AIFMD update — Bermuda

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The Bermuda Monetary Authority (BMA) announced on 19 July 2013 that it has entered into co-operation arrangements with securities regulators from 26 European Union (EU) member states. This is welcome news as it means Bermuda funds can continue to be marketed to professional investors in these countries under national private placement regimes after 22 July 2013, the date the European Alternative Investment Fund Managers Directive (AIFMD) is transposed into national laws of EU member states.

In addition to complying with the requirements of the applicable private placement regime, investment managers wishing to market Bermuda funds into these European countries after 22 July 2013 will need to comply with a number of requirements…

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