23 May 2013Bermuda analysis

BMA makes structural management changes

Following the appointment of Craig Swan as Managing Director, Supervision, the Bermuda Monetary Authority (BMA) has restructured its management team. The new BMA will be led by directors of the following areas: Banking, Trust, Corporate Services and Investment; Licensing and Authorisations; Operations. The shuffle, part of a drive to achieve greater supervisory effectiveness, was designed to concentrate leadership in core supervisory disciplines and improve cost effectiveness with an eye towards attracting new entrants to Bermuda. The program has been designed specifically to appeal to new entrants in fund management and administration.

A spokesperson for the BMA told Bermuda:Re: “asset management has the potential to match the success of Bermuda’s insurance sector. The Authority will make sure it does its part to support this jurisdictional initiative by continuing to provide the same robust but efficient vetting that has made Bermuda a premier (re)insurance domicile. In this regard, the Authority recognises the value which this sector places on speed-to-market for the licensing of new investment funds, investment businesses, fund managers and fund administrators.”

Despite the new focus on fund managers and administrators, Bermuda’s re/insurance sector shouldn’t fall to the wayside. “The internal reorganisation is designed to support the Authority’s continued effective oversight of Bermuda’s captive and commercial insurers,” the spokesperson continued. “Bermuda’s (re)insurers will continue to benefit from operating within a practical regulatory environment that has proportionate regulations that remain workable for the firms which operate here.“