Investment Fund Market Guide - Bermuda
Key features (Register market)
Yes/No | Remarks | |
Settlement free of payment | Yes | |
Settlement against payment | Yes | Refer to CBL’s Eligible currencies and the fund currency specified in fund prospectus. |
Disclosure Requirements | Yes | Refer to Disclosure Requirements – Investment Funds – Bermuda. |
Restrictions on customer | No | |
Restrictions on settlement | No |
Remarks | |
Market type / link type (Settlement link) | Register market |
| Eligible fund types / legal forms in CBL | Register market:Mutual fund (open ended funds) in the form of a company, unit trust scheme, limited liability company (LLC) or partnership that issues equity interests, Private equity funds (closed ended) structured as a limited partnership. CSD link: n/a |
Eligible fund types in CBL
Register market
All Bermuda funds are to be registered or authorized by the Bermuda Monetary Authority.
o Mutual funds (open ended funds) in Bermuda can be in the form of a company, unit trust scheme, limited liability company (LLC) or partnership that issues equity interests.
o A company could be in the form of an exempted liability company, an exempted limited liability company, segregated accounts company formed under the Companies Act 1981 or Limited Liability Company Act 2016 and Segregated Accounts Companies Act 2000.
o The unit trust scheme is a contractual arrangement embodied in a trust deed instruct following the common laws of England.
o Partnerships would be registered under the Partnership Act 1902, the Limited Partnership Act 1883 and the Exempted Partnership Act 1992.
o Private equity funds are closed ended investment vehicles and the majority of private equity vehicles are structured as a limited partnership.