Introduction of the Investment Funds Act 2006
March 7th, 2007
We are happy to advise that on 7 March 2007 the Ministry of Finance of Bermuda signed into operation the Investment Funds Act 2006 (the “Act”).
The Act replaces the Bermuda Monetary Authority’s (“BMA”) Collective Investment Scheme Classification Regulations (the “CIS Regs”). The CIS Regs governed the regulation of collective investment scheme companies and unit trusts. The new Act will continue this regulation and will also provide a regulatory regime for investment partnerships organized in Bermuda and for Bermuda based administrators, who previously were unregulated. The previously available “3A Exemption” has been codified within the Act.