regulating how investment businesses are regulated.

Finance Minister Eugene Cox led debate on the Investment Business Amendment Act of 2000 which prescribes how investment providers handle their client's money and provides protection for banks or deposit companies if money being held is wrongfully paid out. Mr. Cox explained: "With these amendments, the Minister of Finance will have the statutory power to make regulations which will clearly define the rules for handling client's money.

"The (Investment Business) Act (of 1998) introduces a regulatory framework for investment business carried on in Bermuda and from within Bermuda,'' Mr.

Cox continued.

"Under this legislation investment business service providers must comply with the prudential rules as prescribed by the Act and relevant codes of conduct,'' he added.

The bill was approved in committee and was set aside for a final vote.