Parliament has approved the creation of specified jurisdiction funds a new class of funds which could incorporate the laws of another jurisdiction.The measure, which was steered through the House of Assembly by Business Development and Tourism Minister Wayne Furbert, was unanimously approved by legislators on Friday night.Mr Furbert said that the measures aim to “make Bermuda a more attractive platform for retail investors operating within jurisdictions around the world”.“Through this exciting improvement in the quality of investment products offered from Bermuda, the Business Development Unit aims to stimulate job creation, GDP growth, brand reinvigoration, economic diversification and industry sustainability.”The Minister explained that specified jurisdiction funds would join the current three classes of funds recognised in Bermuda institutional funds, administered funds and standard funds.“Mr Speaker, the problem the bill aims to address relates to Bermuda’s ability to reestablish a strong market presence in the retail investor market,” Mr Furbert said.“The Ministry of Business Development and Tourism understands that promoters of retail funds in Japan for instance, would have greater comfort with a Bermuda platform if a statutory instrument, like the proposed bill, formed the basis of the specified jurisdiction fund classification.“Detailed references to the foreign legal framework shall then be imported into an order made by the Minister of Finance.”He went on to say that the Assets Management Task Force’s business plan was complementary to the new bill as it would be used to “increase fund incorporations, fund administrative agreements and fund management services administered locally.“The creation of the specified jurisdiction funds will be consistent with the task force business plan.“Improving the Bermuda regulatory environment to attract the targeted investors will assist with reversing current trends considering that pre-2007 funds distributed in Japan represented approximately ten percent of Bermuda’s investment sector business, while today they only represent a fraction of that previous number.”