The Investment Funds Act 2003 has been passed by both the House and Senate. Expectations are that the Act will be gazetted at the time the Investment Funds Regulations 2003 are tabled in Parliament.
The Investment Funds Act replaces the Mutual Funds Act 1995 and has attracted wide industry support as achieving *”the right balance between market demands and regulatory oversight”*.
The Government, too, has said the legislation creates a ‘genuine’ regulatory structure, while providing an environment that will not stifle the flexibility and creativity of an industry that is fast moving. *”This delicate balance could only have been achieved through a process which involved all of the stakeholders of the legislation,”* said the Hon. Allyson Maynard-Gibson, Minister of Financial Services and Investments.
Likewise, there has been wide consultation on the Regulations, the final draft of which is in circulation. It is anticipated the Regulations will be presented at the next session of Parliament.