Operative 18 December 2011, the Investment Funds Amendment Act 2011 (the "Amendment Act") amended the Investment Funds Act 2006. Below is a brief summary of the changes as a direct result of the Amendment Act and the Bermuda Monetary Authority (Regulatory Fees) Amendment Act 2011 which became operative on 31 December 2011:
Amendment to the deadline for exempted funds to file the annual certification form and payment of annual fee to the Bermuda Monetary Authority from 30 April to 31 March to harmonize the date with other regulatory acts; and The introduction of a new class of fund referred to as a specified jurisdiction fund (to make it possible to attract foreign retail investment in Bermuda).
Fees & Deadlines:
Annual fees in respect of 3, 5 and 7 below are due on or before 31 March 2012.
A. Investment Funds Act 2006
(1) Application fee: authorisation (all funds).............................................. $830
(2) Reclassification fee (all funds).............................................................. $830
(3) Annual fee –
Standard fund...........................................................$1,490
Administered fund.....................................................$940
Institutional fund........................................................$940
(4) Application fee: exempted funds........................................................... $550
(5) Annual fee: exempted funds.................................................................. $660
(6) Application fee: fund administrator licence...........................................$8,270
(7) Annual fee: fund administrator............................................................... $9,100
(8) Transaction fee: all section 25 changes
and notifications and section 6 notifications..........................................$250
B. The Proceeds of Crime (Anti-Money Laundering and Anti-Terrorist Financing Supervision and Enforcement) Act 2008
Annual fees in respect of below are due on or before 31 March 2012.
Application fee under section 14(1) ............................................................ $105
Annual fee pursuant to section 14(2) .......................................................... $825
After 31 March 2012, a late penalty of 10% of the fee will be applied every month (or part thereof ) during which the fee remains unpaid.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.