Bermuda - Finalising Preparations To Be Ready For July Implementation Of AIFMD

In an extremely encouraging and highly anticipated press release, the Bermuda Monetary Authority last week announced that they are advancing preparations to sign a cooperation agreement with Europe under the Alternative Investment Fund Managers Directive (AIFMD).

Up until now, the only jurisdictions that have announced that they have concluded an agreement are Switzerland and Brazil, so it is a very positive testament to Bermuda's strength as a jurisdiction that our home regulator can make the statements that it has.

The cooperation agreement is one of the three principal conditions that need to be met in order for regulated third country funds, such as those domiciled in Bermuda, to continue to be managed by European investment managers and/or to be marketed into Europe under the existing private placement regimes in the EU.  With a signed cooperation agreement, Bermuda will be able to satisfy these principal conditions, namely: