MPs have a busy session ahead of them today as they debate laws impacting the telecommunications, insurance and investment industries, as well as a motion on Bermuda’s dwindling open spaces.First up is a radical reform of the Telecommunications sector is on the cards if legislators approve the long awaited laws today.The Regulatory Authority Act 2011 and the Electronic Communications Act 2011 propose an overhaul of the telecommunications sector and the creation of a Regulatory Authority.The Electronic Communications Act establishes the regulatory framework of any electronic communication other than broadcast, while the Regulatory Authority Act establishes an authority to regulate the sector.A board of three commissioners and a chief executive, each serving a three-year term, and with the power to grant licences and permits required to establish an electronic communications network or service, would be created.And the Authority would be able to investigate breaches of the law which would attract fines of up to $50,000 and two years imprisonment.The legislation also lays out the responsibilities of service providers, forbidding dominant providers from abusing their position to restrict competition or using unfair trade practices.MPs are also due to consider changes to the way the insurance industry is regulated, when the Insurance Amendment Act 2011 is debated.And Government will be asking parliamentarians to approve measures amending the Companies Act which governs the formation and operation of Bermuda companies.Minister of Finance, Premier Paula Cox will be leading debate on the Bermuda Monetary Authority (Regulatory Fees) Amendment Act 2011 which would make changes to some of the regulatory fees contained in the fourth schedule to the Bermuda Monetary Authority Act 1969.It also modifies the manner and dates in which annual registration fees are determined and paid under the Proceeds of Crime (Anti-Money Laundering and Anti-Terrorist Financing Supervision and Enforcement) Act 2008.It is also designed to harmonise the payment and filing dates for fees charged under the Investment Funds Act 2006.Also to be discussed today is the Investment Funds Amendment Act 2011 which seeks to amend the Investment Funds Act 2006 to introduce a new class of fund referred to as a specified jurisdiction fund.And a motion tabled by Kim Swan, who was elected as a United Bermuda Party MP is also set to be debated.Tabled on November 18, the motion reads: “That this Honourable House take note of the diminished open spaces in Bermuda and resolve to develop strategies that will reverse the current trend to ensure that future generations enjoy a greener Bermuda that is far more environmentally healthy.”