According to a Dow Jones Newswires report, Bermuda may be stepping up its regulatory regime in order to attract more hedge funds to locate in the jurisdiction.
In an interview with the news service this week, chairman and chief executive of the Bermuda Monetary Authority (BMA), Cheryl Lister explained that she would like to have greater powers in the oversight of the investment sector, and would like to be able to step in more decisively when there are concerns over the way that hedge funds and other investment vehicles are being operated.
"The idea is not that we are anticipating a lot of problems or that we have had a lot of problems," she explained, but added that: "We want to make sure we have a full array of tools to intervene...quickly and with a minimal threat of legal challenge."
Ms Lister went on to reveal that the BMA is consulting with parliament on this issue, and anticipates that legislation expanding its oversight of hedge funds and similar pooled investment vehicles will be introduced in 2004.
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