A suite of bills giving the Bermuda Monetary Authority enhanced powers were passed by the Senate.The BMA is now able to impose penalties of hundreds of thousands of dollars in the banking, investment business and trusts sectors.It is also empowered to censure a business publicly, ban it from providing certain services, and publish some of its decisions.Senators were united in approving the reforms on Wednesday, citing the need to keep up with international best practice. And they praised the Government and the BMA for their work in preparing the legislation and engaging in widespread consultation.The Banks and Deposit Companies Amendment Act, the Investment Business Amendment Act and the Trust (Regulation of Trust Business) Amendment Act are all aimed at enhancing the powers of the BMA to regulate the sectors.“The one thing that is obvious to me is what we are seeing here is a maturing of our international business,” said Government Senator Vincent Ingham.“It’s only right that our regulation is also maturing.”Also passed was the Insurance Amendment (No 2) Act, paving the way for Bermuda’s bid for third country equivalence with the new Solvency II regime in the European Union.The Corporate Service Provider Business Act, which aims to better protect clients by regulating that industry, was also passed.That bill was lauded as eliminating double vetting and thereby making Bermuda more competitive.“We are simply following best practice, what overseas regulators are looking for and what our competitors are doing,” said Mr Ingham.