The regulatory and risk advisory landscape is heating up for 2022 in Bermuda with a number of legal and regulatory changes on the horizon. The most significant will be the proposed changes to the Investment Business Act 2003, and associated rules and codes of practice (the "IBA"). In its current state, Bermuda-formed or incorporated persons are only required to be licensed where they are carrying on investment business activities from a place of business in Bermuda. However, as a result of the proposed legislative amendments to the IBA, all Bermuda-formed or incorporated persons who are carrying on investment business will be required to be licensed, and subject to full regulatory and supervisory oversight by the BMA or registered if they qualify for differing treatment under any other section of the modified framework.
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