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INTERNATIONAL AGREEMENTS

2017
  • EIOPA (European Insurance and Occupational Pensions Authority) – signed 16th January 2017
  • North Carolina Department of Insurance - signed 18th April 2017
2016
  • Maryland Insurance Administration – signed 19th January 2016
  • New Hampshire Insurance Department – signed 23rd November 2016
2015
  • National Association of Insurance Commissioners (NAIC) - signed 15th August 2015
2014
  • Division of Insurance and Financial Oversight of the Georgia Department of Insurance - signed 1st August 2014
  • Texas Department of Insurance - signed 1st November 2014
2013
  • Ohio Department of Insurance - signed February 14th 2013
  • Arizona Department of Insurance - signed August 6th 2013
  • Missouri Department of Insurance (MDIFP) - signed 6th September 2013
  • Illinois Department of Insurance - signed 19th November 2013
2012
  • Financial Supervisory Authority of Norway - signed May 2nd 2012
2011
  • Regional Regulatory Authorities (Caribbean) - signed May 27th 2011
2010
  • Swiss Financial Market Supervisory Authority - signed March 11th 2010
2009
  • Luxembourg (Commissariat Aux Assurances) - signed February 2nd 2009
  • International Association of Insurance Supervisors (IAIS) - signed June 25th 2009
  • Florida Office of Insurance Regulation - signed September 24th 2009
  • Nebraska Department of Insurance - signed October 28th 2009
  • Pennsylvania Insurance Department - signed December 10th 2009
2008
  • Malta Financial Services Authority - signed June 3rd 2008
  • The Office of the Superintendent of Financial Institutions of Canada - signed August 19th 2008
  • New York State Insurance Department - signed September 25th 2008
2007
  • International Organization of Securities Commissions - signed June 6th 2007
2005
  • Luxembourg (Commission de Surveillance du Secteur Financier) - signed May 31st 2005
  • Cayman Islands Monetary Authority - signed June 30th 2005
  • Financial Services Board of the Republic of South Africa - signed August 15th 2005
2004
  • UK Prudential Regulatory Authority - signed April 21st 2004
  • UK Financial Conduct Authority - signed April 21st 2004
2002
  • Isle of Man Financial Supervision Commission - signed October 28th 2002
1997
  • US Commodity Futures Trading Commission - signed March 3rd 1997
  • States of Jersey Financial Services Department - signed April 10th 1997

In response to the European Union’s Alternative Investment Fund Managers Directive (AIFMD), the Authority initiated a process of developing an opt-in Alternative Investment Fund Manager (AIFM) regime for Bermuda. The objective was to create a regime which could be assessed by the European Securities and Markets Authority (ESMA) to pose “no significant obstacles” to the extension of third-country AIFMD passport rights to Bermuda AIFMs.

The first step toward achieving this objective was taken with the passage of the Investment Business Amendment Act 2015, which resulted in the basis for the AIFM regime being incorporated within the Investment Business Act 2003 and which provided the Authority with the power to issue proposed AIFM Rules. Passage of the Investment Funds Amendment Act 2016 was the next key development. Finally, comprehensive AIFM Rules were published and can be brought into force by the Authority when appropriate.

At present, ESMA is not progressing work related to extension of third-country AIFM passport rights, and the initiative has not been included as an identified priority in its current Regulatory Work Programme.

Notwithstanding this, the Authority remains committed to finalising a Bermuda AIFM regime when circumstances warrant. Meanwhile, the Authority continues to monitor this area closely and will provide updates as appropriate.

In the interim, Bermuda managers wishing to manage and/or market alternative investment funds within the European Union (EU) are able to do so via the national private placement regimes of individual EU Member states. To facilitate such activity, the Authority has signed cooperation agreements with the regulatory authorities in the majority of EU Member States in relation to the AIFMD. These cooperation agreements are a key element in effective supervision of non-EU AIFMs, and are a pre-condition in allowing non-EU AIFMs access to EU markets or to perform relevant fund management activities.

Listed below are the regulatory bodies in EU Member States with whom the Authority signed the AIFMD cooperation agreements :

 

NAME OF REGULATOR COUNTRY
Finanzmarktaufsicht

Austria

Financial Services and Markets Authority Belgium
Financial Supervision Commission. Bulgaria
Cyprus Securities and Exchange Commission Cyprus
Czech National Bank Czech Republic
Finanstilsynet Denmark
Estonian Financial Supervision Authority Estonia
Finanssivalvonta Finland
Autorite des marches financiers France
Federal Financial Supervisory Authority (BaFin) Germany
Hellenic Capital Market Commission Greece
Penzugyi Szervezetek Allami Fellugyelete Hungary
Fjarmalaeftirlitio Iceland
Central Bank of Ireland Ireland
Finansu un kapitala tirgus komisija Latvia
Finanzmarktaufsicht Liechstenstein
Bank of Lithuania Lithuania
Commission de Survellance du Sector Financier Luxembourg
Malta Financial Services Authority Malta
Finanstilsynet Norway
Polish Financial Supervision Authority Poland
Comissao do Mercado de Valores Mobiliarios Portugal
Romanian Financial Supervisory Authority Romania
Narodna banka Slovenska Slovak Republic
Finansinspektionen Sweden
Autoriteit Financiele Markten The Netherlands
Financial Conduct Authority United Kingdom
  • Group of International Insurance Centre Supervisors (GIICS)
  • Group of International Financial Centre Supervisors (GIFCS)
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