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ARTICLE · 29 JANUARY 2021

Bermuda Investment Funds Amendment Act 2021 Becomes Operative

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The Investment Funds Act 2006 (IFA) has been amended by the Investment Funds Amendment Act 2021 (Amendment Act 2021), which became operative on 27 January 2021 (Operative Date).

BermudaFinance and Banking
Matthew Ebbs-Brewer
Matthew Ebbs-Brewer
Caljonah Smith
Caljonah Smith
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The Investment Funds Act 2006 (IFA) has been amended by the Investment Funds Amendment Act 2021 (Amendment Act 2021), which became operative on 27 January 2021 (Operative Date).

The Amendment Act 2021 introduces, amongst other things, requirements for registered funds to ensure consistency across the different classes of funds. Notably there are: provisions targeted at Private Funds; a requirement to appoint a local registrar for registered funds; amendments to filing requirements for all registered funds and overseas funds; and a widening of the definition of "company fund" to include incorporated segregated accounts and incorporated segregated accounts companies.

All existing funds are required within 6 months of the Operative Date to comply with the applicable provisions brought about by the Amendment Act 2021. Operators of all existing funds should use the transition period to assess whether the changes to the IFA are applicable to them.

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