Bermuda Monetary Authority responds to Corporate Service Provider Business Rules 2025 consultation and confirms reporting and licensing approach

The Bermuda Monetary Authority (BMA) has published its response to stakeholder feedback on the proposed Corporate Service Provider (CSP) Business Rules 2025, clarifying how reporting will work and confirming that the scope of the CSP licensing regime will not change. The BMA confirmed that the financial reporting forms will be published on its website prior to implementation and will not introduce requirements beyond those set out in the consultation papers or discussed during industry outreach. It will accept consolidated reporting for groups and entities holding multiple licences, provided the parent company is also regulated by the BMA under one or more of the Banks and Deposit Companies Act 1999, Investment Business Act 2003, Trusts (Regulation of Trust Business) Act 2001, Fund Administration Provider Business Act 2019, and/or Corporate Service Provider Business Act 2012. The Authority also reiterated that any business or individual conducting one or more licensable CSP activities must hold a valid CSP licence unless exempted, and it will issue further guidance in advance of implementation on the calculation of minimum net assets and what constitutes “Client Money.” Supplementary materials, including the reporting forms and the guidance document, will be made available on the BMA’s website ahead of implementation.