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On 3 October 2013, the Investment Funds Amendment Act, 2013 (the “Act”) was passed creating a new dual system of exemptions for qualifying investment funds. The Act, in addition to introducing the Class A Exempted Fund (the “Class A Fund”) and the Class B Exempted Fund (the “Class B Fund”) regimes, also repealed the prior exemption provisions. Investment Funds, which had previously obtained an exemption under the repealed provisions of the Investment Funds Act (each a “Grandfathered Fund”), were grandfathered for a period of three years from the implementation date of the Act.
This grandfathered period is now rapidly coming to an end. On or before October 2016, these Grandfathered Funds must have been registered as either a Class A Fund or a Class B Fund. Failure to reapply will result in a Grandfathered Fund losing its exempted status and falling out of compliance with the provisions of the Investment Funds Act, 2006 as amended.
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Grandfathered Exempted Funds need to reapply for Registration with the Bermuda Monetary Authority before 3 October 2016