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NEW LEGISLATION – the Investment Funds Act, 2019 (as amended) and Investment Funds Regulations, 2020 (which repeal and replace the Investment Funds Act, 2003 and the Investment Funds Regulations, 2003) are now in force (the “New Law”).
An aim of the New Law is to bring Bahamian law with respect to investment funds into harmony with international standards and best practices, to expand the scope of powers of the Securities Commission of The Bahamas (the “SCB”) in relation to regulated persons and parties related to an investment fund and to protect investors.
The New Law also aims to develop provisions compliant with the European Union’s (the “EU”) Alternative Investment Fund Managers Directive 2011/61/EU (the “AIFMD Directive”) which enables Bahamas based funds and investment fund managers to be able to continue to market themselves within Europe and position The Bahamas for the EU passporting process when the next round of assessments by the European Securities Commission Market Authority (ESMA) resumes.
What changes are applicable to investment funds?
How are Investment Managers impacted?
How are Investment Fund Administrators impacted?
Are Custodians affected?
For those desiring a copy of the New Law:
For further assistance or clarification:
If you have further questions, please contact the securities lawyers of Delaney Partners at firstname.lastname@example.org.
© Delaney Partners, June 2020
 Pursuant to the now repealed Investment Funds Act, 2003 this classification was applicable to an investment fund licensed or registered in a recognised jurisdiction or listed on a recognised foreign exchange as prescribed.
 Investment funds incorporated, registered or established in a jurisdiction other than The Bahamas with a nexus to The Bahamas, through either being administered or managed in or from The Bahamas.
 The SCB is presently finalizing its list of prescribed jurisdictions, however a draft of the list may be found here: http://www.scb.gov.bs/documents/Investment%20Funds%20(Prescribed%20Jurisdictions)%20Rules%202019%20-%20Consultation%20Document.pdf
 A state which is a member of the EU in which the AIFMD Directive has been implemented.
 A copy of the form may be found here: http://www.scb.gov.bs/documents/IFAFund%20-%20Schedule%209%20-%20Form%20C-%20Annual%20Declaration%20for%20Investment%20Fund%20Manager.pdf
 The address or primary place of business of an investment fund or an investment fund administrator.