Investment Business (Excluded Activities) Order 1999

Link to law: http://www.bermudalaws.bm/Laws/Annual%20Laws/1999/Statutory%20Instruments/Investment%20Business%20%28Excluded%20Activities%29%20Order%201999.pdf

Subscribe to a Global-Regulation Premium Membership Today!

Key Benefits:

Subscribe Now
Investment Business (Excluded Activities) Order 1999
Investment Business (Excluded Activities) Order 1999 - REVOKED BY 1998


1





BR 69 / 1999

INVESTMENT BUSINESS ACT 1998

1998 : 34

INVESTMENT BUSINESS (EXCLUDED ACTIVITIES) ORDER
1999



In exercise of the powers conferred upon him by section 2(3) of
the Investment Business Act 1998, the Minister of Finance makes the
following order:―

Citation and commencement
1 This order may be cited as the Investment Business (Excluded
Activities) Order 1999 and shall come into operation on 1 January 2000.

Interpretation
2 In this Order “the Act” means the Investment Business Act 1998.

Amends section 2
3 Section 2(2) of the Act is amended by inserting the following
paragraphs after paragraph (f)―

“(g) an activity falling within subsection (1)(a) carried on by a
person if―

(i) the security is, or as the case may be, is to be held by
him as trustee or personal representative; and

(ii) he does not hold himself out as providing a service of
buying and selling securities,

Investment Business (Excluded Activities) Order 1999


2



unless that person is remunerated for what he does in
addition to any remuneration he receives for discharging his
duties as trustee or personal representative;

(h) an activity falling within subjection (1)(b) carried on by a
person as trustee or personal representative with a view to―

(i) a fellow trustee or personal representative and himself
engaging in their capacity as such in an activity falling
within subsection (1)(a); or

(ii) a beneficiary under the trust, will or intestacy
engaging in any such activity,

unless that person is remunerated for that he does in
addition to any remuneration he receives for discharging his
duties as trustee or personal representative;

(i) an activity falling within subsection (1)(c) if carried on by a
person as trustee or personal representative unless he holds
himself out as offering investment management services or is
remunerated for providing such services in addition to any
remuneration he receives for discharging his duties as
trustee or personal representative;

(j) an activity falling within subsection (1)(d) if the advice is
given by a person as trustee or personal representative to―

(i) a fellow trustee or personal representative for the
purposes of the trust or estate; or

(ii) a beneficiary under the trust, will or intestacy
concerning his interest in the trust fund or estate,

unless that person is remunerated for doing so in addition to
any remuneration he receives for discharging his duties as
trustee or personal representative;

(k) an activity falling within subsections (1)(b) and (d) if it is
made or given―

(i) in the course of practicing the profession of barrister and
attorney; and

(ii) the making or giving of which is soley incidental to the
services provided in the course of practicing that
profession;

Investment Business (Excluded Activities) Order 1999


3



but an activity shall not be regarded as falling within this
paragraph if such activity is remunerated separately from
the other services.”.





Made this 1st day of December 1999







Acting Minister of Finance