Legislation seeking to update definitions and correct fee structures incorrectly stated in the Bermuda Monetary Authority Act 1969 has been approved in the Senate.

The Bermuda Monetary Authority Amendment (No 2) Act 2022, was tabled by Arianna Hodgson, government senator and junior finance minister.

But Douglas DeCouto, the shadow economic development minister, said: “I was disturbed that parts of this Bill are to correct mistakes in the fee schedules. How many more mistakes are in our Bills?

“I wonder if the senator could comment on the reason for the mistakes in the Bills, how many there are? We need to understand the root causes.”

Ms Hodgson gave the same response given by David Burt, the Premier, in the House of Assembly on Friday.

She said: “The fee structures applicable to regulated financial institutions are detailed and inherently complex. In the process of repealing and replacing the fee schedules in place for 2021, a small number of errors and omissions, less than ten per cent, occurred.

“While not related to errors or omissions, the opportunity has been taken to simplify the fee schedule in place pursuant to the Digital Asset Business Act 2018 consolidating the current different licensing fees and ten different annual fees to four different licensing fees and a similar number of annual fees.”

The legislation seeks to amend certain definitions in relation to the Investment Business Act 2003 under “Financial Institutions” to be in accordance with the definition of “Investment Provider” under the most recent amendments made to the Investment Business Act.

It also seeks to correct fees incorrectly stated in the principal Act to ensure that all fees previously consulted on by the BMA are correctly referenced.

It makes a consequential amendment to the Banks and Deposit Companies (Fees) Act 1975 to correct an annual fee incorrectly stated under the Banks and Deposit Companies (Fees) Act 1975.

Finally, it allows the legislation to come into operation retroactively from January 1, this year, so the fees revised under the Bill will be in accordance with the fee structure agreed upon by the BMA and industry for the year 2022.