The Bermuda Monetary Authority (BMA) is Bermuda's single financial regulator, established by statute in 1969, licensing investment providers, digital asset businesses, banks, insurers and trust companies. A Bermuda investment licence covering contracts for difference in respect of retail leveraged products costs $25,000 to apply for and $100,000 a year. Client money must sit in a client bank account, held on trust, and is pooled pari passu if the firm defaults. Every licensed or registered firm appears on the BMA Regulated Entities search with its licence class and permitted activities, and the BMA states that settling a customer complaint on your behalf is not part of its mandate.
Country
Bermuda
Jurisdiction
Government Reg.
Established in
1969
Forex Regulation
Performance Metrics
Regulator Performance Overview
50
Overall Rating
7
Licensed Brokers
Medium
Transparency Index
Tier 3
Global Tier
IOSCO Member
FATF Member
The regulator
Updated
About BMA
The Bermuda Monetary Authority (BMA) is Bermuda's single financial regulator, established by statute in 1969, licensing investment providers, digital asset businesses, banks, insurers and trust companies. A Bermuda investment licence covering contracts for difference in respect of retail leveraged products costs $25,000 to apply for and $100,000 a year. Client money must sit in a client bank account, held on trust, and is pooled pari passu if the firm defaults. Every licensed or registered firm appears on the BMA Regulated Entities search with its licence class and permitted activities, and the BMA states that settling a customer complaint on your behalf is not part of its mandate.
Tier 3
Brokers on the recordBrokers on the Wikilix record holding at least one licence or registration from this regulator.
7
Compensation capWhat a client can recover from the regulator's compensation scheme if a licensed firm fails, as the regulator's own record states it.
None
Retail leverage capThe highest leverage the regime allows a retail client, as recorded for this regulator.
1:496
Cost of a licenceWhat the regulator's record gives as the cost of obtaining a licence, including setup where stated.
USD 30,000–50,000
The Bermuda Monetary Authority regulates and supervises financial services businesses in Bermuda under sector statutes including the Investment Business Act 2003, the Digital Asset Business Act 2018, the Banks and Deposit Companies Act 1999, the Insurance Act 1978 and the Investment Funds Act 2006. Its own material describes it as Bermuda's independent regulator of licensed and registered financial services businesses, and it was established by statute in 1969. For a retail trading firm the relevant permission is an investment business licence under section 16 of the Investment Business Act 2003, with a separate fee line and a separate quarterly return where the firm offers contracts for difference to retail clients. Digital asset firms sit under a different Act with three licence classes: F, M and T.
No compensation scheme is recorded for firms licensed by BMA; a dispute a firm will not settle can go to BMA Complaints FSC Complaints.
3 facts on record
No compensation scheme
Complaints routeBMA Complaints FSC Complaints
Maximum leverage1:496
What is protected
Protection runs through segregation and trust, not through a payout fund. An investment provider must pay all client money into a client bank account with an approved bank, keep it separate from its own money, and hold it on trust; if a pooling event occurs, the money in all client bank accounts is pooled and made available to meet client claims pari passu. Each client's balance must be calculated daily and reconciled with the bank at least monthly, within 10 days of the reconciliation date, with records kept for at least 5 years. Two limits matter. Money held for a sophisticated person is not client money where that person has been warned in writing that the protections do not apply and has consented, and the BMA has consented. Digital asset licensees fall under a different rule: they must maintain a surety bond, trust account or indemnity insurance acceptable to the BMA, and client digital assets in custody are not property of the licensee and are not subject to the claims of its creditors.
How to verify a licence
Use the BMA Regulated Entities search at https://www.bma.bm/regulated-entities. The page states it searches entities that are currently licensed or registered by the Bermuda Monetary Authority. Type the full name or part of the name of the firm, pick the sector from the drop-down (the investment options are separate: Investment Business: Licensed Entities, Class A Registered Persons, Class B Registered Persons and Recognised Investment Exchange), then click the magnifying glass or press Enter. A result shows the company name, sector, principal and registered address, and a details block with the License/Registration Type, the Registration Number, the License Effective Date and, for digital asset Class M and Class T licences, a License Expiry Date plus the allowed business activities. Match the sector and licence class to what the firm claims: a Class A or Class B Registered Person is listed under a different sector heading from a licensed investment entity, and a Class T digital asset licence is a pilot or beta testing licence with an end date.
