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.


Company & Commercial

Deadline approaches for compliance with Bermuda beneficial ownership regime
  • Bermuda
  • 01 April 2019

Bermuda companies have until 30 April 2019 to comply with requirements introduced in 2018 to maintain a register of their beneficial owners. If a company is non-compliant with these requirements after this date, both the company and its directors and other officers may be subject to criminal sanctions.


Employment & Benefits

Know your rights when made redundant
  • Bermuda
  • 06 March 2019

Bermuda's reinsurance market has not been immune to changes in the world's economic market. A rise in mergers and acquisitions has led to an increase in redundancies within the Bermuda workforce. Employees should be aware of their rights when made redundant and should always seek legal advice to ensure that their redundancy is both lawful and fair.


Private Client & Offshore Services

Contributed by Carey Olsen Bermuda
Bermuda private trust company guide
  • Bermuda
  • 04 April 2019

Bermuda is an excellent jurisdiction in which to establish private trust companies, trusts and underlying entities (including private funds and insurance vehicles) and family offices (or branches thereof). However, particular care must be taken with regard to a private trust company's initial structuring. It is critical that the rights, powers and responsibilities vested in particular parties are fully understood (particularly by the settlor both during their lifetime and in future).

Deadline approaches for compliance with Bermuda beneficial ownership regime
  • Bermuda
  • 28 March 2019

Bermuda companies have until 30 April 2019 to comply with requirements introduced in 2018 to maintain a register of their beneficial owners. If a company is non-compliant with these requirements after this date, both the company and its directors and other officers may be subject to criminal sanctions.

Round-up of recent trust cases
  • Bermuda
  • 14 March 2019

In 2018 the Bermuda courts issued several important decisions in trust cases. Moreover, the Trust Law Reform Committee of the Bermuda Business Development Agency remains active and has recently proposed further legislative reform. Among the committee's recent reform initiatives, the amendment to the Perpetuities and Accumulations Act 2009 by the Perpetuities and Accumulations Amendment Act 2015 has resulted in significant interest among international advisers and local practitioners.

Family office proposition – review of case law
  • Bermuda
  • 07 March 2019

Bermuda has historically flown beneath the radar when it comes to promoting itself as the ideal location for the establishment of a family office. However, the overall value of the trust business to Bermuda is significant, with hundreds of billions of trust assets under management on the island. New legal developments bode well for the family office sector and should help to make the Bermuda trust fit for purpose for the next generation of ultra-high-net-worth families.

Know your rights when made redundant
  • Bermuda
  • 28 February 2019

Bermuda's reinsurance market has not been immune to changes in the world's economic market. A rise in mergers and acquisitions has led to an increase in redundancies within the Bermuda workforce. Employees should be aware of their rights when made redundant and should always seek legal advice to ensure that their redundancy is both lawful and fair.


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.