The Standard Formula Podcast | Bermuda Monetary Authority Proposes Enhancements to its Regulatory Regime
The Economic Substance Act 2018 (the “Act”) requires Bermuda-based entities that are carrying on a “relevant activity” in a relevant financial period and entities claiming “non-resident entity” status under the Act to file an...more
As Hong Kong listed Bermuda and Cayman Islands exempted companies approach their annual results season, many may be considering paying their shareholders a dividend, whether due to a profitable financial year or as a gesture...more
Recent decisions in the Delaware courts have prompted many corporate groups to re-evaluate if Delaware is the best domicile for their operations. Delaware has been the first choice US jurisdiction for incorporating corporate...more
In July 2024, the Bermuda Monetary Authority (BMA) released its long-awaited guidance note entitled “General Business Insurers with Segregated Accounts and Separate Accounts” (the “SAC Guidance Note”) which provides the...more
On 4 December 2024, the Bermuda Monetary Authority (BMA) issued its consultation paper entitled “Proposed Enhancements to the Insurance Group Supervision Framework,” outlining regulatory updates to strengthen the BMA’s...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
In Bermuda, our most popular posts and publications provided updates from our Corporate practice, particularly regulatory changes and insurance insights, along with reflections on private client matters and litigation....more
Bermuda, the British Virgin Islands (“BVI”) and the Cayman Islands have each introduced data protection regimes in recent years which align with global data protection standards. It is therefore increasingly important for...more
When the substantive provisions of Bermuda’s Personal Information Protection Act 2016 (PIPA) become operational on 1 January 2025, it is vital that all in scope organisations ensure their compliance with PIPA....more
For Bermuda-based entities which have a financial year end of 31 December 2024, the final quarter of the fiscal year is a good time to consider their position with respect to Economic Substance. Economic Substance Regime -...more
Our corporate team outline the latest developments within the corporate and finance market in Bermuda including Bermuda’s Corporate Income Tax Act 2023, Cyber risk management and The Bermuda Monetary Authority's enhancements...more
With the 1 January 2025 implementation date of the Personal Information Protection Act 2016 (“PIPA”) fast approaching, Bermuda based organisations from small-businesses to multinationals, should be busy preparing for...more
An old adage says that the only things in life that are certain are death and taxes. We think regulatory changes can surely be added to that list. A number of regulatory updates will affect Bermuda entities this year, and we...more