Log In

Reset Password

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

You must be Registered or to post comment or to vote.

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

What you
Need to
1. For a smooth experience with our commenting system we recommend that you use Internet Explorer 10 or higher, Firefox or Chrome Browsers. Additionally please clear both your browser's cache and cookies - How do I clear my cache and cookies?
2. Please respect the use of this community forum and its users.
3. Any poster that insults, threatens or verbally abuses another member, uses defamatory language, or deliberately disrupts discussions will be banned.
4. Users who violate the Terms of Service or any commenting rules will be banned.
5. Please stay on topic. "Trolling" to incite emotional responses and disrupt conversations will be deleted.
6. To understand further what is and isn't allowed and the actions we may take, please read our Terms of Service
7. To report breaches of the Terms of Service use the flag icon