The Bermuda government has announced its aim to enhance the Island's competitiveness as an offshore jurisdiction by strengthening its investment laws.
The Governor delivered his annual Throne Speech last week in which the Government detail its intentions for the next year. It means to make the incorporation process and registration of foreign names much more efficient, and will introduce measures to deal with conflicts on points of law for registered securities.
Amendments to the Bermuda Monetary Authority (BMA) Collective Investment Scheme Classification Regulations 1998 were also announced as part of a strategic plan for the development of financial services in Bermuda. A Finance Ministry spokesperson told the Royal Gazette that legislation governing Collective Investment Schemes, which are monitored by the BMA, are inadequate.
The BMA identifies such schemes as either mutual funds or as unit trust schemes but the spokesperson confirmed that some legalities surrounding the schemes are in need of 'strengthening' as mentioned in KPMG's Review of Financial Regulations in the Caribbean Overseas Territories and Bermuda,' released in October last year.
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