Notice - Stakeholder Letter Proposed Enhancements to Supervisory Powers within the Investment Funds Act 2006 (2023-06-30)

Summary

This is a BMA notice announcing that it has finalised and published a stakeholder response letter following its April 2023 consultation on proposed enhancements to supervisory powers under the Investment Funds Act 2006 (IFA), the Investment Funds Rules 2019, and the Investment Fund Offering Document Rules 2019. It does not itself change any rules; it simply reports on consultation feedback and flags upcoming legislative changes.

• Background: The BMA's 2022 Business Plan disclosed an intention to strengthen supervisory powers within the IFA, followed by an April 2023 Consultation Paper covering the IFA and related Rules.
• Current status: A stakeholder response letter addressing consultation feedback has been finalised and published on the BMA website.
• Next steps: The BMA will publish the IFA Amendment Act and updated Rules once those instruments become operative; no effective date is given yet.
• Contact: Firms with questions about the stakeholder letter's contents should contact policy@bma.bm.

Applies to

investment funds, fund operators, fund administrators, stakeholders regulated under the Investment Funds Act 2006