Bermuda Monetary Authority 2026 Business Plan: Overview & Expertise – General Corporate

Overview

The Bermuda Monetary Authority (BMA), an independent body that has been in existence since 1969, is an integrated regulator and supervisor responsible for the licensing, supervision and regulation of financial institutions in Bermuda. The BMA’s mandate includes entities conducting insurance, deposit taking, investment and trust business. The BMA conducts risk-based supervision and enforcement, including enforcing anti-money laundering and counter-terrorist financing standards. The BMA sets prudential rules, issues codes of conduct and devises industry guidance to ensure the jurisdiction adheres to international standards.

Amongst the BMA’s goals is to promote innovation in the provision of financial services whilst maintaining prudent oversight thus protecting Bermuda’s first-class reputation as an international financial centre.

Having reviewed the BMA’s 2026 Business Plan (Plan), the BMA is already on a journey where it is progressing items in many areas and the key going forward is how it will look to build on that generally, and on a sector specific basis.

BMA’s focus moving forward

The purpose of this article is to provide a general overview of what we have identified as key themes which are woven throughout the Business Plan. Such themes seem to be anchored around building upon a strong existing foundation rather than looking to create something new and standalone. In particular, the BMA wishes to (1) embrace AI and innovative technology and (2) continue to collaborate with applicable jurisdictions, regulators and bodies.

What we find interesting and are very supportive of is that while the BMA seeks to strengthen its regulatory and supervisory oversight in the sectors it has been traditionally strong and extremely experienced in, it is actively looking to build on the newer areas which are growing as a result of Bermuda’s FinTech and Digital Finance Initiatives. [See further our BMA Business Plan – FinTech Update for further details].

The BMA is also clearly prioritizing regulatory enhancements, stakeholder collaboration and AML/ATF framework updates to ensure that the jurisdiction performs well in its upcoming 5th Round Mutual Evaluation Report (MER) by the Caribbean Financial Action Task force, commencing in mid-2026. The BMA is supporting the National Anti-Money Laundering Committee (NAMLC) efforts to revise legislation ahead of the October 2026 MER to ensure alignment on best practices and global standards. [See further our BMA Business Plan – Regulatory Update for further details of these enhancements].

In addition to MER readiness, the BMA’s broader 2026 priorities include transparency and resilience in financial regulation.  The BMA has outlined its plans to enhance transparency through public disclosure reforms for insurers.  The BMA will continue its efforts to deter unlicensed regulated entities by utilizing enhanced supervisory powers as well as seeking to strengthen its regulated entity licensing process. [See further our BMA Business Plan – Insurance (Commercial) Update and BMA Business Plan – Insurance (Captives) Update for further details].

Whilst other updates in this series will provide more in-depth detail with respect to specific core areas such as insurance, the BMA also has an active interest in developing other areas such as (1) cyber risk supervision, (2) Investment Funds and (3) Conduct of Business.

The 2026 Business Plan outlines the BMA’s continued commitment to developing robust legislation, regulations and guidance to ensure that Bermuda remains aligned with global standards and ensuring the island’s standing in the global financial community.  Updating of the Banks and Deposit Companies Act (BDCA) as well as implementation and supervision of the Operational Resilience and Outsourcing Code for entities licensed under the BDCA have been identified as a specific priority for the regulator. [For further details please refer to our BMA Business Plan –Banking Update]

The BMA will continue to seek stakeholder engagement and industry consultations with respect to revisions to legislation, codes and guidance before their finalization.   Cross-agency collaboration will continue to be a focus for the BMA, including with the International Association of Insurance Supervisors, the Global Financial Innovation Network, the Group of International Financial Centre Supervisors and with the Financial Stability Board Regional Consultative Group.

Appleby’s Expertise

Appleby’s multidisciplinary team of legal experts can translate complex legal and regulatory requirements into clear and actionable advice. We combine legal analysis with industry experience to recommend pragmatic solutions.

Our Appleby Bermuda lawyers proactively monitor regulatory and legislative changes by tracking legislative proposals, consultation papers and regulator guidance. As a result, we are skilled and prepared to devise specific roadmaps to ensure our clients remain compliant, resilient and ahead of the curve.

We are pleased that our reputation in the market sees us invited to participate in industry think tanks, legislative reform groups and have a meaningful input on draft legislation to ensure that we are able to represent what we think is in the best interests of Bermuda, ultimately resulting in a better product which benefits our clients that wish to begin or continue to do business in Bermuda.

Click here to view our full six-part insight series.