september 30, 2008 biba roundtable regulatory panel

September 30, 2008 September 30, 2008

BIBA ROUNDTABLE

Regulatory PanelRegulatory Panel

2© 2008 KPMG, the Bermuda member firm of KPMG International, a Swiss cooperative. All rights reserved. Printed in Bermuda.

Relevant regulation and oversightRelevant regulation and oversight

Companies ActCompanies Act

Investment Funds Act 2006Investment Funds Act 2006

Segregated Accounts Companies ActSegregated Accounts Companies Act

Investment Business ActInvestment Business Act

Approved auditor and other service providersApproved auditor and other service providers

Qualifications and oversight of auditorsQualifications and oversight of auditors

GAAP and GAAS acceptable to the Bermuda Monetary AuthorityGAAP and GAAS acceptable to the Bermuda Monetary Authority

Good infrastructure (public accountants, lawyers, bankers and Good infrastructure (public accountants, lawyers, bankers and administrators)administrators)


BermudaBermuda

Effective regulationEffective regulation

Presence of experienced service providersPresence of experienced service providers


Bermuda Companies ActBermuda Companies Act

Covering all entities formed in BermudaCovering all entities formed in Bermuda

Outlines responsibilities of companies and their Outlines responsibilities of companies and their directorsdirectors

Accounting and audit standards to be usedAccounting and audit standards to be used

Reporting requirementsReporting requirements


Investment Funds Act 2006Investment Funds Act 2006

The IFA introducedThe IFA introduced

classes of funds – institutional, administered and classes of funds – institutional, administered and standardstandard

exempted and excluded fundsexempted and excluded funds

licensing of fund administratorslicensing of fund administrators


Segregated Accounts Companies ActSegregated Accounts Companies Act

Allows for the statutory division of accountsAllows for the statutory division of accounts

Liabilities of one account/cell cannot be claimed against Liabilities of one account/cell cannot be claimed against the assets of another cellthe assets of another cell

May offer different choices (e.g. strategies) within the May offer different choices (e.g. strategies) within the same companysame company


Investment Business ActInvestment Business Act

Governs those carrying on investment business from Governs those carrying on investment business from BermudaBermuda

Includes dealing in or managing investments and Includes dealing in or managing investments and offering investment adviceoffering investment advice

Exceptions include provisions of services to Exceptions include provisions of services to sophisticated investors, funds authorised under the sophisticated investors, funds authorised under the Investment Funds Act and those excluded from the IFAInvestment Funds Act and those excluded from the IFA

Focuses on the concept of fit and proper managementFocuses on the concept of fit and proper management


Approved auditor and oversightApproved auditor and oversight

Auditors and other service providers must be Auditors and other service providers must be approved by the BMA under the various financial approved by the BMA under the various financial services actsservices acts

Focus is on fit and proper persons to carry out the Focus is on fit and proper persons to carry out the required rolerequired role

Anyone practicing public accounting in Bermuda must Anyone practicing public accounting in Bermuda must be a member in good standing with the Institute of be a member in good standing with the Institute of Chartered Accountants of BermudaChartered Accountants of Bermuda


Acceptable accounting and auditing standardsAcceptable accounting and auditing standards

All major GAAPAll major GAAP

Bermuda/Canada, US, UK, IFRSBermuda/Canada, US, UK, IFRS

All major GAASAll major GAAS

Bermuda/Canada, US, UK, IFRSBermuda/Canada, US, UK, IFRS


FirmsFirms

Big 4 firms as well as other well known namesBig 4 firms as well as other well known names

Range in size from 100 – 225Range in size from 100 – 225

Providing audit, tax (corporate and personal) and Providing audit, tax (corporate and personal) and advisory service with particular concentration in advisory service with particular concentration in financial services (funds, insurance and banking)financial services (funds, insurance and banking)

Significant amount of Partner involvement in Significant amount of Partner involvement in engagementsengagements


QuestionsQuestions


The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation.

Presenters’ contact detailsPresenters’ contact details

Craig BridgewaterCraig Bridgewater

+441 294 2647+441 294 2647

[email protected]@kpmg.bm

www.kpmg.bmwww.kpmg.bm

september 30, 2008 biba roundtable regulatory panel

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