The Bermuda Monetary Authority has published a Consultation Paper outlining proposals to enhance its existing Code of Conduct for investment providers. The revised Code incorporates more explicit guidance to investment providers about how they should deal with both personal and institutional clients, in particular regarding the clarity of information and disclosures they provide to investors.
The revised Code was developed after the Authority conducted a review last year into common disclosure practices in the Bermuda investment industry. The Authority established a Working Group, comprising members of its supervisory team, and representatives from the investment industry and the Pension Commissioner’s Office, to consider the results of the review and assist in developing the proposed revisions to the Code.
Jeremy Cox, CEO of the Authority said, “As Bermuda’s financial services regulator we ensure our regulations are consistent with international standards, and one of our most important roles is investor protection. The proposals in this revised code will further strengthen standards for our investment industry to ensure Bermuda remains in line with international best practice and to maintain good business conduct in the market.”