New legislation providing the Bermuda Monetary Authority with enhanced powers to regulate the investment fund industry has been passed by MPs.

The Investment Funds Amendment Act received bipartisan support as it was debated in the House of Assembly on Friday afternoon.

Bob Richards, the Minister of Finance, told MPs that the amendments would bring Bermuda in line with international standards.

“The Bill introduces the same enhanced enforcement powers and procedures to the investment fund industry in Bermuda and is necessary in order to achieve uniform applicability of enforcement powers across all financial sectors in Bermuda,” said Mr Richards. “It makes provision for such matters as the issuance of directions; the imposition of civil penalties; the making of a prohibition order; and the power to publish information about any matter to which a decision notice relates.

“It also makes provision for the BMA to issue and publish a statement of principles which sets out the manner in which it will or proposes to act in relation to such matters.

“The Bill makes further provision for associated procedures designed to achieve due process.”