Complain to the firm first. The BMA requires licensed businesses to have a formal complaints procedure, and its complaint page sets three steps before the BMA will look at anything: submit the complaint to the licensed business under its own procedure, wait for the allotted time period the firm has published in its service standards, then make one further contact with the firm. After that a client files an Unresolved Complaint Report at https://www.bma.bm/file-a-complaint, attaching written records of the correspondence (up to 10 files, each no larger than 5 MB, in .doc, .docx or .pdf). The BMA states that settling a complaint on a customer's behalf is not part of its mandate, and that it may share the report with the licensed business while investigating compliance. The deadline is therefore set by the firm's own published service standards rather than a fixed BMA calendar limit.
Hotline
(441) 295 5278
Licensing terms
Getting licensed by BMA
A licence from BMA costs USD 30,000–50,000 to obtain on the record and covers 6 instrument types.
USD 30,000–50,000
Licence types
Investment Business Licence
Business models allowed
Retail Agency (STP); Market Maker (Principal); Provide Liquidity (PoP)
Cost to obtain
USD 30000-50000
Coverage
Most countries worldwide (exceptions apply)
Not served
North Korea - UN-sanctioned countries
6 instruments regulated
Forex
Bond
Stocks
Fund
Derivatives
Securities
From the documents
Reviewed
What BMA's own documents say
18 facts read from 27 official documents published by BMA, each quoted and linked to its source.
18 facts
Jurisdiction and scope
The licences cover business carried on in or from within Bermuda. Under the Digital Asset Business Act 2018 a person may not carry on digital asset business in or from within Bermuda without a licence in one of the classes in section 12(3), and doing so is an offence carrying a fine of $50,000 on summary conviction or $250,000 on conviction on indictment. Investment business is licensed under the Investment Business Act 2003, whose client money rules apply to money an investment provider receives or holds whether in Bermuda or elsewhere in respect of an investment agreement. The BMA's conduct of business codes currently apply to the banking, domestic insurance and digital asset business sectors.
Using this regulator
Look up the firm on the Regulated Entities search before funding an account, and read the licence class and allowed activities rather than the fact of a listing. If the firm offers contracts for difference to retail clients, the fee schedule shows a distinct licence line for that activity, so the sector and licence type on the register should match what is being sold. Expect a contract note not later than one day after each transaction and a portfolio statement each quarter from an investment provider. Keep dated written records of every exchange with the firm, because the Unresolved Complaint Report asks for them.
Good to know
Nine fee schedules (2016 to 2024) and the Bermuda Monetary Authority Amendment No. 3 Act 2018 are not covered in this review, so no figure is quoted from them. Archived copies of eight prior documents were not available, so no earlier version was compared. The fee figures quoted here come from the 2026 and 2025 schedules on cdn.bma.bm; whitespace in those quotations is normalised, the wording and figures are not. The Digital Asset Business Act 2018 is quoted from the official PDF. The Digital Asset Business (Cyber Risk) Rules 2023 are not quoted at all. No official BMA document establishing an investor compensation or deposit guarantee scheme for clients of investment providers was located, so no compensation cap is stated. IOSCO membership could not be confirmed from an official BMA page, so that field is left out.
Key facts
KeyVerifying a licence
Check a firm on the BMA Regulated Entities search
A firm claiming a Bermuda licence should appear here under the sector it says it is licensed in. If the name returns nothing, or a different sector or licence class from the one advertised, settle that before funding an account.
The BMA publishes one search at https://www.bma.bm/regulated-entities covering entities that are currently licensed or registered by it. You type the full name or part of the name, choose a sector from the drop-down, then press Enter or click the magnifying glass.
Search here for entities (entitlements) that are currently licensed or registered by the Bermuda Monetary Authority.
Quoted in Regulated Entities, Regulated EntitiesRead the source
In the textbox, type the full name, or part of the name, of the entity you wish to find. Choose the appropriate sector from the drop-down box, or choose "All" to search for the entity in all sectors. Click the magnifying glass or hit the Enter / Return key on your keyboard.
