Bermuda updates

Arbitration & ADR

Enforcement of foreign arbitral awards
  • Bermuda
  • 10 October 2019

A recent Supreme Court judgment has once again confirmed Bermuda's status as a sophisticated, arbitration-friendly jurisdiction. It is a classic example of the Bermuda courts' robust approach when asked to enforce foreign arbitral awards against award debtors in Bermuda, even in circumstances where the award in question is being challenged by the award debtor in the courts of the seat, or legal place, of the arbitration.


Banking

Digital Asset Business Act 2018
Carey Olsen Bermuda
  • 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

Privy Council clarifies Bermuda's '60/40 rule'
Carey Olsen Bermuda
  • 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.

Deadline approaches for compliance with Bermuda beneficial ownership regime
Carey Olsen Bermuda
  • 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

Pension scheme amendments
Carey Olsen Bermuda
  • Bermuda
  • 29 January 2020

Provisions of the National Pension Scheme (Occupational Pensions) Amendment Act 2019 recently came into force. Employers should now be familiar with some of the upcoming changes, which include the requirement to keep records in relation to payroll and employee-related pension information.

Know your rights when made redundant
Carey Olsen Bermuda
  • 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 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.

Pension scheme amendments
  • Bermuda
  • 23 January 2020

Provisions of the National Pension Scheme (Occupational Pensions) Amendment Act 2019 recently came into force. Employers should now be familiar with some of the upcoming changes, which include the requirement to keep records in relation to payroll and employee-related pension information.

Stable environment for high-net-worth private clients
  • Bermuda
  • 16 January 2020

High-net-worth families are increasingly seeking to establish or redomicile trusts and structures to politically, economically and socially stable tax neutral jurisdictions that are reputable and geographically well situated. Although the number of jurisdictions that meet these criteria may be dwindling, Bermuda has a long history of legal, political and social stability.

Enforcement of foreign arbitral awards
  • Bermuda
  • 10 October 2019

A recent Supreme Court judgment has once again confirmed Bermuda's status as a sophisticated, arbitration-friendly jurisdiction. It is a classic example of the Bermuda courts' robust approach when asked to enforce foreign arbitral awards against award debtors in Bermuda, even in circumstances where the award in question is being challenged by the award debtor in the courts of the seat, or legal place, of the arbitration.

Important decision concerning confirmation of actions by improperly appointed trustees
  • Bermuda
  • 15 August 2019

Bermuda's chief justice recently handed down an important decision dealing with the power of the court to intervene in the administration of a trust to approve actions of improperly appointed trustees. This case is important because it confirms the court's inherent jurisdiction, on the appointment of trustees, to grant them leave to administer the trust on the basis that they were properly appointed on a prior date.