According to a report in the Wall Street Journal last week, Bermuda is set to follow in the footsteps of the United States by requiring the approximately 1,500 funds located in the jurisdiction to provide regulators with more information.
Under legislation that the Bermudian authorities reportedly plan to introduce in the near future, managers of hedge funds and high-end mutual funds based on the island will be obliged to obtain licenses from the Bermuda Monetary Authority (BMA) stating that they are "fit and proper" before they can take charge of investors' assets.
Although the revelation comes shortly after the US Securities and Exchange Commission unveiled its plans to increase hedge fund oversight, Bermudian government officials told the WSJ that their plans have been in the pipeline for a long time.
A comprehensive report describing the investment fund sector in most key offshore jurisdictions, with details of the regulatory structure, is available in the Tax News Reports Shop at http://www.tax-news.com/reportshop/
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