Where in the document: Regulated Entities page, How To Search
public register
license verification
retail clients
KeyCost to get licensed
Retail CFD licence costs 25,000 to apply, 100,000 yearly
BMD 100,000
This is the price a firm pays to offer retail CFDs from Bermuda, about nine times the highest ordinary investment business annual fee. A firm advertising retail CFDs should appear on the register as a licensed investment entity, not as a registered person paying the $850 line.
The 2026 fee schedule sets a separate line for retail leveraged products: $25,000 to apply for a licence under section 16 of the Investment Business Act 2003 to engage in investment activities relating to contracts for difference in respect of retail leveraged products, and an annual fee of $100,000 for carrying on that activity.
2A Applying for a licence pursuant to section 16 to engage in investment activities relating to contracts for difference in respect of retail leveraged products $25,000
Clause Investment Business Act 2003, 2A in 2026 Bermuda Monetary Authority Fees, p.25Read the source
(ca) where an investment provider carries on investment activities relating to contracts for difference in respect of retail leveraged products $100,000
Clause Investment Business Act 2003, 3(ca) in 2026 Bermuda Monetary Authority Fees, p.26Read the source
Where in the document: 2026 fee schedule, Investment Business Act 2003, items 2A and 3(ca)
retail clients
cfd
licence fee
cost to obtain
KeyHow to complain
Complain to the firm first, then file an unresolved report
The clock is set by the firm's own published service standards rather than a fixed BMA deadline, so find that timeframe in the firm's complaints policy and keep dated written records. The BMA uses the report as supervisory information and will not recover money for you.
The BMA takes complaints only after three steps: submit it to the licensed business under its own procedure, wait for the period the firm has published in its service standards, then make one last contact with the firm. The BMA states that settling a complaint on a customer's behalf is not part of its mandate.
Wait for the allotted time period that the licensed business has stated it will need to investigate your complaint as published in its service standards; and
Quoted in File An Unresolved Complaint Report With The BMA, ReminderRead the source
In determining compliance with the applicable codes and legislation, the BMA may consider information from a variety of sources, including Unresolved Complaint Reports. Please note that it is not in the BMA’s mandate to settle any complaint you have made with a licensed business on your behalf.
Quoted in Understanding BMA's Conduct Of Business Regulations, The BMA's role in customer protectionRead the source
The BMA requires licensed businesses to have a formal complaints procedure in place. This includes ensuring that licensed businesses acknowledge your complaint and address it according to their complaints procedures.
Quoted in Understanding BMA's Conduct Of Business Regulations, How to make a complaint with a licensed Read the source
Where in the document: File An Unresolved Complaint Report page; Conduct of Business page
retail clients
complaint deadline
complaints
KeyClient-money rules
Client money sits in trust and is pooled pari passu
This decides what happens to your balance if the firm fails: you rank alongside other clients in a shared pool rather than behind the firm's general creditors, and any shortfall in that pool is shared proportionately.
An investment provider must pay all client money into a client bank account and keep it separate from its own money. Client money is held on trust, and where a pooling event occurs the money in all the provider's client bank accounts is pooled and made available to meet client claims on a pari passu basis.
An investment provider shall pay all client money which it holds or receives into a client bank account. Client money and money belonging to the investment provider must be kept separate from one another.
Clause 7(1) and 7(2) in Investment Business (Client Money) Regulations 2004, p.7Read the source
Save as described in this regulation, where a pooling event occurs, money held in all the investment provider’s client bank accounts is pooled, and must be made available to meet the claims of clients in respect of whom client money is or should be held in those accounts on a pari passu basis.
Clause 14(1) in Investment Business (Client Money) Regulations 2004, p.9Read the source
Where in the document: Investment Business (Client Money) Regulations 2004, regulations 7, 12 and 14
client money
segregation
insolvency
KeyWhat is protected
Digital asset licensees need a bond, trust account or insurance
For a digital asset firm this stands in place of segregated bank accounts, and the form and amount are set case by case rather than fixed in the Act. Ask which of the three arrangements the firm holds and who benefits from it.
Section 18 of the Digital Asset Business Act 2018 requires a licensed undertaking holding client assets to maintain a surety bond or trust account, or indemnity insurance for the benefit of its client, in a form and amount acceptable to the BMA. Client digital assets in custody are not property of the licensee and are not subject to the claims of its creditors.
