Letter to Stakeholders - DP Proposed Enhancements to Investment Business, Investment Funds and Fund Administration Regimes (2018-07-03)

Summary

This is a letter from the Bermuda Monetary Authority (BMA) to industry stakeholders following up on its 29 March 2018 Discussion Paper on possible enhancements to the Investment Business, Investment Funds and Fund Administration regimes. It summarizes stakeholder feedback and outlines the Authority's next steps, but does not itself impose new rules or requirements.

• Feedback received: Respondents were generally supportive of the proposed enhancements but asked to be consulted further, and urged that changes remain proportionate and preserve Bermuda's competitiveness.
• Fund administration: The Authority will move forward first with a standalone legislative framework for Fund Administrators, targeted for completion by year-end 2018.
• Investment funds and investment business: Given greater complexity, the Authority will take more time to deliberate on an appropriate regulatory framework for these two sectors and will continue to engage affected stakeholders.

No immediate compliance obligations arise from this letter; it is a status update signalling the direction of future rulemaking rather than a binding instrument.

Applies to

investment business, investment funds, fund administrators

Deadlines

• year-end 2018: BMA intends to develop a standalone legislative framework for Fund Administrators by this time