The Act forbids several categories of business -- arms dealing, lottery operations except those approved in Bermuda or gambling, including gaming via the Internet.

Also forbidden is trading in, manufacturing or supplying controlled drugs.

Mr. Cox said it was vital for the protection of Bermuda that strict vetting of businesses took place.

UBP backbencher Gary Pitman said he had been involved in incorporating businesses -- which sometimes needed to be done very quickly.

But he added: "It got to the stage where it was taking us a month to get incorporated and we went through a series of Caymans companies.'' Dr. Gibbons, however, dismissed Opposition suggestions that a House select committee could handle much of the routine companies business.

BMA (AMENDMENT) ACT IS PASSED HOA BMA (Amendment) Act is passed MPs also passed the Bermuda Monetary Authority (Amendment) Act which gives power to the Minister of Finance to set fees for applications for the classification of mutual funds on the Island.

And they also approved regulations allowing the Minister of Finance to collect fee rates for annual Public Telecommunications Licences.

A Class A licence will cost six percent of total revenue in Bermuda or 20 percent of profits, whichever is the greater. Class B licences will rake in three percent of total revenue in Bermuda, while a Class C licence will cost the applicant $2,000 on the granting of a licence and three percent of total revenue in excess of $100,000 after the first year.

GOVT. TO HELP IN UPGRADING ROADWAYS HOA Govt. to help in upgrading roadways The Government is to give greater assistance to residents who want to improve their private roadways.

The House of Assembly agreed a draft order entitled the Private Roads (Improvement) Act 1969 (Schedule) Amendment Order 1998.

The legislation alters thresholds for financial help from the Government for schemes to improve private roads.