A licensed undertaking holding client assets shall maintain a surety bond or trust account, or indemnity insurance for the benefit of its client in such form and amount as is acceptable to the Authority for the protection of its clients or such other arrangements as the Authority may approve.
Clause 18(1) in Digital Asset Business Act 2018, p.20Read the source
not property or digital assets of the licensed undertaking; and not subject to the claims of creditors of the licensed undertaking.
Clause 18(4)(b) and 18(4)(c) in Digital Asset Business Act 2018, p.20Read the source
Where in the document: Digital Asset Business Act 2018, sections 17 and 18
segregation
digital assets
insolvency
client assets
KeyScope of authorisation
Conduct codes cover banking, domestic insurance and digital assets
3
The fair treatment, disclosure and complaint handling requirements a trader would look for sit in those sector codes. An investment business licensee is supervised under the Investment Business Act 2003 and its rules, a different set of obligations.
The BMA's customer protection mandate was added in August 2022 and has been implemented through conduct of business principles in the codes for three sectors: banking, domestic insurance and digital asset business. The BMA states that codes for other sectors are expected to be expanded in future to include conduct principles.
We began implementing this new mandate by incorporating conduct of business principles into existing and newly published codes of conduct (codes) for the banking, domestic insurance and digital asset business sectors.
Quoted in Understanding BMA's Conduct Of Business Regulations, OverviewRead the source
It is expected that the codes for other sectors, beyond banking, domestic insurance and digital asset businesses, will also be expanded upon in the future to include conduct principles.
Quoted in Understanding BMA's Conduct Of Business Regulations, OverviewRead the source
Where in the document: Conduct of Business page, Overview
retail clients
scope of authorisation
conduct of business
More facts, by topic
Entries carry a registration number, activities and an expiry dateFor digital asset firms the Act requires the BMA to publish the class of licence, the activity approved and the expiration date of Class M and Class T licences. Read the allowed business activities list against what the firm actually offers you.1 fact
UsefulPublic register
Register shows licence class, activities and expiry date
The allowed activities and the expiry date tell you what a firm may actually do and until when. A digital asset firm can hold a licence with an end date, which the fact of being listed does not show.
Section 15(2) of the Digital Asset Business Act 2018 requires the BMA to publish a list of all licensed undertakings, the class of licence approved, the digital asset business activity to be carried on and the expiration date of a Class M or Class T licence. The register shows those fields together with a registration number and a licence effective date.
The Authority shall publish on its website the following information in relation to licenced undertakings
Clause 15(2) in Digital Asset Business Act 2018, p.18Read the source
the class of licence approved; the digital asset business activity to be carried on under the approved licence; and the expiration date of a licence issued with respect to Class M or Class T licences;
Clause 15(2)(b) in Digital Asset Business Act 2018, p.18Read the source
Where in the document: Digital Asset Business Act 2018, section 15(2)
public register
scope of authorisation
digital assets
Protection comes from segregation, bonds and insurance, not a fundClient money protection can be set aside for a sophisticated person who consents in writing, with the BMA's agreement. Digital asset licensees instead hold a surety bond, trust account or indemnity insurance acceptable to the BMA, and client assets in custody sit outside the reach of the firm's creditors.2 facts
KeyWhat is protected
Sophisticated persons can be taken outside client money rules
BMD 5,000,000
If you are classified as a sophisticated person and sign the consent, your money can sit unsegregated and be used by the firm. Check which classification the account paperwork applies to you.
Money held for a sophisticated person is not client money where the provider has given a clear written warning that the protections do not apply and that the money may be used in the course of its business, the person has consented in writing, and the BMA has consented. A body corporate with total assets of not less than five million dollars is one of the classes of sophisticated person.
his money will not be subject to the protections conferred by these Regulations; as a consequence his money will not be segregated from the money of the investment provider, and may be used by the investment provider in the course of its business; and the sophisticated person has given his written consent to the treatment of his money by the investment provider outside the Regulations; and the Authority has consented to the money being so treated.
Clause 6(1)(b) in Investment Business (Client Money) Regulations 2004, p.5Read the source
bodies corporate, each of which has total assets of not less than five million dollars, where such assets are held solely by the body corporate or held partly by the body corporate and partly by one or more members of a group of which it is a member;
Clause 6(4)(e) in Investment Business (Client Money) Regulations 2004, p.6Read the source
Where in the document: Investment Business (Client Money) Regulations 2004, regulation 6
client money
segregation
professional clients
UsefulWhat is protected
Contract note within one day, statement each quarter
1 days
These are the documents that let you check fills, charges and conversion rates against your own records, and they are required by regulation rather than by the firm's goodwill.
