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Bill makes prospective shareholders in fund administrators give prior notice to BMA

People wanting to become shareholders in fund administrators must give prior notice to Bermuda Monetary Authority under legislation approved in the House of Assembly.

Premier and Finance Minister Paula Cox said the Authority would have the power to reject the sale of any of the fund administrator's voting shares under the Investment Funds Amendment Act.

Ms Cox told the House: “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.”

She said the bill strengthens the protection for investors in Bermuda without imposing an undue regulatory burden.

Shadow Finance Minister Bob Richards said the United Bermuda Party had no objection but warned Bermuda risks making itself unattractive if it introduces too many regulations.

“We don't want to regulate ourselves into oblivion,” said Mr Richards.

“Businesses and people don't come to Bermuda to be regulated. They want enough regulations so protection can be put in place, but very often businesses come to Bermuda because they are fleeing over-regulation.”

Premier Paula Cox

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Published December 11, 2010 at 1:00 am (Updated December 12, 2010 at 10:31 am)

Bill makes prospective shareholders in fund administrators give prior notice to BMA

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