Regulatory Framework

The MFF (Mongolia Frontier Fund) and Investment Advisor, Mongolia Asset Management are regulated by BMA (Bermuda Monetary Authority)

The Investment Funds Act 2006 (the “Act”) provides the statutory basis for regulating funds in Bermuda. The Act deals with the establishment, operation and regulation of mutual funds, unit trusts and partnership funds.The Bermuda Monetary Authority (BMA) is the integrated regulator of the financial services sector in Bermuda. Established under the Bermuda Monetary Authority Act 1969, the BMA supervises, regulates and inspects financial institutions operating in or from within the jurisdiction. It also issues Bermuda’s national currency; manages exchange control transactions; assists other authorities in Bermuda with the detection and prevention of financial crime; and advises the Government and public bodies on banking and other financial and monetary matters. The Authority develops risk-based financial regulations that it applies to the supervision of Bermuda’s banks, trust companies, investment businesses and insurance companies. It also regulates the Bermuda Stock Exchange. Details of the Authority's regulatory approach and of the standards and requirements of its different regulatory regimes can be found in the relevant sections of this website. In addition, as required by the relevant financial services legislation, the Authority provides specific reports on its activities to the Minister of Finance on an annual basis. In carrying out its role, the Authority both follows and helps to set international best practice.