Following lengthy consultation with industry, the Bermuda Monetary Authority (BMA) has published the 'Revised Framework for Regulatory Capital Assessment', which sets out in a single policy document the final rules for implementation in Bermuda of Pillars 1 and 2 of the new Basel II international capital accord.
The Authority is also publishing the new reporting form and guidance notes that institutions must use from 1st January 2009 to calculate and report their capital requirements to the Authority.
The one remaining element of the Authority's Basel II policy is its approach to market discipline and disclosure - Pillar 3 of the new accord. The Authority will shortly be publishing its proposals in a consultation paper and is inviting feedback from banks and other interested parties.
Once finalised, the Pillar 3 policy will be incorporated in the Revised Framework for Regulatory Capital Assessment. These new arrangements for setting minimum capital requirements for institutions caught within scope (mainly banks but also applies to some investment firms) come into effect on 1 January 2009.
The BM announced that, until then, institutions should continue to report on the current basis. The Authority will, however, expect firms to commence parallel running during the second half of the year and will hold discussions on an individual basis about the impact of the transition to the new framework and other implementation issues.
A comprehensive report in our Intelligence Report series examining offshore banking jurisdictions is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report3.asp
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