The
HedgeTrust Exchange (HTX), launched early in
2000, offered the first secure online trading
facility for existing, non-U.S. domiciled hedge
funds. HTX provides liquidity for buyers and
sellers of hedge funds that are closed or that
have restrictive subscription or redemption
periods. Hedge funds do not have to be listed
on the BSX in order for a HTX crossing to take
place between buyer and seller, but hedge fund
managers must consent to the transfer between
buyer and seller, where applicable.
HedgeWorld.com,
which is based in Bermuda and which launched
in September of 1999, claims to have been the
first e-commerce-enabled Web site serving the
needs of the hedge fund and global alternative
investment industry. HedgeWorld.com is the exclusive
Internet distributor of TASS+, the industry's
premier hedge fund and CTA performance database.
Registered accredited investors can access detailed
fund profile reports with more than 350 data
fields of information on 6,900 hedge funds run
by more than 1,300 managers through HedgeWorld.com.
In
December 2006, the Bermuda International Business
Association (BIBA) soundly endorsed the passing
in Bermuda’s House of Assembly of the
eagerly anticipated Investment Funds Act 2006,
which more clearly outlines how public funds
are regulated and refines the framework for
non-public, institutional funds.
The
bill has the following key features:
There
is a clearly defined distinction between public
(retail) funds and institutional or non-public
funds.
The
powers to exclude funds from particular requirements
are more refined so that there is certainty
as to what minimum requirements must be met
by fund operators.
Exclusions
from fund regulation are more clearly defined
so funds of a ‘private nature’
are not captured.
Under
previous legislation, partnerships were not
covered but this gap has been now closed and
they are included, as well as mutual fund
companies and unit trusts.
Fund
administrators are now regulated and licensed.
A
new class of funds, known as “administered
funds” has been introduced. With the
introduction of licensed administrators, it
is now possible to register funds under this
class with the level of regulation adapted,
on the grounds that the administrator is based
in Bermuda and subject to codes of conduct
and fund rules that will ensure the proper
level of governance of the fund.
There
is clearer definition of the rules for the
appointment of service providers and delegation
of powers.
A
new section clearly enables unit trustees
to hold property in segregated accounts, and
defines how these accounts will be managed.
This affords trustees the same benefits as
companies operating with segregated accounts.
The
rules for prospectuses of funds are clearly
set down and distinguished from the general
rules under the Companies Act of 1981.
The
powers of the BMA to require more information
and to inspect are enhanced.
The
requirements and powers for sharing of information
with other regulators are more clearly defined.
Similar
to other financial institutions, a right of
appeal to an appeal tribunal was introduced.
Deputy
Premier, Paula Cox, who successfully piloted
the Act to unanimous approval by the House of
Assembly, is confident that the legislation
enhances Bermuda’s abilities and reputation
as a premier fund jurisdiction.
Cox
commented that Bermuda had to streamline the
incorporation process for investment funds and
eliminate unnecessary administrative procedures
to augment Bermuda’s competitive edge
by bringing more clarity and certainty to the
authorization process.
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