Investment funds get fast-tracked

A new class of exempt funds can now get up and running faster. 

The Bermuda Monetary Authority, after extensive consultation with the Government of Bermuda and industry overseas and locally via the Bermuda Business Development Corporation (BBDC) and its Asset Management Focus Group, have established a new class of exempt funds for the market. 

The new funds can be registered and launched in Bermuda on a fast track basis with immediate effect using the Bermuda Monetary Authority’s online system called ERICA. 

Dr Grant Gibbons, Minister of Economic Development for Bermuda, said in a press release: “Bermuda is confident that these changes will advance its position as a leading international financial centre and a preferred jurisdiction for the hedge fund industry.

“We believe that as funds focus on this development and combine it with regulation, cost, location and the availability of intellectual capital to oversee and administer their funds, Bermuda stands apart and will be the intelligent choice for investment funds.”

The “Exempt Class A Funds” must be regulated by a recognized authority, or has at least $100 million of assets under management, these can be registered on an expedited basis, and launched after completion and filing of an exemption notification and offering memorandum with the Bermuda Monetary Authority. 

The fee for filing the notice is competitively priced at $1,500.