Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Funds definition

What does Funds mean? In legal practice, funds describes pooled investment arrangements where assets are managed to a stated investment objective for the benefit of participating investors. The term is descriptive and used across multiple contexts; specific definitions and rules appear in legislation and regulation, including the Financial Services and Markets Act 2000 and the UCITS and AIFMD regimes (as implemented in the UK and Ireland). Typical features include: investors holding units or shares that represent a proportionate interest; pricing by reference to net asset value; assets held by an independent depositary or custodian separate from the manager; and operation under constitutional documents and...

Bermuda trust law: reserved powers, statutory Hastings Bass, section 47 transactions, perpetuity reform, PTCs, firewall and creditor protection, purpose/charitable trusts, privacy and taxation overview

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Practice notes

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This Practice Note summarises Bermuda trust law at a high level and signposts its distinctive characteristics, including expansive reserved powers rules, codified Hastings Bass measures, and adaptable perpetuity provisions.

Bermuda’s trust legislation

Trustee Act 1975 (TA 1975) – addresses, among other matters, trustees’ powers, entitlements and duties, together with the Bermuda courts’ supervisory jurisdiction in trust matters.
Trusts (Special Provisions) Act 1989 (TSPA 1989) – sets out Bermuda’s broad reserved powers regime, firewall protections, and rules on purpose trusts.
Perpetuities and Accumulations Act 2009 (Bermuda) (PA 2009) – states that trusts created on or after 1 August 2009 may exist indefinitely provided they do not own Bermuda land, and permits the disapplication of the rule against perpetuities for earlier trusts.
Trusts (Regulation of Trust Business) Act 2001 – requires the licensing of persons conducting trust business in Bermuda.

Who can serve as trustee?

There is no need for trustees to be resident in Bermuda, although appointing licensed local trustees can be advantageous from a compliance standpoint...

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Web page updated on 21/05/2026

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