Introducing the bill, Attorney General, Paula Cox explained that: "The Finance Ministry took up the challenge to introduce new legislation which would be more robust and address international concerns." She continued:

"This legislation will strengthen Bermuda's regulatory framework and the marketplace generally. The bill introduces specific measures to discipline practitioners and ensure that investment providers are fit and proper and have the necessary experience to properly deal with the interests of investors."

According to the Royal Gazette, opposition leader, Grant Gibbons welcomed the legislation, which also extends the existing power and remit of the Bermuda Monetary Authority. However, he did express concern over details contained within several clauses of the bill, arguing that:

"It is very important that we get the balance between what the investment business sector is allowed to do and the level of bureaucracy."

The Bermuda Monetary Authority said: "Work is continuing on drafting the related secondary legislation that will be necessary. A committee of Authority representatives and Ministry of Finance officials is carrying forward detailed planning of the transitional and other arrangements that will be required for the introduction of the new legislation.