to the Bermuda Monetary Authority (BMA) under a new regulatory structure signed by the Minister of Finance on Monday.

A notice about the classifications will appear in today's edition of the official gazette.

Unless otherwise exempted by the BMA, all "collective investment schemes'' will have to comply with the new rules.

A collective investment scheme refers to mutual funds, as defined in the Companies Act 1981, or a unit trust schemes as defined in the Stamp Duties Act 1976.

Under the provisions all collective investment schemes except for existing United Kingdom Class Schemes, will have a year from February 9, 1998 to apply for a classification.

The new regulations provide for three classifications of collective investment schemes -- Bermuda Recognised Schemes, Bermuda Institutional Schemes and Bermuda Standard Schemes.

The Bermuda Recognised Scheme is similar to a scheme currently recognised under the Companies Act 1981 as a United Kingdom Class Scheme.

The Bermuda Institutional Schemes are a special category of plans which are offered only to institutional or sophisticated investors.

And the Bermuda Standard schemes are those plans that meet the requirements of the Code of Conduct for Collective Investment Schemes issued by the Authority in December 1994.

"The Regulations introduce a formal regulatory structure for the different classifications of collective investment schemes and apply a different leevel of regulation depending on the classification,'' according to a press release from the BMA yesterday. "Bermuda Recognised Schemes are subject to a comprehensive regulatory environment and offer the potential to be marketed in jurisdictions recognising Bermuda's regulatory and supervisory system. Bermuda Institutional Schemes are subject to a less comprehensive regulatory and supervisory environment because of the sophistication and expertise of the investors of those schemes. Bermuda Standard Schemes are subject to the level of regulation and supervision as provide for in the Code of Conduct for Collective Investment Schemes which has been in operation since December 1994.'' BMA general manager Malcolm Williams stated: "This action by the Minister of Finance is very much welcomed and will enhance Bermuda's system of regulation and supervision over collective investment schemes and will undoubtedly enhance Bermuda's reputation.''