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Updates to Maternity and Paternity Benefits
Adjusting to parenthood can be overwhelming, for both parents. Thankfully, such more needed legislative changes to improve parenting benefits are on the horizon. The Minister of Labour, Community Affairs and Sport announced recently that “the consolidation and modernization of the labour legislation […] has been ongoing for some five years”. After “extensive consultation with key […]
Shipping Regulations amended to attract new business
The Government of Bermuda recently passed into law the Merchant Shipping (Registration of Ships) Amendment (No. 2) Regulations 2019 (the “Registration Regulations”) and tabled the proposed Merchant Shipping (Fees) Amendment Regulations 2019 (the “Fees Regulations”). The Registration Regulations expand the list of eligible countries qualified to be owners of ships registered on the Bermuda Ship […]
Economic Substance Update – Guidance Notes and Beyond
At the end of June 2019, the Government of Bermuda issued draft economic substance guidance notes. The aim of the guidance notes is to assist in determining whether entities are in scope of the requirements of the economic substance legislation and regulations, how to satisfy such requirements, and provide guidance as to how the Registrar […]
Tax Residency Change to Economic Substance Act
The Economic Substance Act 2018 (the “Economic Substance Act”) was established in direct response to concerns raised by the Council of the European Union concerning the absence of economic substance requirements for entities conducting business in and through Bermuda. Since the introduction of the Economic Substance Act, given the number of Bermuda entities which are […]
Divorce and the “costs” of Financial Disputes
A January 2019 reported decision of the Supreme Court (F v F) provides a more forceful argument than ever for the resolution and settlement of all financial matrimonial issues.
The Law of Meetings
The fundamental principles of the law of meetings are sometimes over-looked in the modern climate of unanimous written shareholder resolutions, comprehensive retrospective ratifications, and the liberal application of the “Duomatic principle”. The decision in East Asia Company Limited -v- PT Satria Tirtatama Energindo in the Bermuda Court of Appeal provides a salutary reminder that the […]
Notable Bermuda Trust Decisions of 2018
In the Matter of the X Trusts [2018] SC (Bda) 56 Civ (12 July 2018) The trustees in this case are private trust companies which have for some years been responsible for managing trusts which control underlying assets worth billions of dollars. The beneficiaries fall into two family camps – the Y and Z branches. […]
Digital Asset Business Act comes into force
The Digital Asset Business Act 2018 (the “DAB Act”) became operative on 10th September 2018, creating a legislative framework for digital asset business and services to operate within a regulated environment in or from within Bermuda. Digital assets are defined as anything that exists in binary format and comes with the right to use it […]
New Land Title Registration Scheme: Q&A with Tim Stewart, Land Title Legal Officer
In a post from 2017, we discussed how it was expected that Land Title Registration would go live in 2018. Since then, several important steps have been taken toward bringing the land title registration regime to Bermuda. The Land Title Registration Amendment Act 2018 has been passed both by Parliament and the Senate and is expected […]
ICO Legislation Takes Effect and ICO Regulations Published
The Companies and Limited Liability Company (Initial Coin Offering) Amendment Act 2018 (the “ICO Act”) became operative on 9 July 2018 and the underlying Companies and Limited Liability Company (Initial Coin Offering) Regulations 2018 (the “ICO Regulations”, together with the ICO Act, the “ICO Legislation”) were published on 10 July 2018. The ICO Legislation governs all […]
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