Regulatory Compliance Association Reviews

The Renewal of the Asset Management Business in Bermuda

Practice Edge 02

The Renewal of the Asset Management Business in Bermuda™

Date: July 23, 2014
General Session: 12 Noon to 1:30 PM
Location: Webcast (Free)

Interested in CLE or CPE (A & A hours), attend via the RCA’s Online University (On Demand) – free for Practice Edge Elite Members

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Having viable options when choosing an offshore jurisdiction is good for our industry and the investors we serve.  Bermuda was once the jurisdiction of choice when setting up an offshore fund, but we became complacent and Cayman became the dominant jurisdiction.  Over the last year, Bermuda has reached out to decision makers in New York to determine what changes the market would like to see in Bermuda’s fund product.  This seminar will discuss resultant changes to our Investment Funds Act, compare our revised product to those of other jurisdictions, and explain Bermuda’s approach to FATCA and AIFMD.  Our panel, which will be moderated by one of the New York decision makers who helped to shape our new product, will include leaders from Bermuda law, audit and fund administration firms, along with a representative from the Bermuda Monetary Authority and the Bermuda Stock Exchange.

At the conclusion of this class session, students will master the following:

  • Recognize the changes that have been made to Bermuda’s fund framework following discussions between Bermuda industry, Government and the Bermuda Monetary Authority as well as a think tank of New York decision makers
  • Identify the effect of recent amendments to Bermuda’s Investment Funds Act 2006
  • Compare the effect of these amendments to that of current fund frameworks in other jurisdictions
  • Appreciate licensing requirements/exemptions for Bermuda asset managers and opportunities for having a physical presence in Bermuda
  • Discover Bermuda’s position in relation to FATCA and AIFMD
  • Differentiate between Bermuda’s fund classes
  • Apply the advantages of choosing Bermuda as a jurisdiction.

Session Chairman:
Walter Zebrowski, JD, CPA, Principal, Hedgemony Partners
Chairman, Regulatory Compliance Association

Senior Fellow from Practice:
Jack Rigney, Partner, Seward & Kissel

Guest Lecturers:
Shelby Weldon, Director, Licensing & Authorizations, Bermuda Monetary Authority
Elizabeth Denman, Partner, Conyers Dill & Pearman Limited
Sarah Demerling, Partner, Appleby (Bermuda) Limited
Jessel Mendes, Partner, EY
Rod White, Regional CEO, Equinoxe
Neil Glass, CA, CPA, Owner, WW Management Limited & Leader, Bermuda Business Development Agency Asset Management Group
Greg Wojciechowski, President | CEO, Bermuda Stock Exchange