On 14 January 2010 the Bermuda Monetary Authority (BMA) presented its regulatory framework Business Plan for the year ahead at its Annual General Meeting.
In a bid to increase transparency at the BMA, the Annual General Meeting was an opportunity for stakeholders in the public and private sector to discuss the Business Plan with the BMA's management.
The Business Plan outlines the BMA's strategies and work plan for 2010. It focuses on four key areas: preparing for insurance regulatory equivalence; building on effective resources for supervisory programmes; regime changes in the aftermath of the global financial crisis; and further emphasis on consumer protection.
Over the last year, the BMA has undertaken an aggressive policy programme towards enhancing Bermuda's regulatory framework and the 2010 Business Plan reiterates this focus. It sets out an assertive agenda for regulatory advancement and highlights the importance of continuing the momentum of market change. The Business Plan is intended to send out a strong message in the aftermath of the international financial crisis that Bermuda's regulatory framework is robust, flexible and ready for what lies ahead.