Premier and Finance Minister Paula Cox on Friday tabled a slew of bills designed to give financial regulator the Bermuda Monetary Authority (BMA) more teeth.Ms Cox introduced legislation to amend the Banks and Deposit Companies Act 1999, the Trust (Regulation of Trust Business) Act 2001, and the Investment Business Act 2003.The legislation will clear the way for the BMA to impose civil penalties of hundreds of thousands of dollars and to censure an institution publicly, to prohibit it from providing certain services and to publish information about any matter to which a decision notice relates.“These Bills were introduced into Parliament to enhance the enforcement powers of the Bermuda Monetary Authority and due process provisions and followed a consultation process with the financial services industry,” Ms Cox said.Ms Cox noted that similar provisions were provided for the insurance sector earlier this year, with the Insurance Amendment Act 2012, which has now received the Assent of the Governor.The amendment bills tabled on Friday all propose enforcement and due process provisions identical to those contained in the Insurance Amendment Act 2012, save for provisions which are particular to a sector.The aim is consistency across the regulated insurance, banking, investments business and trusts sectors.The changes will give the BMA greater enforcement weapons. For example, individuals who are convicted of providing or signing false documentation to the BMA are liable to fines of up to $200,000 and/or up to four years in prison.Ms Cox also laid a bill entitled the Insurance Amendment (No. 2) Act 2012, covering a wide range of amendments, including key changes in connection with Bermuda’s bid for third-country equivalence with the new Solvency II insurance regulations being introduced in the European Union.In particular, insurers will be restricted in the nature of non-insurance business which they may carry out as an insurer but insurers may engage in non-insurance business through a separately incorporated entity.In addition the prudential standards which now apply to larger commercial entities will be rolled out and applied to the Class C and D long term insurers to take effect next year.Also, the procedures for reporting a breach of minimum capital solvency requirements have been amended along with the definition of long term business to enable long term insurers to carry out certain short duration business.“I look forward to the passage of these important pieces of legislation in the House to demonstrate Bermuda’s ongoing commitment to meeting internationally standards and to maintaining Bermuda’s regulatory infrastructure at the highest level,” Ms Cox said.