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.
As a result of the Cape Town Convention on International Interests in Mobile Equipment coming into force in Bermuda, leasing companies, owners, lenders and other parties that deal with Bermudian entities participating in aircraft transactions and/or aircraft registered in Bermuda may opt to take the additional steps necessary to obtain the protections conferred by the convention. This article revisits key points concerning the implementation of the convention and declarations relating thereto.
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.
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.
The Bermuda Registrar of Companies and the Bermuda Monetary Authority (BMA) recently issued information on the steps that they have taken to protect the public and ensure the continuity of business in Bermuda as it responds to the coronavirus. The registrar has implemented contingency measures to protect staff and members of the public, while the BMA has activated its business continuity plan and implemented social distancing protocols and remote working options for all external meetings.
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.
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.
The coronavirus (COVID-19) was recently declared a Public Health Emergency of International Concern by the World Health Organisation. The situation continues to develop rapidly. Given the transient nature of the Bermuda workforce, Bermuda-based employers should consider taking steps now to manage risks both proportionately and sensibly. This article provides guidance to help Bermuda employers address some of the key queries and concerns.
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.
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.