Bringing you live news and features since 2013
Bringing you news, views and analysis since 2013

7012

Bermuda Monetary Authority introduces amended fees

RELATED TOPICS​

The Bermuda Monetary Authority (Regulatory Fees) Amendment Act 2010, which includes changes to the Investment Funds Act 2006, as amended, is now in effect.

 

In addition to increases in annual business fees for funds and fund administrators under the Act, there are additions to the scope of transaction-based fees. The date and manner in which fees are to be paid under the Act have also been amended and new provisions included to introduce late penalty fees and to allow the Authority to recover any fee or penalty as a civil debt.  

As of 1 January, 2011 annual fees are due for all exempt funds and for all authorised funds which have not received revocation prior to 31 December 2010. The fee is payable on or before 31 March (commencing 31 March 2011). Previously, the fee was payable on or before 30 April. After 31 March, a late penalty of 10% of the fee will be applied every month (or part thereof) during which the fee remains unpaid.

In addition, 2011 annual fees are due for all licensed fund administrators which did not surrender their licence prior to 31 December 2010. The fee is payable on or before 31 March (commencing 31 March 2011). Previously, the fee was payable on or before 30 April. After 31 March, a late penalty of 10% of the fee will be applied every month (or part thereof) during which the fee remains unpaid.

A transaction fee will continue to be applied to all material change requests but it will now also be required for:  all notifications under Section 25 of the Act (including, but not limited to, director changes and notice of intention  to wind up); all notifications for exclusion under Section 6 of the Act.   

Latest News

Global index revenues increased 9.3 per cent in 2023, totalling a record USD5.8 billion, according..
Octopus Investments (Octopus) has announced it has launched a Natural Capital Strategy...
Research firm focused on Alternative UCITS funds, Kepler Absolute Hedge, has published its Market Intelligence..

Related Articles

Trends
The trend to buyout among the UK’s smaller defined benefit (DB) schemes continues with a slew of new sub GBP100 million deals announced this month alone...
The trend to buyout among the UK’s smaller defined benefit (DB) schemes continues with a slew of new sub GBP100..
Different flavours
In what is believed to be the first survey of its kind in the UK market, Nedgroup Investments, the investment-led, multi-boutique global asset manager with over USD20 billion under management, recently undertook a survey with 204 UK investment professionals, seeking insights into their perceptions and attitudes towards boutique asset managers...
In what is believed to be the first survey of its kind in the UK market, Nedgroup Investments, the investment-led,..
UK map
UK local government pension schemes (LGPS) are leading the charge on investment in private markets issuing tenders set to be worth billions of pounds in the coming years...
UK local government pension schemes (LGPS) are leading the charge on investment in private markets issuing tenders set to be..
The trend of private equity firms acquiring businesses in the professional services sector continues with CVC Capital Partners eyeing a possible buyout of EY’s Italian consulting branch...
The trend of private equity firms acquiring businesses in the professional services sector continues with CVC Capital Partners eyeing a..
Subscribe to the Institutional Asset Manager newsletter

Subscribe for access to our weekly newsletter, newsletter archive, updates on the site and exclusive email content.

Marketing by