Bermuda; Assessment of the Supervision and Regulation of the Financial Sectorâ€”Volume Iâ€”Review of Financial Sector Regulation and Supervision

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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Year of publication:	2005-03-15
Institutions:	International Monetary Fund (IMF) ; International Monetary Fund
Subject:	Financial Sector Assessment Program \| Financial systems \| reinsurance \| money laundering \| collective investment schemes \| insurance supervisors \| internal controls \| insurance industry \| insurance companies \| securities regulation \| risk management \| supervisory framework \| legal framework \| underwriting \| reinsurance companies \| banking supervision \| captive insurance \| market intermediaries \| collective investment scheme \| insurance supervision \| legal assistance \| market manipulation \| market risk \| international standards \| insider trading \| law enforcement \| insurance business \| financial sector regulation \| customer identification \| licensing process \| risk transfer \| suspicious activity \| due diligence \| securities sectors \| terrorist financing \| internal control systems \| civil forfeiture \| suspicious transactions \| iosco principles \| policyholders \| regulatory requirements \| international conventions \| reporting requirements \| bank supervision \| settlement systems \| credit risk \| international cooperation \| trust service providers \| financial investigation \| supervisory arrangements \| criminal law \| foreign banks \| prudentially regulated sectors \| market integrity \| licensing requirements \| business relations \| criminal law enforcement \| applications \| payment chain \| foreign authorities \| competent authorities \| insurance markets \| financial reporting \| catastrophe reinsurance \| supervisory authority \| transaction records \| insurance policies \| terrorist financing measures \| securities markets \| excess liability insurance \| liability insurance \| share information \| assessment mission \| supervisory regime \| consumer protection \| securities industry \| combat money laundering \| insurance reserves \| beneficial owners \| drug trafficking \| identification procedures \| accounting framework \| trading risk \| terrorist organizations \| supervisory process \| enforcement powers \| customer identity \| assessing compliance \| licensing authority \| deposit insurance \| captive insurance companies \| credit facilities \| suspicious activity reporting \| risk assessment \| business insurance \| fronting company \| legal arrangements \| lawful purpose \| secrecy law \| risk management process \| terrorist acts \| suspicious activity reports \| customer transactions \| integrity standards \| foreign counterparts \| crime matters \| workers compensation \| complete originator information \| shell companies \| professional secrecy \| credit ratings \| risk transfer arrangements \| money laundering investigations \| regulatory authorities \| risk managers \| criminal offence \| customer identification procedures \| insurance premiums \| transaction reporting \| offshore jurisdictions \| financial intelligence unit \| foreign jurisdictions \| criminal justice \| confiscation of property \| suspicious transactions reporting \| investigative powers \| foreign regulatory \| risk management policies \| legal entity \| risk management systems \| financial regulation \| adequate powers \| banking relationships \| internal procedures \| insurance regulation \| foreign branches \| money laundering issues \| capital requirements \| net premiums written \| market participants

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Extent:	application/pdf
Series:	IMF Staff Country Reports.
Type of publication:	Book / Working Paper
Notes:	The text is part of a series IMF Staff Country Reports Number 05/98 5 pages long
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10005825396