MPs will today debate plans to give Bermuda Monetary Authority power to impose penalties of hundreds of thousands of dollars.BMA will also be able to censure an institution publicly, and ban it from providing certain services or publish information, through a slew of finance bills scheduled for debate in the House of Assembly.Premier and Finance Minister Paula Cox has said the legislation, put together following consultation with the financial services industry, will improve BMA’s enforcement powers and ensure Bermuda keeps up with international best practice.Individuals convicted of providing or signing false documentation to the BMA will be liable to fines of up to $200,000 and up to four years in prison.The enforcement-related bills up for debate today are the Banks and Deposit Companies Amendment Act, the Investment Business Amendment Act and the Trust (Regulation of Trust Business) Amendment Act.Ms Cox has said they will collectively provide consistency in the regulated insurance, banking, investments business and trust sectors.Another finance bill due for discussion is the Insurance Amendment (No 2) Act, which helps pave the way for Bermuda’s bid for third-country equivalence with the new Solvency II insurance regulations being introduced in the European Union.Also on the list is the Corporate Service Provider Business Act, which aims to better protect clients by regulating that industry.Finally, MPs are due to consider granting a 50-year lease for Gym Field at Prospect in Devonshire, to allow the creation of the Clyde Best Centre of Excellence, to serve as headquarters for the Bermuda Football Association.