Reclassification Deadline Fast Approaching For Bermuda Exempt Funds

Funds classified as Exempt Funds under the Investment Funds Act 2006 of Bermuda have until 3 October 2016 to be reclassified as Class A Exempt Funds or Class B Exempt Funds (the New Classes). The process is fairly straightforward and involves Bermuda lawyers filing an application with the Bermuda Monetary Authority (the BMA) via their online ERICA system.

The requirement for the reclassification of Exempt Funds is as a result of the Investment Funds Amendment Act 2013 (the Amendment Act) which amended the Investment Funds Act 2006 (the Act) with effect from 4 October 2013. The Amendment Act introduced the New Classes and allowed for the existing Exempt Funds classification to continue in accordance with the repealed provisions for a transition period of three years.