Corporate Service Provider Business Act 2012 & Corporate Service Provider (“CSP”) Business Amendment Act 2014 (collectively the “Act”)

About Cynthia WilliamsCynthia Williams

Cynthia’s experience includes corporate administration, incorporations and management experience within Bermuda. She has been employed by Quorum Limited since 1999.

Cynthia Williams’s full profile on mjm.bm.

The Bermuda Monetary Authority (“BMA”) held an informational session on the 24th of July, 2014 regarding the licensing of a CSP. Ms. Tamara Anfossi of the BMA announced that the CSP regime commencement date is pending amendments to the Exchange Control Act 1972 (“Foreign Exchange”). It is anticipated that the amendments to Foreign Exchange will be passed by Parliament prior to January, 2016.

A draft application along with guidance notes is now available on the BMA web page under the newly created tab named “CSP”. Although the application on the BMA site is in draft the meeting was advised that the application is in final form. Ms. Anfossi encouraged all applicants to start drafting applications in anticipation of submission and licensing in 2016.

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