The Banks and Deposit Companies Amendment Act 2022

Mr. Speaker, I am pleased today to table the Bill entitled the Banks and Deposit Companies Amendment Act 2022 (the “Amendment Act”). The primary purpose of the Amendment Act is to provide the Bermuda Monetary Authority (the “Authority”) with an express power to issue codes of conduct in relation to the manner in which an institution conducts deposit-taking business. In addition, the Amendments will allow for the regulation of banking fees, similar to provisions that exist in other major countries.

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