The Bermuda Monetary Authority has published its responses to stakeholder feedback on the Consultation Paper for the Corporate Service Provider (CSP) Business Rules 2025, setting out how it will handle CSP reporting, consolidated submissions, and the scope of licensable activities under the revised regime. The response confirms that financial reporting forms will be published on the Authority’s website prior to implementation and will not introduce requirements beyond those set out in the consultation papers or discussed during industry outreach. Consolidated reporting will be accepted for groups and/or multiple-licence holders where the parent company is also regulated by the Authority under one or more of the following: 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 confirms there will be no changes to the current CSP licensing scope, and that any business or individual conducting one or more licensable CSP activity must hold a valid CSP licence unless exempt. Ahead of implementation, the Authority will issue a comprehensive guidance document clarifying the calculation of minimum net assets and what constitutes “Client Money”, alongside the publication of the reporting forms on its website.
Bermuda Monetary Authority 2025-10-16
Bermuda Monetary Authority responds to consultation on Corporate Service Provider Business Rules 2025 and confirms reporting and licensing approach
The Bermuda Monetary Authority has released its responses to feedback on the Corporate Service Provider Business Rules 2025, detailing CSP reporting, consolidated submissions, and licensable activities. Financial reporting forms will be available on the Authority's website, with no new requirements beyond those in the consultation papers. Consolidated reporting is permitted for regulated groups, and the CSP licensing scope remains unchanged.