Bermuda has prepared amendments to its existing Investment Business Act to develop Alternative Investment Fund Managers Directive (AIFMD)-focused legislation designed to create an opt-in AIFMD platform.
The proposed amendments essentially provide the framework for a Bermuda manager to be licensed as an AIFM by the Bermuda Monetary Authority (BMA). The preparation is the next chapter in the evolving story of Bermuda's pro-active response to industry needs, in this case as a result of AIFMD, ensuring that the jurisdiction continues to stay relevant for European facing business.
Tabled before the House of Assembly, the proposed amendments are a collaborative effort between the Bermuda Government and the BMA, with strong support and assistance from the private sector.
It is widely anticipated that the European Securities Market Authority will make a decision on 22 July 2015 as to whether EU markets will be opened up to non-EU alternative investment fund managers.
Bermuda has always had excellent regulatory standards and has continuously demonstrated its desire and ability to be proactive in its approach as it relates to private equity, insurance-linked securities and the broader funds industry.
Read the Bermuda Business Development Agency's press release
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