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ARTICLE · 04 NOVEMBER 2022

Bermuda Insights: Regulatory & Risk Advisory

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The BMA has issued a number of consultation papers with suggested enhancements to the investment business regime in Bermuda. These changes will see significant amendments...

BermudaFinance and Banking
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REGULATION

Updates on Regulation of the Investment Business Act 2003

The BMA has issued a number of consultation papers with suggested enhancements to the investment business regime in Bermuda. These changes will see significant amendments to the legislation, codes of conduct, rules and statement of principles and are expected to be effective in the latter half of 2022. At a high level, the amendments will require that entities either register as a Class A, Class B or Non Registrable Person and will require any entity that is incorporated or formed in Bermuda that is carrying on investment business activities to be licensed by the BMA, regardless of whether the entity is carrying on the investment business activities from a place of business, where it employs staff and pays salaries. Also proposed is a new sandbox license for investment business related innovation, which will be introduced in the form of Class T and Class F license categories. Certain

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