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ARTICLE · 23 JANUARY 2023

Applications Expected Under The Investment Business Act

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Prior to the 2022 amendments, a person who wished to carry on investment business in Bermuda while maintaining a place of business on the island had to obtain a licence under the IBA.

BermudaFinance and Banking
Matthew Ebbs-Brewer
Matthew Ebbs-Brewer
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Persons who must comply with the requirements of the amended Investment Business Act 2003 should consider progressing their application and related supporting materials sooner rather than later.

The July 2022 amendments to the IBA included a year-long transitional period for those persons that were previously unlicensed - but they will soon be required to either obtain a licence or register in accordance with the Act.

Prior to the 2022 amendments, a person who wished to carry on investment business in Bermuda while maintaining a place of business on the island had to obtain a licence under the IBA.

An exception was made for persons falling within a defined category who were recognised as exempted following self-certification to the Bermuda Monetary Authority.

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