The Bermuda Monetary Authority ("BMA") has issued an invite for proposals from voluntary participants to take part in a pilot project aimed at testing Embedded Supervision practices within the context of DeFi.
Embedded...more
Our latest guides for NYSE and Nasdaq take-private deals offer useful insights and legal frameworks....more
In response to the increasing interconnectedness of financial service providers across global networks, the BMA is proposing to implement a new Operational Resilience and Outsourcing Code for regulated entities across all...more
The operating provisions of Bermuda's Corporate Income Tax Act 2023 comes into effect on 1 January 2025.
The Bermuda Government has now announced that the registration process for corporate income tax will be through a...more
In response to an ever increasing array of business models and attendant risks in the digital assets sector, the BMA is proposing amendments to enhance its supervisory framework for licensed entities.
Specific focus is on...more
Bermuda is enhancing its banking legislation to make it attractive to new banks – particularly those wishing to provide services to Fintech companies.
The new 'restricted banking' license makes it easier to set up in...more
Since the announcement of its Fintech strategy in November 2017, the Bermuda government has positioned Bermuda as a market-leading jurisdiction with respect to Fintech, with a view to Bermuda operating as an innovation hub...more
9/25/2024
/ AML/CFT ,
Artificial Intelligence ,
Bermuda ,
Compliance ,
Cryptocurrency ,
Digital Assets ,
FinTech ,
Fund Managers ,
Insurance Industry ,
Investment Funds ,
Know Your Customers ,
Machine Learning ,
Regulatory Requirements ,
Risk Assessment
The operating provisions of the corporate income tax regime for Bermuda legislation will be effective for fiscal years beginning on or after 1 January 2025. This will apply to "Bermuda Constituent Entities" of an "In Scope...more
The Bermuda Monetary Authority (the "Authority") released its Digital Asset Business Single Currency Pegged Stablecoins (SCPS) Consultation Guidance (the "Guidance"). The Guidance seeks to provide information and...more
5/14/2024
/ Banking Sector ,
Bermuda ,
Board of Directors ,
Corporate Governance ,
Digital Assets ,
Disclosure Requirements ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
New Guidance ,
Stablecoins
In recent years, the global markets (predominantly in the US) have experienced a significant surge in hostile takeovers, largely due to the COVID 19 pandemic, which impacted public companies' equity values and ultimately...more
Across global stock exchanges, major trends are emerging in listings dynamics.
Offering six international stock exchanges and listing bonds of all types, our listing agents highlight emerging trends across capital...more
2023 was a fairly gloomy year for global M&A activity and the insurance sector did not emerge unscathed, recording its lowest deals count since 20201. The good news, however, is that insurance M&A activity appears poised for...more
A Bermuda company (including a limited liability company) may be registered as a segregated accounts company (a "SAC") under the Segregated Accounts Companies Act 2000 (as amended) (the "SAC Act") to enable it to establish...more
On 15 June 2023, the Minister of Tourism and the Cabinet Office, Vance Campbell, announced the tabling of the Bill, which is scheduled to be debated in the House of Assembly today, 16 June 2023. Once passed, the remaining...more
On 19 May 2023, Bermuda Government has passed legislation to amend the Digital Asset Business Act 2018 ("DABA" or the "Act") which further enhances the legal and regulatory digital asset business ("DAB") framework and...more
The economic substance regime has continued to develop, with the most notable change being the amendment to the definition of the ‘relevant activity’ of ‘fund management’, which was effective from 1 January 2022. As a result...more
The European Council has removed Bermuda from Annex II of its list of non-cooperative jurisdictions for tax purposes (sometimes referred to as the EU Tax Grey List).
While Annex I (the so-called EU Black List) is a list...more
Bermuda has established itself as a leading market for insurtech, representing a convergence of the well-established reinsurance market with the burgeoning fintech market.
A number of Bermuda reinsurance companies already...more
As part of our five year anniversary celebrations of our law firm opening in Bermuda, we put together the original version of this summary report highlighting the latest developments and trends in the Bermuda legal and...more
7/28/2022
/ Anti-Money Laundering ,
Bermuda ,
Cybersecurity ,
Digital Assets ,
Economic and Financial Affairs Council (ECOFIN) ,
EU ,
FinTech ,
Foreign Entities ,
Hong Kong ,
Initial Public Offering (IPO) ,
Insurance Industry ,
Insurtech ,
Investment ,
Jurisdiction ,
Reinsurance ,
Reporting Requirements ,
Restructuring ,
Stock Exchange ,
Trusts