A lengthy piece of housekeeping legislation updating the Investment Business Act 2003 was passed in the House of Assembly.

The Act pertains to the supervision and regulation of recognised investment exchanges and recognised clearing houses, intermediaries between a buyer and seller in a financial market.

David Burt, the Premier and Minister of Finance, said: “The main purpose of this Bill is to introduce enhancements to the Investment Business Act 2023 to modernise the oversight of the investment exchanges and clearing houses.”

They are supervised by the Bermuda Monetary Authority.

“The Bill also contains a small number of other changes mainly to clarify aspects of the framework, changes for regulation of investment business firms, which were approved by the legislature in 2022,” he said.

The Bill was passed with no objections.