Bermuda fights back
The EU Savings Directive and its reporting requirements have been a bane for some hedge fund jurisdictions, not least Bermuda. But now the Atlantic centre is moving to ease the burden on its hedge funds
Bermuda's minister of finance recently announced his ministry had successfully concluded discussions with Swiss tax authorities, which confirmed Bermuda-domiciled funds that are exempted from the Bermuda Monetary Authority (BMA) (Collective Investment Scheme Classification) Regulations 1998 would be "out of scope" for purposes of the EU Savings Directive in Switzerland.
The minister of finance has signed an amendment to the regulations that, with immediate effect, provides that funds offered
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