Articles

Stephanie P. Sanderson, Corporate Partner at BeesMont Law Limited, provides a legal and regulatory update with respect to Bermuda. The update covers legislative and regulatory updates to Bermuda’s technology and innovation framework as well as the economic substance regime, the Bermuda Regulatory Authority’s Cyber Risk Report, Outsourcing regulation, financial sanctions, and updates to the insurance and investment funds regulatory regimes, respectively.

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The Digital Asset Business Amendment Act 2019 (DAB Amendment Act) was brought into force on 8 October 2019 and amends the Digital Asset Business Act 2018 (DABA) to adapt to market expectations and ensure the regulatory regime remains fit for purpose. The DABA legislation regulates digital asset business carried on in or from within Bermuda and protects the interests of clients or potential clients of persons conducting digital asset business. Amendments include the expansion of DABA to include clarity over market makers, digital asset benchmark administrators, digital asset trust services, and digital asset derivative exchange providers.

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Stephanie P. Sanderson, Partner, provides a detailed guide on issuing an initial coin offering in Bermuda based on the current legislation. The guide covers the application process, what needs to be included in the offer document and the key compliance requirements which need to be met for a successful initial coin offering.

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Stephanie P. Sanderson, Partner, authored the Bermuda chapter of Getting the Deal Through 2019 edition of Public M&A which is available in print, as an e-book, and online. This specialist publication covers M&A transactional requirements and procedures governing publicly listed companies, covering such areas as: types of business combinations, applicable legislation, filings and public disclosure requirements, substantial shareholding regulations, duties of directors and controlling shareholders, shareholder rights of approval and appraisal, and hostile transactions, among other key topics.

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Stephanie P. Sanderson writes for HFM Global and reflects on Bermuda’s success in nurturing the development of fintech-related business as well as the importance of anti-money laundering, counter-terrorist financing, and cyber-security measures:

“We are seeing fintech increasingly change the financial services industry – including the banking, insurance and asset management sectors.”

In 2018, Bermuda put in place a specialised legal and regulatory framework to give fintech business stability and certainty. The jurisdiction saw the introduction of Initial Coin Offering (ICO) and digital asset business legislation as well as incentives established by the Bermuda Monetary Authority (BMA) specifically to encourage fintech and insurtech growth and open innovation.

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Stephanie P. Sanderson, Alexandra Fox, and Kit Cunningham recently authored the Bermuda Chapter of the Legal 500 Global Guide to Fintech.

This country-specific Q&A provides an overview to Fintech law in Bermuda. It covers open banking, regulation of data, cryptocurrencies, blockchain, AI and insurtech. The Q&A is part of the global guide to Fintech.

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Link to Comparative Guide

Stephanie Sanderson, Partner and Head of Technology & Innovation, discusses how the regulatory framework in Bermuda is encouraging the Fintech sector in a Royal Gazette article:

Many fintech entrepreneurs are interested in having a presence in Bermuda, according to a lawyer who is advising them. Stephanie Sanderson, a partner and head of technology and innovation at BeesMont Law, is crediting the regulatory framework set up by legislation this year for attracting the business. “The Digital Asset Business Act 2018 legislation represents another significant and substantial step forward in the fintech sector, indicating that Bermuda is indeed executing its plan to become a global leader in the fintech industry,” Ms Sanderson said.

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