Ms Mary V Ward

Mary V Ward

Updates

Banking

Blockchain and cryptocurrency regulation 2020
Bermuda | 21 February 2020

The current government was elected in 2017, having undertaken to create new economic pillars in Bermuda, identify new opportunities for economic diversification and seek local and overseas investment to develop new local industry and thereby create jobs in Bermuda. Since its election, the government has enthusiastically embraced the fintech sector and the potential that it offers and has repeatedly expressed its intention for Bermuda to be a significant centre for this industry.

Company & Commercial

Privy Council clarifies Bermuda's '60/40 rule'
Bermuda | 01 July 2019

In a judgment which is likely to have wide-ranging implications for local companies subject to the '60/40 rule', the Privy Council recently held that local companies may confer on non-Bermudians "de facto control by commercial arrangements", provided that non-Bermudians have no control over the manner in which directors and shareholders vote.

Private Client & Offshore Services

Blockchain and cryptocurrency regulation 2020
Bermuda | 20 February 2020

The current government was elected in 2017, having undertaken to create new economic pillars in Bermuda, identify new opportunities for economic diversification and seek local and overseas investment to develop new local industry and thereby create jobs in Bermuda. Since its election, the government has enthusiastically embraced the fintech sector and the potential that it offers and has repeatedly expressed its intention for Bermuda to be a significant centre for this industry.

Update to Bermuda's economic substance legislation
Bermuda | 01 August 2019

A number of important updates to Bermuda's economic substance regime were introduced in June 2019. These include the recent enactment of the Economic Substance Amendment Act, which, among other things, excludes non-resident entities from the scope of the economic substance regime and modifies the provisions that govern the exchange of information. Further, the registrar of companies has issued guidance notes to help entities determine whether they fall within the economic substance regime.

Privy Council clarifies Bermuda's '60/40 rule'
Bermuda | 27 June 2019

In a judgment which is likely to have wide-ranging implications for local companies subject to the '60/40 rule', the Privy Council recently held that local companies may confer on non-Bermudians "de facto control by commercial arrangements", provided that non-Bermudians have no control over the manner in which directors and shareholders vote.