Latest updates

Employment law guide: responding to COVID-19
  • Employment & Immigration
  • Bermuda
  • 01 April 2020

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.

COVID-19 update
  • Corporate & Commercial
  • Bermuda
  • 30 March 2020

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.

Employment law guide: responding to COVID-19
  • Private Client & Offshore Services
  • Bermuda
  • 26 March 2020

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.

COVID-19 company update
  • Private Client & Offshore Services
  • Bermuda
  • 26 March 2020

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.

Implementation of Cape Town Convention in Bermuda
  • Aviation
  • Bermuda
  • 25 March 2020

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.

Implementation of Cape Town Convention in Bermuda
  • Private Client & Offshore Services
  • Bermuda
  • 19 March 2020

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.

Blockchain and cryptocurrency regulation 2020
  • Banking & Financial Services
  • 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.

Blockchain and cryptocurrency regulation 2020
  • Private Client & Offshore Services
  • 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
  • Employment & Immigration
  • 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.

Pension scheme amendments
  • Private Client & Offshore Services
  • 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
  • Private Client & Offshore Services
  • 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
  • Private Client & Offshore Services
  • 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.

Enforcement of foreign arbitral awards
  • Arbitration & ADR
  • 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
  • Private Client & Offshore Services
  • 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.

New code of conduct for insurance brokers and agents
  • Private Client & Offshore Services
  • Bermuda
  • 08 August 2019

The Bermuda Monetary Authority recently published the Insurance Brokers and Insurance Agents Code of Conduct. The code was developed in consideration of the international standards set by the International Association of Insurance Supervisors and is intended to assist the authority in providing appropriate, effective and efficient supervision and regulation of Bermuda-registered brokers and agents.

Update to Bermuda's economic substance legislation
  • Private Client & Offshore Services
  • 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'
  • Corporate & Commercial
  • 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.

Privy Council clarifies Bermuda's '60/40 rule'
  • Private Client & Offshore Services
  • 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.

Court exercises inherent jurisdiction to appoint protectors
  • Private Client & Offshore Services
  • Bermuda
  • 20 June 2019

In a recent case, the Supreme Court delivered an important judgment in which it exercised its inherent supervisory powers over trusts to appoint protectors. The court also reaffirmed the wide breadth of its jurisdiction under Section 47 of the Trustee Act 1975 to grant trustees power to vary trusts when it is satisfied that it is expedient to do so.

Bermuda's beneficial ownership registers and privacy: status update and further observations
  • Private Client & Offshore Services
  • Bermuda
  • 02 May 2019

Bermuda companies, limited liability companies and partnerships had until 30 April 2019 to update or verify their beneficial ownership information under Bermuda's beneficial ownership legislation. The guidance published in respect of Bermuda's beneficial ownership legislation may provide an aide to some extent, but provides no defence to non-compliance with the beneficial ownership legislation itself. As such, the legislation and Personal Information Protection Act must be carefully considered and complied with.