An investment provider must give each client a contract note not later than one day after each transaction, showing the unit price, the fees and commissions charged, the settlement date and any exchange rate used. The first portfolio statement is due within six months of the account opening, then quarterly.
Except as provided in paragraph (2), an investment provider shall provide each client with a contract note containing the particulars specified in paragraph (3) not later than one day following the date of each transaction effected and carried out by the investment provider
Clause 6(1) in Investment Business Regulations 2004, p.2Read the source
An investment provider shall provide the first portfolio statement within a period of six months beginning with the date of the opening of the client’s account, and thereafter shall provide a quarterly statement unless otherwise requested by, and agreed to in writing, with the client.
Clause 7(2) in Investment Business Regulations 2004, p.3Read the source
Where in the document: Investment Business Regulations 2004, regulations 6 and 7
retail clients
disclosure
client reporting
Client money is held on trust and pooled pari passu on defaultAll client money goes into a client bank account with an approved bank, separate from the firm's own money, held on trust. Each client's balance is calculated daily, reconciled at least monthly within 10 days, and the records kept for 5 years.1 fact
UsefulClient-money rules
Client balances calculated daily, reconciled within 10 days
10 days
This is the control that catches one client's money funding another's position, and the rules require the firm to pay in the shortfall itself. The 5-year record period sets how far back a firm should be able to reconstruct your account.
The credit standing to the account of each client must be calculated each day and money belonging to one client must not be used for another. Reconciliations must be performed at least monthly and completed within 10 days of the date they relate to, with client bank account records kept for at least 5 years.
the credit standing to the account of each client is calculated each day; and money belonging to one client is not used for another client.
Clause 17(1)(c) and 17(1)(d) in Investment Business (Client Money) Regulations 2004, p.11Read the source
The reconciliation referred to in paragraph (1) must be performed within 10 days of the date to which the reconciliation relates, and any differences must be corrected forthwith unless they arise as a result of differences in timing between the accounting and settlement systems of the investment provider and the approved bank.
Clause 18(2) in Investment Business (Client Money) Regulations 2004, p.11Read the source
An investment provider must retain accounting records in relation to each client bank account for at least 5 years from the date of the transaction to which it relates.
Clause 19 in Investment Business (Client Money) Regulations 2004, p.11Read the source
Where in the document: Investment Business (Client Money) Regulations 2004, regulations 17, 18 and 19
client money
reconciliation
recordkeeping
The firm's own service standards set your complaint clockThree steps come before the BMA: complain to the firm, wait the period published in its service standards, then contact it once more. Only then do you file an Unresolved Complaint Report, and the BMA states that settling the complaint on your behalf is not part of its mandate.1 fact
ContextHow to complain
Firms have 28 days to appeal a BMA decision
28 days
A licence revocation is not necessarily final on the day it is announced. Knowing the window explains why a register entry may change or why enforcement news can be followed by a tribunal outcome.
An investment provider appeals a BMA decision to the Investment Business Appeal Tribunal by notice to the secretary at the Ministry of Finance, within 28 days of the decision notice in the general case, and within 10 days where the decision is to revoke a licence.
in the case of an appeal against a decision of the Authority (or any finding relating thereto) to revoke a licence, 10 days from the date on which the Authority gives a decision notice to the appellant; or
Clause 3(a) in Investment Business Appeal Tribunal Regulations 2004, p.2Read the source
in any other case, 28 days from the date on which the Authority gives a decision notice to the appellant.
Clause 3(c) in Investment Business Appeal Tribunal Regulations 2004, p.2Read the source
Where in the document: Investment Business Appeal Tribunal Regulations 2004, regulation 3
complaint deadline
enforcement
appeals
Conduct of business codes apply to three sectors so farBanking, domestic insurance and digital asset business are the three sectors whose codes carry the conduct principles, and the BMA says codes for other sectors are expected to be expanded in future. A Class T digital asset licence covers pilot or beta testing and must be declared on the firm's website.1 fact
UsefulScope of authorisation
A Class T digital asset licence is for pilot or beta testing
Class T is a test permission with an expiry date on the register, not the same standing as a Class F licence. The website statement is a check that takes seconds.
