Time Is Running Out – Investment Business Registration

Walkers (Bermuda) Limited has successfully completed the Island's first Class B Registration, since the Investment Business Amendment Act 2022 came into force in July 2022 (the "Amendments").

Persons who did not previously require a license under the Investment Business Act 2003 (as amended) (the "Act") or relied on the Exemptions Order (defined below) must now be licensed or registered with the Authority no later than 26 July 2023. The Bermuda Monetary Authority ("the Authority") has committed to processing applications within three months and therefore applications for licensing or registration must be submitted to the Authority no later than the end of April.

By way of background, the Amendments to the Bermuda investment business regime widened the Authority's scope of supervision over investment businesses and as a result, new categories of registered persons were introduced. Where investment businesses were previously either licensed or exempt from licensing