Bermuda Corporate And Commercial Legal Review 2024/25

The Investment Fund Business Act 2024 came into operation on 29 July 2024 and introduces a framework for an investment exchange or clearing house to apply to the Bermuda Monetary Authority (BMA) for designation as a recognised clearing house, thereby allowing it to carry on such business in Bermuda without requiring a licence or registration under the Investment Business Act 2003. In connection with the Amendment Act, the Investment Business (Recognised Bodies Recognition Requirements) Regulations 2024, the Investment Business ((Recognised Bodies (Reporting Accountants) (Facts and Matters of Material Significance)) Regulations 2024 and the Investment Business ((Prudential Standards) (Recognised Bodies)) Rules 2024 have also been introduced. A Recognised Body will be subject to certain ongoing requirements under the Recognised Bodies Regulatory Framework, including: Payment of the annual fee to the BMA. Preparation of annual financial statements or accounts. Appointment of an approved auditor to audit the annual financial statements or accounts. Filing of annual financial statements or accounts and auditors report with the BMA. Filing of half-yearly returns with the BMA. Notifying the BMA in advance of any proposal to amend its constitution or its market or listing rules. Notification requirements relating to changes to ‘controllers’ or ‘officers’ of the Recognised…