A Class T licensee does not have to display its licence at a principal place of business in Bermuda, and must instead publish a statement on its website for the duration of the licence saying it holds a class T licence to carry out pilot or beta testing in relation to the digital asset business activity.
publish a statement on its website for the duration of its licence, that it has a been issued a class T licence by the Authority to carry out pilot or beta testing in relation to the digital asset business activity.
Clause 15(1A)(b) in Digital Asset Business Act 2018, p.18Read the source
1. Application fees pursuant to section 12 (a) Class F licence or Class M licence $2,266
Clause Digital Assets Business Act 2018, 1 in 2026 Bermuda Monetary Authority Fees, p.5Read the source
Where in the document: Digital Asset Business Act 2018, section 15(1A)
public register
scope of authorisation
digital assets
Minimum net assets are 250,000 for a principalA licensed investment provider acting as principal must hold at least $250,000 in net assets, $100,000 as an agent, and liquid assets worth three months of annual expenditure. The BMA may set a higher figure where the firm intends to offer margin or other lending facilities.1 fact
UsefulLicensing requirements
Minimum net assets are 250,000 for a principal
BMD 250,000
This is the floor of financial substance behind a Bermuda investment licence. The BMA can set a higher threshold, and the rules list an intention to offer margin or other lending facilities among the reasons it may do so.
An investment provider with a standard or test licence is regarded as prudent if it maintains minimum net assets of $250,000 as a principal, $100,000 as an agent, or $12,000 if it is neither. A provider acting as principal or agent must also hold liquid assets equal to three months of its annual expenditure.
$100,000 in the case of an investment provider who is an agent; $250,000 in the case of an investment provider who is a principal; $12,000 in the case of an investment provider who is neither an agent nor a principal.
Clause 3(2) in Investment Business (Prudential Standards) (Standard Licences, Test Licences, and Class A Registered Persons) (Capital, Net Assets and Liquidity) Rules 2022, p.2Read the source
an investment provider acts as a principal or an agent, liquid assets required to be maintained shall be the equivalent of three months of the investment provider’s annual expenditure;
Clause 7(2)(a) in Investment Business (Prudential Standards) (Standard Licences, Test Licences, and Class A Registered Persons) (Capital, Net Assets and Liquidity) Rules 2022, p.3Read the source
Where in the document: Capital, Net Assets and Liquidity Rules 2022, rules 3, 5 and 7
licensing requirements
capital
liquidity
The test is business carried on in or from within BermudaUnlicensed digital asset business in or from within Bermuda carries a fine of $50,000 on summary conviction and $250,000 on indictment. The client money rules reach money an investment provider holds whether in Bermuda or elsewhere.1 fact
UsefulJurisdiction and limits
Digital asset business in or from Bermuda needs a licence
BMD 250,000
The test is where the business is carried on, not where the client sits, so a firm serving you from Bermuda needs a Bermuda licence even if you are elsewhere.
A person may not carry on digital asset business in or from within Bermuda unless licensed in one of the classes in section 12(3). Contravening that section is an offence carrying a fine of $50,000 on summary conviction or $250,000 on conviction on indictment, with imprisonment of up to five years.
Subject to section 11, a person shall not carry on digital asset business in or from within Bermuda unless that person is for the time being a licensed undertaking in one of the classes specified in section 12(3).
Clause 10(1) in Digital Asset Business Act 2018, p.15Read the source
on summary conviction, to a fine of $50,000 or to imprisonment for one year or to both such fine and imprisonment; on conviction on indictment, to a fine of $250,000 or to imprisonment for five years or to both such fine and imprisonment.
Clause 10(3) in Digital Asset Business Act 2018, p.15Read the source
Where in the document: Digital Asset Business Act 2018, section 10
enforcement
digital assets
jurisdiction
Retail CFD activity costs 100,000 a year to keep licensedThe 2026 fee schedule charges $25,000 to apply and $100,000 a year for investment activities relating to contracts for difference in respect of retail leveraged products. An ordinary investment licence costs $2,840 to apply for, with annual fees of $2,710 to $13,560 and $850 for a registered person.1 fact
UsefulCost to get licensed
Ordinary investment licence fees run 2,840 to 13,560
BMD 2,840
The annual fee band tells you which permission a firm holds. The $13,560 line is the one that goes with being licensed to hold client assets, which is the permission that matters if your money sits with the firm.
