AIMA Bermuda Holds Year-End Industry Review

December 23, 2019

AIMA Bermuda recently held a year-end industry review and holiday reception for its members as industry participants prepared to welcome the issuance of Economic Substance Guidance Notes and the Economic Substance Regulations.

A spokesperson said, “AIMA Bermuda recently held a year-end industry review and holiday reception for its members as industry participants prepared to welcome the issuance of Economic Substance Guidance Notes and the Economic Substance Regulations expected to be released following the passing of amendments to Bermuda’s Economic Substance Act before December 31, 2019.

“Event speakers included Ifor Hughes, Deputy Director of Policy at the Bermuda Monetary Authority [BMA], and Michael Frith, advisor to the Registrar of Companies. The event was sponsored by Wakefield Quin.”

Mr. Hughes said, “We are pleased to discuss the proposed changes to the investment fund regime with our industry counterparts. We believe that these enhancements, contained within the Investment Funds Amendment Act 2019 and supporting statutory instruments, position Bermuda well with respect to the current initiative by the EU Code of Conduct Group.

“These amendments position Bermuda to continue to be a respected, appropriately regulated international financial centre. We expect 2020 to be an equally busy and challenging year, as we continue to build out the regulations and guidance notes to support the economic substance regimes.”

AIMA Bermuda Dec 2019

The spokesperson said, “Mr. Frith has been actively engaged in supporting the office of the Registrar of Companies as it assumes the role of regulator of reporting entities under the Economic Substance framework. Effective June 30, 2020, entities will be required to file an Economic Substance Declaration Form if they are undertaking a relevant activity, as defined under Bermuda’s economic substance legislation.”

Mr. Frith said, “The amendments have been developed following extensive consultation by the Bermuda Government with the OECD and Code of Conduct Group and are in furtherance of the implementation by Bermuda of legislation that embraces a global initiative to combat base erosion and profit sharing, also known as BEPS.”

The spokesperson said, “AIMA has worked closely with industry and the BMA to ensure that Bermuda took the necessary steps to comply with the EU Code of Conduct Group’s Review of Collective Investment Vehicle

“As a result, amendments to the Investment Funds Act have come into force, effective January 1, 2020, which now bring into scope closed ended investment vehicles and overseas investment funds that are managed or promoted in or from Bermuda, in line with the other overseas territories and Crown Dependencies.”

Chairperson of AIMA Bermuda’s Executive Committee, Craig Bridgewater, said, “We are extremely grateful for the engagement by both the BMA and the office of the Registrar of Companies with AIMA as an industry group representing the asset management and funds sector.

“We are also pleased with the developments that have been made in amending Bermuda’s economic substance legislation to facilitate the conduct of financial services business in Bermuda as has been the case for many decades.”

The spokesperson said, “Mr. Bridgewater has fulfilled the role of Chairperson since the launch of the AIMA network in Bermuda in 2016. After a very successful three-year term he has decided to step down as Chair and will be succeeded by Sarah Demerling, a Partner at Walkers [Bermuda] Limited.”

Mrs. Demerling said, “Craig has done an amazing job to lead the AIMA network in Bermuda to where it is today and we thank him for all of his hard work. I have always been very passionate about the asset management industry in Bermuda. We have a robust funds offering and it is very pleasing to have the support of the wider AIMA network as we continue to grow our local membership and activities.

“I am absolutely delighted to take on the role of Chair but recognize that none of the events, educational programmes and industry engagement would be possible without the dedication of the Executive Committee who have worked tirelessly this year. 2019 saw a visit from Jiri Krol, AIMA Deputy CEO and Head of Government Affairs and local representation at the AIMA Canada Investor Forum in Toronto.

“In 2020 I am keen for us to further deepen our working relationship with the AIMA group locally and internationally and continue to tell Bermuda’s story.”

The spokesperson said, “AIMA Bermuda welcomes members from the accounting, legal and banking, fund management and administration, and the ILS industry sectors. Through its global industry initiatives including advocacy, policy and regulatory engagement, educational programmes and sound practice guides.

“AIMA works to raise media and public awareness of the value of the Industry members may email for additional details on membership and to attend 2020 educational sessions.”

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