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ARTICLE · 13 JANUARY 2006

Review of Recent Events Affecting The Bermuda Funds Industry

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Bermuda to fast track the incorporation process for collective investment schemes

BermudaWealth Management
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  • Bermuda to fast track the incorporation process for collective investment schemes
  • Relaxation of Exchange Control Regulation
  • Bermuda Stock Exchange designation

Bermuda to fast track the incorporation process for collective investment schemes

The Minister of Finance has announced that following an amendment to the Companies Act 1981 (the "Companies Act") the business of collective investment schemes in Bermuda (more commonly known as mutual funds) is now designated as an unrestricted business activity under the Companies Act, with effect from 25th November 2005.

James Keyes, Partner in Appleby’s Funds and Investment Services Team commented, "The main impact of these changes will be to speed up the incorporation process for funds as they will no longer require the approval of the Minister of Finance. The Bermuda Monetary Authority (the "BMA") will now have sole responsibility for approving fund incorporations. This follows an earlier change that allowed funds to be

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