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…
2016 Throne Speech: A Brief Summary of the Parliamentary Agenda
The Bermuda Government renewed its commitment to economic progress and recovery in its 2016 Speech from the Throne in which plans for the forthcoming parliamentary year 2016-2017 are rolled out. In this post, I provide a brief summary.
Access to Court Records
We have previously written a post about the Supreme Court’s decision in Bermuda Press (Holdings) v Registrar of the Supreme Court in which the Chief Justice considered the public’s right of access to court documents in a constitutional matter deemed to be in the public interest. The Court then issued Practice Direction (“PD”) No. 23 […]
Costs in Regulatory Proceedings
In an important decision in November 2016, the Insurance Appeals Tribunal (the “IAT”) published in the press the text of its decision in relation to the jurisdiction to award costs in an appeal from a regulatory decision and appeal to the IAT under the Insurance Act 1978 (the “Act”). Normally in civil litigation the rule […]
Banking (Special Resolution Regime) Act 2016
This Act was passed in the first quarter of 2016 but has not yet become effective. It is a lengthy Act with a number of separate and detailed statutory mechanisms which work in conjunction with one another. The purpose of the Act is to address a situation where all or part of a bank’s business […]
The Register of Directors (UPDATE)
The 2015 POCA Amendment Act came into force on 1 January 2016 except for the operation of section 25 in relation to the Register of Directors, which was later brought into effect and operative so that the public Register of Directors must be completed by 31 December 2016.
2016 Bills in the House of Assembly and the Senate
As we near the end of the year, it’s good to review the bills that have been tabled and passed in the House of Assembly and Senate. This information can be found on the Bermuda Parliament website at www.parliament.bm. More specifically, House bills going back to 2010 can be viewed here, where 2016 bills are […]
A “Balanced” Approach to Personal Information Protection: A PIP on Each Shoulder?
Background The Personal Information Protection Act (“PIPA”) was enacted on 15 July 2016. However, it is not anticipated to come into force until 2018. This is to provide organisations with time to prepare for PIPA’s implementation. An independent Privacy Commissioner is due to be appointed shortly to assist with this process and ensure compliance with […]
Bermuda’s Supreme Court confirms that property owners have an indefeasible right to title deeds
It may seem obvious to practitioners that where there is no mortgage on a property, the legal owner is entitled to retain the title deeds to the property. However, it was recently argued in a dispute over whether a deposit could be forfeited by the vendor in a failed property transaction that the purchaser’s attorneys […]
Bermuda Passes Personal Information Protection Act (PIPA)
A Bill to protect the personal information of Bermuda residents – the Personal Information Protection Act (PIPA) – has been passed in the House of Assembly. Last year the Government of Bermuda, under the Ministry of Economic Development, introduced a Draft Model Personal Information Protection Act (PIPA) that fortified privacy protection rights for all residents. […]
Bermuda LLCs on the Way
Legislation was recently put before Parliament to introduce Bermuda’s newest form of commercial vehicle: the limited liability company (“LLC”). The new law establishing the Bermuda LLC is heavily (and intentionally) influenced by the Delaware Limited Liability Company Act to accommodate the main efficiencies of a Delaware LLC.
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