Investment Business (Prudential Standards) (Statutory Returns) Rules 2022

Summary

These Rules, made by the Bermuda Monetary Authority under the Investment Business Act 2003, set out the statutory return obligations for investment providers licensed under that Act. They establish annual and quarterly reporting requirements, including a supplementary return for firms dealing in contracts for differences with retail clients.

• Annual return: Every investment provider must file an annual return containing the information set out in Schedule I (Annual Regulatory Information Return), current as of the filing date, plus any additional information the Authority requests in writing.
• Quarterly return: Investment providers to whom section 38B(1)(a) or (b) of the Act applies must file a quarterly return containing the information in Schedule II (Quarterly Regulatory Information Return), plus any additional information requested by the Authority.
• CFD supplementary return: Investment providers subject to the quarterly return requirement that also carry on investment business involving contracts for differences with retail clients must additionally file, quarterly, the information required under Schedule III (Supplementary Quarterly Reporting Form: Contracts for Differences with Retail Clients).
• Director declaration: Each annual and quarterly return must be accompanied by a declaration signed by two directors, one of whom must be the chief executive, confirming the information is fair and accurate to the best of their knowledge and belief.
• Filing format: Returns must be filed electronically in the format required by the Authority; a hard copy must also be filed if the Authority directs, by the date specified in that direction.

The detailed content of Schedules I, II and III is published separately on the BMA's website rather than in this instrument. The Rules commenced on 27 July 2022.

Key obligations

• An investment provider shall file with the Authority an annual return containing the Schedule I information as it stands on the day of filing, plus any additional information requested by the Authority in writing.
• An investment provider to whom section 38B(1)(a) or (b) of the Act applies shall file a quarterly return containing the Schedule II information as it stands on the day of filing, plus any additional information requested by the Authority in writing.
• An investment provider carrying on investment business involving contracts for differences with retail clients (and subject to the quarterly return requirement) shall also file quarterly the Schedule III supplementary information, plus any additional information requested by the Authority.
• Each annual and quarterly return must be accompanied by a declaration signed by two directors, one of whom must be the chief executive, stating the information is fair and accurate to the best of their knowledge and belief.
• Annual and quarterly returns must be filed in the electronic format required by the Authority.
• If directed by the Authority, an investment provider must file a hard copy of the annual or quarterly return by the date specified in the Authority's direction.

Applies to

investment providers

Deadlines

• 27 July 2022: Commencement date of these Rules
• as directed by the Authority: Deadline for filing a hard copy of an annual or quarterly return, if the Authority directs one, by the date specified in that direction

Related documents

• This document is made under Investment Business Act 2003