2013 Annual Fee Deadlines
Payment of 2013 annual fees for all exempted and authorised funds which have not received revocation prior to 31 December 2012 are payable on or before 31 March 2013.
Payment of annual fees for all licensed fund administrators which did not surrender their license prior to 31 December 2012 are payable on or before 31 March 2013.
After 31 March 2013, a late penalty of 10% of the fee due will be applied every month (or part thereof) during which the fee remains unpaid.
Online Filing System (ERICA)
In an effort to enhance the efficiency and effectiveness of its operations, the Bermuda Monetary Authority ("BMA") has launched an online filing system known as the Electronic Regulatory Information Compliance Application ("ERICA"). Appleby successfully participated in the beta testing of this system and is very familiar with ERICA applications.
ERICA is a secured web portal developed by the BMA to receive, track and progress regulatory filing, material changes and other types of submissions the BMA receives. ERICA is designed to increase the efficiency of progressing submissions that the funds industry sends to the BMA.
Effective 1 January 2013, the BMA introduced a change in practice to its billing of applications for new applications and material changes under the Investment Funds Act 2006. Under the ERICA system, fees generated in association with online ERICA applications are not paid in advance but are instead automatically generated and billed directly to fund administrators of record. Fund administrators will therefore be responsible for making payment directly to the BMA for any fees incurred under the ERICA system. This usually appears in the fund's annual statement but can be sent on a more frequent basis upon request.
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.
