The Senate passed measures to give the Bermuda Monetary Authority more oversight of fund administration companies.The amendments to the Investment Fund Act were passed without any objection from the Opposition yesterday.Junior Finance Minister David Burt said: “These amendments are designed to do no more than mirror the provisions that already exist for other licensed entities like banks and investment businesses.“The Authority is applying the same requirements to fund administrators so that appropriate oversight can be exercised over those corporate entities or individuals who exercise significant influence by means of their shareholding.”The BMA will now be notified when someone becomes a shareholder controller, owning between 10 to 60 percent of shares, or has increased their control of a fund administrator. The BMA also now has the right to reject the increased control over the fund as well as any existing controller. Penalties will also be in place for companies that do not comply with the legislation.Sen Burt said the amendments strengthens the protection for investors in Bermuda without imposing an undue regulatory burden.United Bermuda Party Senator Jeanne Atherden said it was important Bermuda keep up-to-date on regulatory controls. She added that due to financial scandals during the world wide recession it was vital Bermuda be seen as a safe place to invest.“These amendments are making sure shareholders are protected. I don't think anybody wants to see any instance where we people could say ‘well it happened in Bermuda because they have very little controls'.”