The Companies Amendment Act 1996

The formation and operation of mutual funds in Bermuda is governed by the Companies Act 1981which also controls the marketing of shares through its prospectus requirements.

"The Companies Amendment Act 1996" (the "Bill") was recently passed in Bermuda and includes a number of changes affecting mutual fund companies. The Bill is the result of a great deal of hard work on the part of the Companies Act Committee of the Bermuda International Business Association. This Committee represents the interests of third party administrators, local practitioners and other interested parties.

It is the intention that these changes further enhance Bermuda's regulatory environment and make it easier to do business in Bermuda.