Investment Business (Non-Registrable Persons) (Designation) Order 2022

Summary

This Order, made under the Bermuda Investment Business Act 2003, designates certain categories of persons as Non-registrable Persons for the purposes of that Act. Being designated as a Non-registrable Person means the person is not required to register or be licensed under the Investment Business Act 2003 in respect of the investment business they carry on, provided it falls within the specified categories.

• Investment funds: Any investment fund as defined in section 3 of the Investment Funds Act 2006.
• Digital asset business licensees: A person licensed under the Digital Asset Business Act 2018 who carries on investment business ancillary to their licensed digital asset business.
• Registered insurers: A person registered under the Insurance Act 1978 to carry on insurance business, in respect of investment business connected with that insurance business.
• Insurance intermediaries: A person registered under the Insurance Act 1978 as an insurance manager, broker, agent, salesman, or member of a recognized association of underwriters, in respect of investment business connected with their registered insurance business.
• Insurance marketplace providers: A person registered under the Insurance Act 1978 as an insurance marketplace provider who arranges deals in investments in connection with their registered business.
• Government and public bodies: The Government of Bermuda, the Bermuda Monetary Authority, and any public authority established under a Bermuda Act.

The Order does not impose new compliance duties; it clarifies which entities fall outside the registration requirements of the Investment Business Act 2003 when conducting investment business ancillary or connected to their primary licensed or registered activity. It came into operation on 27 July 2022.

Applies to

investment funds, digital asset business licensees, persons registered under the Insurance Act 1978 to carry on insurance business, insurance managers, brokers, agents, salesmen, or members of an association of underwriters, insurance marketplace providers, Government of Bermuda, Bermuda Monetary Authority, public authorities established under a Bermuda Act

Deadlines

• 27 July 2022: Commencement date on which the Order comes into operation.

Related documents

• This document commences Investment Business Act 2003
• This document is made under Investment Business Act 2003