On 18 December 2011, Bermuda’s Investment Funds Act, 2006 (Act), the legislation which provides the regulatory framework for the creation and operation of investment funds in Bermuda, was amended to create a new class of investment fund to be known as the “Specified Jurisdiction Fund.”  The purpose of the Specified Jurisdiction Fund classification is to permit the Ministry of Business Development and Tourism, in conjunction with the Bermuda Monetary Authority (BMA), and industry, to develop and issue, from time to time, “orders” which specifically recognize and compliment the regulatory requirements of foreign financial markets in which securities of a Bermuda-domiciled fund will be marketed.  On 8 June 2012, the Ministry of Business Development and Tourism, acting on the advice of the BMA, issued its first order under the amended Act targeting the Japanese retail market.  The order and related rules are designed to permit Bermuda-domiciled funds established pursuant to the order to be marketed to the Japanese public.  In this article, Elizabeth Denman, a counsel in the corporate department of the Bermuda office of Conyers Dill & Pearman, explains how hedge fund managers can use the order to market funds to the Japanese public.