Fund administrators to be licensed by Bermuda as regulation is reviewed

Bermuda is looking to extend the scope of its regulatory powers over fund administrators, requiring them to be licensed for the first time.

A new standalone legislation is expected to be enacted by the summer 2003, which will allow the Bermuda authorities to vet administrators more extensively than is currently applied as well as test their money laundering procedures.

Speaking at the Bermuda International Business Association dinner in Bermuda on 28 October, chairman of the Bermuda Monetary