Bermuda: Assessment of the Supervision and Regulation of the Financial Sector—Volume I—Review of Financial Sector Regulation and Supervision
Volume/Issue:
Volume 2005
Issue 098
Publication date: March 2005
ISBN: 9781451805598
$20.00
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Topics covered in this book
This title contains information about the following subjects.
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Banks and Banking , Public Finance , ISCR , CR , reinsurance company , deposit company license , BMA bank supervision policy , corporate governance , due diligence , handling client assets , insurance supervisor , handling client asset , parent company , auditing firm , investment funds , insider trading , mutual fund , customer identification procedure , Insurance , Insurance companies , Anti-money laundering and combating the financing of terrorism (AML/CFT) , Money laundering , Legal support in revenue administration , North America , Northern Europe , Global
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Summary
This paper assesses the financial sector regulation and supervision in Bermuda in the context of the offshore financial center assessment program. The assessment reveals that the financial, regulatory, and supervisory framework is well developed in banking, the key areas of securities regulation, and antimoney laundering and combating the financing of terrorism (AML/CFT). Banking supervision is largely in conformity with the Basel Core Principles. The regulation of investment intermediaries and collective investment schemes, the main activities of the Bermudian securities industry, is working effectively. However, some deficiencies were noted in the assessment of insurance.
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