Professions at war on changes to mutual fund law

(CNS Business): The country’s legal and accounting professions were described as being “at war” by the premier in the Legislative Assembly on Monday as he pushed through changes to the mutual fund law calling for the regulation and registration of master funds. The amendments, which also introduce a $2,500 registration fee for each fund, have raised a number of significant concerns in the offshore profession among lawyers and fund directors. The government’s own financial council has questioned the wisdom of the changes but the premier said government needed revenue and it had to anticipate the international pressure regarding regulation of the fund industry. With the support of just the local accounting profession, the premier has pressed ahead with the amendments. Read more on CNS Business