Bermuda updates

Banking

Digital Asset Business Act 2018
  • Bermuda
  • 12 October 2018

Since its election, the current 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. In furtherance of this goal, a significant part of the government's legislative programme for 2018 has been, among other things, the implementation of a comprehensive regulatory regime. The central pillar of this regime is the Digital Asset Business Act, which came into force on 10 September 2018.


Private Client & Offshore Services

Contributed by Carey Olsen
Update on Bermuda private trust companies
  • Bermuda
  • 31 January 2019

This article considers how recent changes to the regulation of financial services in Bermuda have affected private trust companies. Among other requirements, directors and administrators of private trust companies should determine whether they fall within the definition of an 'anti-money laundering/anti-terrorist financing regulated financial institution' and ensure that they comply with the new record-keeping requirements and pending beneficial ownership regime.

Jurisdiction of substance: Bermuda's economic substance laws
  • Bermuda
  • 17 January 2019

Many offshore financial centres, including Bermuda, laboured to meet the EU Council's end-of-year deadline to impose economic substance requirements on entities that carry on 'geographically mobile' business activities. For jurisdictions subject to the deadline, failure to introduce substance laws may result in being placed on the EU Council's list of non-cooperative jurisdictions for tax purposes. Bermuda's substance laws ensure that the country maintains its stellar reputation as an international financial centre.

Digital Asset Business Act 2018
  • Bermuda
  • 11 October 2018

Since its election, the current 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. In furtherance of this goal, a significant part of the government's legislative programme for 2018 has been, among other things, the implementation of a comprehensive regulatory regime. The central pillar of this regime is the Digital Asset Business Act, which came into force on 10 September 2018.


Tech, Data, Telecoms & Media

PIPA and GDPR: new regulations protecting personal information
  • Bermuda
  • 03 July 2018

The Personal Information Protection Act (PIPA) was introduced to regulate and protect the use of personal information and embodies eight core privacy principles which are internationally recognised and accepted. As with the PIPA, the General Data Protection Regulation (GDPR) was enacted to govern the use of personal information and data. Bermuda companies should seek legal advice to determine whether the GDPR applies to their operations and, if so, how.


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