Applying for an investment business licence under section 16(1) costs $2,840. The annual fee is $2,710 for most single activities, $6,780 where the provider is not licensed to hold client assets, and $13,560 where it is licensed to hold client assets. Annual fees are due on or before 31 March.
(c) for a licence pursuant to section 16(1) $2,840
Clause Investment Business Act 2003, 2(c) in 2026 Bermuda Monetary Authority Fees, p.25Read the source
(c) where the investment provider licensed pursuant to section 17(1) carries on an investment activity of a kind specified in Part 2 of the First Schedule to the Act and is licensed to hold client assets $13,560
Clause Investment Business Act 2003, 3(c) in 2026 Bermuda Monetary Authority Fees, p.26Read the source
Investment Business Act 2003 Annual fees in respect of (3) and (4) above are due on or before 31st March in every year.
Clause Investment Business Act 2003 in 2026 Bermuda Monetary Authority Fees, p.25Read the source
Where in the document: 2026 fee schedule, Investment Business Act 2003, items 2(c) and 3(c)
licence fee
cost to obtain
client assets
You are a retail client unless you are a sophisticated private investorThe statutory returns rules define retail client by exclusion, so an individual is retail by default. Firms doing CFD business with retail clients file a supplementary quarterly form on that activity.1 fact
UsefulKey definitions
Retail client means anyone not a sophisticated private investor
The definition works by exclusion, so an individual is retail by default. It also means the BMA receives quarterly data specifically on CFD business with retail clients.
In the statutory returns rules, retail client means any individual client of an investment provider that is not a sophisticated private investor as defined in section 9(3) of the Investment Funds Act 2006. A provider carrying on CFD business with retail clients must also file a supplementary quarterly reporting form for that activity.
“retail client” means any individual client of an investment provider that is not a sophisticated private investor as defined in section 9(3) of the Investment Funds Act 2006.
Clause 2 in Investment Business (Prudential Standards) (Statutory Returns) Rules 2022, p.1Read the source
the information required under Schedule III (“Supplementary Quarterly Reporting Form: Contracts for Differences with Retail Clients”) as of the date the quarterly return is filed;
Clause 5(a) in Investment Business (Prudential Standards) (Statutory Returns) Rules 2022, p.2Read the source
Where in the document: Statutory Returns Rules 2022, rules 2 and 5
retail clients
cfd
definitions
reporting
Thirty days notice is required before material terms changeMaterial changes to your terms need at least thirty days prior notice.2 facts
UsefulOther useful facts
Digital asset firms must disclose licence class and insurance
30 days
Irrevocability decides whether a mistaken transfer can be reversed.
Material changes to terms need not less than thirty days prior notice.
whether the licensed undertaking has obtained insurance such as cyber or any other theft coverage to address losses which may arise as a result of the provision of any service or product the licensed undertaking may offer, and provision of related information including the beneficiary of this insurance coverage;
Clause 3(3)(d) in Digital Asset Business (Client Disclosure) Rules 2018, p.1Read the source
the requirement for the client to receive not less than thirty days prior notice of material change to the terms and conditions of any services provided by the licensed undertaking, which includes amendment to policies applicable to the client’s account;
Clause 3(3)(g)(vi) in Digital Asset Business (Client Disclosure) Rules 2018, p.1Read the source
Where in the document: Digital Asset Business (Client Disclosure) Rules 2018, rule 3(3)
retail clients
digital assets
disclosure
ContextOther useful facts
The BMA was established by statute in 1969
One authority covers every regulated financial sector in Bermuda, so the sector heading on the register is what distinguishes an investment licence from an insurance or money service registration.
The BMA states on its own About Us page that it was established by statute in 1969, and it supervises banks, trust companies, investment businesses, investment funds, fund administrators, digital asset businesses, money service businesses, corporate service providers and insurance companies.
The details on this page about The Bermuda Monetary Authority were compiled from the regulator’s own official documents, its website and other public sources, and are presented as neutral, factual guidance.
If you believe something here is inaccurate, or you spot a critical problem, please let us know via Contact us.
Bermuda
