Notice - Pre-Approval Process for New Bermuda Funds (2026-03-19)

Summary

This BMA notice announces a new streamlined Approval in Principle (AIP) process intended to speed up the establishment of new investment funds in Bermuda. It describes expected review timelines and clarifies that pre-approval under this process is not the same as formal registration or authorisation under the Investment Funds Act 2006.

• Standard review: Complete new fund applications are generally reviewed within eight business days.
• AIP pathway: Applicants using the AIP process and submitting required documentation may receive conditional pre-approval within two to three business days.
• Not a substitute for authorisation: AIP does not constitute registration or authorisation under the Investment Funds Act 2006.
• Restriction pending formal approval: A fund must not commence investment fund business, accept subscriptions, or represent itself as registered or authorised until formal registration or authorisation is granted and all statutory and regulatory requirements are satisfied.

The notice is informational in nature, introducing an optional expedited pathway rather than changing substantive registration requirements. Entities seeking further detail are directed to contact the BMA Funds team by email.

Key obligations

• A fund must not commence investment fund business, accept subscriptions, or inform customers that it is registered or authorised until formal registration or authorisation has been granted by the Authority and all applicable statutory and regulatory requirements have been satisfied.

Applies to

new investment funds, fund sponsors/applicants seeking registration or authorisation in Bermuda