average.
		Williams said the discussions for a code follow public queries to both the Monetary Authority and the Consumer Affairs Bureau by the public as to what interest rates are.
		Because consumers are not aware of the cost of doing business with the banks, the Monetary Authority has been involved in talks with the banks in a bid to get them to draw up a document that would spell out in "fairly readable language" what consumers' borrowing costs really are.
	www.bermudasun.org /issues/jan9_98/moneyjan9_98.html (2191 words)

	Bermuda.com Newsletter: Bermuda Monetary Authority Celebrates 35 Years of Service (Site not responding. Last check: 2007-10-16)
		Since its introduction, the Authority has witnessed a number of significant financial events including the abolition of the interest rate ceiling, the development of a securities market in Bermuda, the abolition of the ten percent foreign currency purchase tax, and substantial relaxations in exchange controls.
		In 2002, the BMA was further transformed, becoming a single regulatory body for the whole financial services industry following the merger of the insurance regulatory function and staff with the BMA.
		She responded that one of the Authority’s primary goals is to have a strong, well-educated and effective team with communication flowing from both bottom-up to top-down.
	www.imakenews.com /bermudacom/e_article000232945.cfm (701 words)

	Addix Software Consultancy - Financial links (Regulators)
		The Bermuda Monetary Authority is responsible for the licensing of banks, deposit companies and investment businesses, supervision of Bermuda's financial institutions and the vetting of both individuals and entities wishing to set up corporate entities in Bermuda.
		The HKMA is the government authority in Hong Kong responsible for maintaining monetary and banking stability.
		The IMF is an international organization of 182 member countries, established in 1946 to promote international monetary cooperation, exchange stability, and orderly exchange arrangements; to foster economic growth.
	www.addix.com /links/finance/regulators.html (616 words)

	Bermuda's Business & Economy Index
		Bermuda's only digital online library, with some files updated daily.
		It is linked to/by The Royal Gazette daily newspaper of Bermuda, the Island's ONLY daily.
		But the Bermuda Government has made them apply in the private sector as well.
	bermuda-online.org /business.htm (1444 words)

	Royal Gazette (Site not responding. Last check: 2007-10-16)
		Why have we seen such massive capital outflow from the US where there is regulatory authority for the states to exercise to venues where the insurance and reinsurance carriers and brokers intentionally secrete themselves in ways and in areas that we cannot inquire into.
		“Bermuda has been the flavour of the day and at the end of the day we have been successful as a jurisdiction getting a very vibrant successful insurance industry here,” she said.
		She said that the BMA had countered such negative comments about Bermuda by explaining the Island’s regulatory scheme through such venues as the Bermuda Briefing.
	www.theroyalgazette.com /apps/pbcs.dll/article?AID=/20041221/BUSINESS/112210080 (787 words)

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