Conyers advises the first Class A-exempt fund registered under Bermuda’s new funds regime
Conyers Dill & Pearman has advised the first Class A-exempt fund to be registered in Bermuda under the new funds regime.
The Class A-exempt fund category guarantees instantaneous registration for funds managed by qualified investment managers.
In order to qualify, operators of Class A-exempt funds must limit the offering of the fund’s securities to ‘qualified participants’ only and must retain an investment manager who is either regulated by a recognised securities regulator in its home jurisdiction or who has group assets under management of at least $100m (£63m).
The registration was effected for a US SEC-registered investment adviser with more than $90bn in assets under management.
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A decision of the High Court of the Hong Kong SAR should make the task of liquidators of BVI, Cayman and other foreign companies more straightforward in the region.
The BVI Arbitration Act 2013 will come into force on 1 October 2014.