The Bermuda Monetary Authority (BMA) has published a consultation paper outlining proposals to improve its code of conduct for investment providers.

The revised code incorporates better guidance to investment providers on dealing with both personal and institutional clients, in particular over clarity of information and disclosures provided to investors.

The new code was developed after the BMA conducted a review into common disclosure practices in the Bermuda investment industry last year. The Authority set up a working group, made up of members of its supervisory team, as well as representatives from the investment industry and the Pension Commissioner's Office, to consider the results of the review and help in developing the proposed revisions to the code.

Jeremy Cox, CEO of the BMA, said: "As Bermuda's financial services regulator we ensure our regulations are consistent with international standards, and one of our most important roles is investor protection.

"The proposals in this revised code will further and one of our most important roles is investor protection.

"The proposals in this revised code will further strengthen standards for our investment industry to ensure Bermuda remains in line with international best practice and to maintain good business conduct in the market."

Graeme Dargie, director of banking, trust and investment at the BMA, said: "The enhanced code builds on the guidance already established in the existing code of conduct for investment providers.

"Our new proposals provide very specific direction to the industry in key areas, including avoiding misleading or deceptive representation; avoiding or disclosing conflicts of interest; providing periodic information/ performance reports, disclosure of remuneration and commissions, and generally assisting clients with making informed investment decisions."

Mr. Dargie said that a series of templates have also been developed for investment providers to encourage greater consistency in the reporting and information they provide to investors.

A copy of the consultation paper is available at the consultation papers/banking section of the BMA's website at www.bma.bm Anyone wishing to comment on the paper can complete the summary of consultation comments form, which is available as an appendix to the consultation paper. The deadline for submission of comments is April 30.