Government has announced that it will, in the coming year, tighten investment legislation with the aim of improving Bermuda's competitiveness as an offshore jurisdiction.

Friday's Throne Speech announced legislative initiatives - for the coming parliamentary year - to further streamline the incorporation process, facilitate registration of foreign names and to address conflict of laws issues for registered securities.

Amendments to the Bermuda Monetary Authority (Collective Investment Scheme Classification) Regulations 1998 were announced on Friday as part of a strategic plan for the development of financial services in Bermuda. A Finance Ministry spokesperson said Collective Investment Schemes - which fall under the watchful eye of the Bermuda Monetary Authority (BMA) - are currently, not adequately provided for by legislation.

Collective Investment Schemes (CIS) are defined by the BMA as either mutual funds (as defined in the Companies Act 1981) or a unit trust scheme (as defined in the Stamp Duties Act 1976). The spokesperson said that some areas, of this sector, were shown to need "strengthening" in the "KPMG Review of Financial Regulations in the Caribbean Overseas Territories and Bermuda" released last October.

The goal of the new legislation is to be part of the Government's sector by sector improvements to give the BMA additional abilities and tools for regulation of the CIS sector. The spokesperson said this is a mark of Bermuda's commitment that each (financial) sector is seen to be in line with international standards. In terms of a timeline, the spokesperson said Government has sought industry input and that a comprehensive review means this will most likely not come before the House until the latter part of this parliamentary year.