[box] The funds to be covered will include partnerships as well as mutual fund companies and unit trusts. To date partnerships have not been covered and this gap has now been addressed.

[box] There is a new class of funds to be known as the administered fund. With the introduced of licensed administrators it will be possible to register funds under this class. The level of regulation will be adapted on the grounds that the administrator is based in Bermuda and is subject to codes of conduct and fund rules which ensure proper level of governance of the fund.

[box] Rules for the appointment of service providers and delegation of powers are more defined.

[box] There is a new section which clearly enables unit trustees to hold property in segregated accounts and defines how those accounts will be managed. This will enable trustees to enjoy the same benefits as companies which operate with segregated accounts.

[box] There will be a more clearly defined distinction between public/retail funds and institutional/non public funds.

[box] The powers to exclude funds from particular requirements are more defined so that there is certainty as to what are the minimum requirements to be met by fund operators.

[box] The powers of the regulator to require information and to inspect are enhanced.

[box] The exclusions from fund regulation are more clearly defined to not capture funds of a “private” nature.

[box] The rules for prospectuses of funds are clearly set down and distinguished from the general rules under the Companies Act 1981 so there is more clarity.

[box] The powers for sharing information with other regulators are more clearly defined.

[box] There is a right of appeal to an appeal tribunal similar to that which applies to other financial institutions.