control and interference with the passage of The Banks and Deposit Companies Act 1999 in the Senate yesterday.

The Act which passed uncontested sees more regulatory controls bestowed to the Bermuda Monetary Authority (BMA) and also gives the Finance Minister the power to waive the 60/40 ownership rules.

The Bank of Bermuda have been eager for this legislation following the failure during the United Bermuda Party government of a Private Members' Bill to waive the 60/40 ruling so that they could be more competitive internationally.

The Bank of Bermuda had wanted to list on overseas stock exchanges.

Independent Senator Idwal Hughes applauded the Act especially in its move to distance Government control from the financial institutions.

"Now the buck will stop with the BMA.'' he said "This will gain us full respectability in international markets and is moving to strengthen and increase credibility with our financial institutions.'' Sen. Hughes pointed out the importance of adequate funding for the BMA and he gave his support to new arrangements that will see the institution retain some of its fees.

"That is being called for from overseas as well so it is indeed a good thing.'' he said.

Describing the Act as a "milestone that will be welcomed by the industry'' he also noted that high calibre staffing will be a necessity for the BMA.