Investment Business Act 2003 - Appendix 5 Certificate of Compliance (IB Form 4)

Summary

This is IB Form 4, the Certificate of Compliance required under section 44 of Bermuda's Investment Business Act 2003. It is a standard form that officers of a licensed or registered investment provider must complete and sign to confirm that the business has been conducted in compliance with the Act's minimum licensing criteria and any licence conditions during the preceding financial year.

• What it certifies: That the investment provider has complied with the minimum licensing and registration criteria in the Act and with any licence or registration limitations imposed under section 17(3) or 17B(2), noting any exceptions.
• Who signs: One or more officers of the licensed or registered investment provider, stating their name(s) and position(s).
• Filing deadline: The certificate must be delivered to the Bermuda Monetary Authority within 4 months from the end of the investment provider's financial year.
• Penalty for non-compliance: Failure to deliver the certificate on time exposes the investment provider to a civil penalty of up to $5,000 for each week or part of a week the default continues.

Key obligations

• Every investment provider must deliver a signed certificate of compliance to the Bermuda Monetary Authority within 4 months from the end of its financial year.
• The certifying officer(s) must confirm compliance with the Act's minimum licensing and registration criteria and with any licence/registration limitations under section 17(3) or 17B(2), disclosing any exceptions.

Applies to

investment providers, investment business licence holders, investment business registrants

Deadlines

• within 4 months from the end of its financial year: Deadline for an investment provider to deliver the certificate of compliance to the Bermuda Monetary Authority