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ARTICLE · 05 FEBRUARY 2016

Time Is Running Out For Your Exempt Fund

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The clock is ticking for exempted investment funds set up under the old legislative regime, which face an October 3 deadline to be reclassified under legislation enacted in 2013.

BermudaWealth Management
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The clock is ticking for exempted investment funds set up under the old legislative regime, which face an October 3 deadline to be reclassified under legislation enacted in 2013.

The Investment Funds Act 2006 was amended with effect from 4 October 2013 by the Investment Funds Amendment Act 2013 (Amendment Act). The Amendment Act introduced two new classes of exempt funds to the Bermuda fund landscape – the Class A Exempt Fund (Class A Fund) and Class B Exempt Fund (Class B Fund), and repealed the existing exemption provision.

The introduction of the new classes of exempt fund was a result of collaboration between the Bermuda Government, the Bermuda Monetary Authority (BMA) and local and overseas industry stakeholders with a view to streamlining the exemption process.

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