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The AIFMD and Bermuda – implementation update

Tuesday, April 02, 2013
Opalesque Industry Update: The Bermuda Monetary Authority (BMA), the Bermuda regulator, has recently made an important announcement by confirming that Bermuda is now able to satisfy the three core conditions that are required of a so called “Third Country” under the Alternative Investment Fund Managers Directive (AIFMD). Complying with these conditions is necessary for Bermuda if its investment funds, and investment funds managed by its investment managers, are to be allowed to be marketed in Europe under the private placement regimes of EU member states after the 22 July 2013 transposition date of the AIFMD, and following this, under the anticipated extension of the passporting regime to Third Countries in 2015.

The three core conditions are as follows:

  1. There are in place appropriate cooperation arrangements, which take the form of agreements between the Third Country supervisory authority and the regulators of the relevant EU member state(s);
  2. Third Countries are not on the Financial Action Task Force list of non‐ cooperative jurisdictions; and
  3. Agreements for exchange of information for tax purposes are in place with the relevant EU member state(s).

Whilst satisfying conditions (2) and (3) have never been an issue for Bermuda, negotiations between the BMA and the European Securities and Markets Authority (on behalf of the EU regulators) relating to condition (1), namely the form of cooperation agreement, which provides for the consultation, cooperation and exchange of information between the BMA and EU regulators, had been ongoing for sometime. The BMA is now working to confirm details under the cooperation agreement.

This is an important breakthrough for Bermuda, demonstrating the jurisdiction’s commitment to its managers and investment funds in the context of the AIFMD.

Bermuda is now well‐placed to meet its requirements as a Third Country by the July 2013 deadline.

Conyers Dill & Pearman, LLP

Press Release

BM

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