Notice - Consultation Paper - Proposed Enhancements to Supervisory Powers within the Investment Funds Act (2023-04-21)

Summary

This is a BMA notice announcing a consultation paper that proposes enhancements to the supervisory powers under the Investment Funds Act 2006, the Investment Funds Rules 2019, and the Investment Fund Offering Document Rules 2019. It invites stakeholder feedback on proposed amendments rather than imposing new binding requirements at this stage.

• Additional penalties: Power for the Authority to impose additional penalties and late fees.
• Broader directive powers: Widening the range of actions the Authority may require a fund to take by way of directions.
• Auditor communication: Additional powers concerning communication of information to the Authority by a fund's appointed auditor.

The notice is a call for industry comment ahead of any rule or legislative change; it applies to investment funds and their appointed auditors regulated under the Investment Funds Act 2006. Stakeholders wishing to respond must submit comments to the Authority by the stated deadline.

Key obligations

• Stakeholders wishing to comment must send feedback to policy@bma.bm no later than close of business on 19 May 2023

Applies to

investment funds, fund administrators, appointed auditors of investment funds

Deadlines

• 19 May 2023: Deadline for stakeholders to submit comments on the consultation paper to policy@bma.bm