Bermuda – BMA Investment Fund Rules

Bermuda – BMA Investment Fund Rules

On 30 May 2019, BER BMA issued notice investment fund rule changes.

  • Notice on changes to Investment Funds Act, by Economic Substance Act of 2018.
  • Aims to align Bermuda investment fund regulatory regime, with global standards.
  • Follows BER BMA Apr. 2019 consultation on administration legislation.

Key Amendments

  • Renaming of classes and certain type of funds, e.g. excluded fund are now private.
  • Private funds are exempt if less than 20 investors, and not promoted to the public.
  • Private fund and professional fund now collectively referred to as registered funds.
  • Registered funds now need to register with BER BMA for approval before can trade.
  • Application for fund registration must comply with rules to include offer document.
  • Private funds must satisfy rules for custodians ensuring safekeeping of fund assets.
  • Fund must comply with AML/CTF, report MLRO info, submit policies and procedure.
  • Class A, Class B exempt funds qualification criteria aligns with professional classes.


  • Existing funds afforded transition period to comply, which expires on Jul. 1, 2019.
  • Doubts about new registration or other requirements, directed to