The
Bermuda Monetary Authority was established by the
Bermuda Monetary Authority Act 1969 as a body
corporate having perpetual succession. A Board of
eleven Directors is responsible for the policy and
strategy of the Authority and the general
administration of its affairs and business. No
director may be a member of either the House of
Assembly or the Senate.
The BMA's principal role is as an independent
licensing, supervisory and regulatory body. Details
of the Authority's regulatory approach and of the
standards and requirements of its different
regulatory regimes can be found is the relevant
sections of this website. In addition, as required
by the relevant financial services legislation, the
Authority provides specific reports on its
activities to the Minister of Finance on an annual
basis. In carrying out its role, the Authority both
follows and helps to set international best
practice.
