BMA consultation on changes to the Bermuda solvency capital requirement model for insurers

The Bermuda Monetary Authority (BMA) has recently issued a Consultation Paper on proposed changes to the Bermuda Solvency Capital Requirement Model and Schedules.

Related briefings

CIMA announces private funds filing extension

The Cayman Islands Monetary Authority (CIMA) recently announced that the deadline for filing audited accounts and the requisite Annual Return Form in accordance with the Private Funds (Annual Returns) Regulations, 2021 has been extended to 30 September 2021.

Hard deadline for filing 2019 economic substance return upcoming on 30 April 2021

By Charlotte Cloete, Alan Dickson and Philippa Gilkes Relevant entities carrying on all types of relevant activity (except for those carrying on intellectual property business) under the International Tax Co-operation (Economic Substance) Act (2021 Revision) (“ES Act”) with a financial year end between 31 December 2019 – 30 April 2020, must file an economic substance […]

Bermuda – Economic Substance Declaration Filings – Update

The Economic Substance Act 2018 requires Bermuda-based entities that are carrying on a “relevant activity” in a relevant financial period and entities claiming “non-resident entity” status under the Act to file an Economic Substance Declaration Form with the Bermuda Registrar of Companies.

The DITC issues timely compliance reminders

The Cayman Islands Department for International Tax Cooperation (DITC) recently issued reminders to industry of compliance obligations in accordance with Common Reporting Standard (CRS) requirements and for the purposes of foreign account tax compliance (FATCA).

Latest Briefings

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Freshfields

Freshfields to debate post-pandemic reward measures

The partnership at Freshfields Bruckhaus Deringer is set to approve a catch-up payment for staff whose salaries were frozen, The Lawyer understands, though no Covid bonus is expected. The payment will draw the firm’s salary freeze to a close, having been introduced at the start of the pandemic. Unlike other firms, the firm will not […]

johannesburg

A&O scraps plans for Johannesburg support hub

Allen & Overy has decided against opening a legal services centre in South Africa, as it eyes opportunities in other global locations. The magic circle firm announced in late 2019 the decision to open a new centre in Johannesburg in the first half of 2020, but the launch was deferred in light of the pandemic. […]

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