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ARTICLE · 12 MAY 2020

Recent Events Affecting The Bermuda Funds Industry And Upcoming Filings

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Whether you are looking to set up a new fund vehicle, want to promote an overseas investment fund in Bermuda or have existing closed- or open-ended structures, here's what you need to know.

BermudaFinance and Banking
Sarah Demerling
Sarah Demerling
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Whether you are looking to set up a new fund vehicle, want to promote an overseas investment fund in Bermuda or have existing closed- or open-ended structures, here's what you need to know.

  • Effective 18 February 2020, Bermuda was upgraded to European Union's (EU) 'cooperative jurisdiction' status
  • Closed-ended funds are now in scope and must register with BMA – transition period ends 30 June 2020
  • Overseas investment funds managed or promoted in or from within Bermuda must register with BMA – transition period ends 30 June 2020
  • Fund Rules now apply to all authorised and registered funds
  • Upcoming filing deadlines

EU status

Effective 18 February 2020, the EU's Economic and Financial Affairs Council (ECOFIN) announced that Bermuda had met its commitments to implement legislative changes and was a 'cooperative jurisdiction' with respect to the EU's tax governance principles and therefore removed it from Annex II of the EU list.

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