Bermuda Monetary Authority announces senior management team changes
The Bermuda Monetary Authority (BMA) has announced structural changes within its senior management team as part of what it says is a drive to achieve greater supervisory effectiveness.
The BMA says the changes, which impact four of its departments, are designed to concentrate leadership expertise in core supervisory disciplines, with the aim of improving cost efficiencies and increasing Bermuda’s appeal to new market entrants, particularly in the field of fund management and administration.
Jeremy Cox, CEO of the BMA, said the restructuring within the senior management team supports the BMA’s work to implement Bermuda’s supervisory regimes more effectively.
“We are successfully working towards achieving our focused vision for efficient, forward-looking risk-based supervision as the market continues to evolve.
“Just as important, the changes also support sharing of our in-house technical skills across the market sectors we supervise, fostering a multidisciplined, coordinated supervisory approach,” Mr Cox said.
“As we continue enhancing our capabilities as supervisors, we also aim to better facilitate new entrants to Bermuda’s market with quality vetting in a time-sensitive, cost-efficient manner,” he added.
“This is particularly relevant given the various joint public and private sector initiatives underway to build on the attractiveness of Bermuda’s financial services offerings.”
“One high profile example is in the asset management space,” Mr Cox explained.
“We recognise the value of speed-to-market for licensing new fund managers and administrators to support additions to Bermuda’s funds register and other investment businesses.
“This sector can potentially be another jewel in Bermuda’s crown to match the insurance sector’s success.
“The BMA will make sure that it does its part to provide the same robust but efficient vetting that has made Bermuda a premier domicile for quality insurance and reinsurance business.”
Mr Cox added that with this in mind, in addition to aligning consolidated supervisory functions within one area, the BMA’s licensing and authorisations processes for all market sectors are now being centralised.
“Our new structure also ensures direct alignment between the policy, legal and enforcement functions,” he said.
“Overall, these changes and reassignments provide further balance and cost-efficiency in our resources.
“They also ensure the Authority’s teams are aligned appropriately as we provide effective financial regulation for today and the future.”
The management team changes, which follow the recent appointment of Craig Swan to the newly-created position of Managing Director, Supervision, are as follows:
Marcia Woolridge Allwood has been named the new director of banking, trust, corporate services and investment.
She will add supervision of businesses licensed under Bermuda’s new Corporate Services Providers regime to her responsibilities.
Shelby Weldon’s role will also expand as director of licensing and authorisations to include the licensing and authorisations functions for all non-insurance entities.
In addition to captive and commercial insurers, he will be responsible for licensing and authorisations for banks, investment businesses, investment funds, trust companies and corporate service providers.
Shanna Lespere, formerly head of international affairs, will assume responsibility for areas of the BMA’s operations function, i.e. finance and currency operations, human resources, communications, research, facilities, programme management and enterprise risk management.
Shauna MacKenzie’s role as director of policy, legal and enforcement will now encompass responsibility for the BMA’s regulatory policy function.
This is in addition to being responsible for legal services, and development and application of the BMA’s enforcement framework.
The senior management reassignments are to take effect immediately.