Filing an economic substance declaration in Bermuda

In 2018, Bermuda enacted legislation with respect to economic substance requirements for entities based in the jurisdiction. All other major offshore jurisdictions enacted similar legislation at the same time.

Related briefings

BMA proposes internationally active insurance group concept for Bermuda

In December 2020, as part of its review to update Bermuda’s commercial insurance regime, the Bermuda Monetary Authority issued a consultation paper proposing the introduction of an Internationally Active Insurance Group concept to meet the principles and standards of the International Association of Insurance Supervisors’ Common Framework.

Insurance Bulletin Spring 2021

Although the full impact of Covid-19 on the re/insurance industry remains unclear, the need to retain capital to meet potential losses has contributed to a general hardening of the market after 15 years of soft market conditions characterised by excess capacity, low prices and more relaxed policy terms.

Private Client Bulletin – April 2021

The fourth edition of Private Client Bulletin brings you the latest private client and trust news and insights from Bermuda, the Cayman Islands, BVI and Asia.

Cayman Islands private client legislative update

It’s trite to say that 2020 was a year marked by change. Having being bombarded with a variety of unsolicited adjustments to our daily lives, we could be forgiven for having developed a collective fear of change over the last 12 months. Fortunately, the legislative changes affecting Cayman Islands’ trust and private wealth practitioners do not align with the general trend of 2020. On the contrary, the pace and direction of change has been much more palatable as legislators have continued with the incremental modernisation of the Cayman Islands’ trusts law and related legislation.

Latest Briefings

Irish regulation in focus: Culture and individual accountability

Increasingly, there is a focus on culture and individual accountability in regulated firms. This has been heightened by various consumer protection issues which have been investigated including the tracker mortgage examination; high profile enforcement actions and the recent engagement with insurers on business interruption cover during COVID-19. Consistently, the Central Bank of Ireland (“Central Bank”) […]

Recommended

High Court

Details emerge in Barclays claim from former GC

Today’s high-profile PCP judgment revealed further details about a claim being filed by Barclays’ former general counsel, who is seeking “substantial damages” for breach of contract and duty. According to the judgment in the case of PCP Capital v Barclays, Barclays is facing allegations of breach of contract and duty from former GC Judith Shepherd, […]

From the Litigation Tracker: A ‘wave’ of Covid-related litigation is starting to wash into the courts

Claims activity rallied across a number of sectors in late 2020 following a coronavirus-induced dip in Q2, data from The Lawyer Litigation Tracker shows. For the sake of this analysis a cross-section of pandemic-hit sectors was selected, including: healthcare equipment and services, public sector (excluding health), retail, real estate and pharmaceuticals. Claims activity as a […]

Slaughter and May

Slaughters introduces EA role after secretarial review

Slaughter and May has concluded an extensive review of its secretarial function, part of an effort to broaden its scope and shift to new ways of working. The review officially started at the beginning of 2019, but the arrival of the pandemic in 2020 hampered its progress. The changes came into effect early this year. […]

revolut

Challenger bank Revolut seeks refresh of legal roster

Revolut is looking to review its legal panel after forming its inaugural roster a year ago. The Lawyer understands that the British challenger bank is assessing its panel, which was put in place last year. Six firms were appointed, including Linklaters, Baker McKenzie and DLA Piper. The panel was put in place for a year. […]

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