CFCL General information - Bermuda
CFCL eligible fund types
Register market
All Bermuda funds are to be registered or authorised by the Bermuda Monetary Authority.
Mutual funds (open ended funds) in Bermuda can be in the form of a company, unit trust scheme, limited liability company (LLC) or partnership that issues equity interests.
A company could be in the form of an exempt liability company, an exempt limited liability company, segregated accounts company formed under the Companies Act 1981 or Limited Liability Company Act 2016 and Segregated Accounts Companies Act 2000.
The unit trust scheme is a contractual arrangement embodied in a trust deed instruction following the common laws of England.
Partnerships would be registered under the Partnership Act 1902, the Limited Partnership Act 1883 and the Exempted Partnership Act 1992.
Private equity funds are closed ended investment vehicles and the majority of private equity vehicles are structured as a limited partnership.
Operational arrangements
This section describes the operational arrangements of the Bermuda market:
Register Market | Remarks | |
Settlement free of payment | Yes | |
Settlement against payment | Yes | Refer to CBL’s Eligible currencies and the fund currency specified in fund prospectus. |