27Nov2019

Bermuda Introduces Incorporated Segregated Account Companies

The Incorporated Segregated Accounts Companies Act 2019 received assent on 26 November 2019, introducing a new company structure product – the incorporated segregated account company (ISAC). This legislation has been developed to create a new and innovative product to meet the needs of business stakeholders in Bermuda. In an ISAC structure, each segregated account constitutes an incorporated entity distinct from the other incorporated segregated accounts within the same structure. The premise that incorporated entities enjoy separate legal personality is a widely accepted and upheld legal principle. The ISAC provides greater certainty via a statutory and common law basis for the segregation of assets and liabilities by creating separate bodies corporate.

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13Nov2019

Bermuda Monetary Authority Publishes Notice on Cannabis Related Risk

In a Notice dated 12 November 2019, the Bermuda Monetary Authority confirmed that it will not object to BMA-supervised entities conducting business with licensed cannabis cultivators, processors or sellers, as long as the conduct of such business is not contrary to any offences that may be provided for in the laws of a foreign jurisdiction which amount to “criminal conduct” within the meaning of section 3 of the Proceeds of Crime Act 1997 of Bermuda. The Notice will be of particular interest to investment managers and investment funds in this sector (or that are interested in establishing in the sector) as it provides additional clarification that the establishment and registration of funds with investment strategies linked to the cannabis industry are permitted provided the activities are legal where business is being conducted and do not amount to criminal conduct under Bermuda law.

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12Nov2019

Recent Bermuda Legislative and Regulatory Updates: 2019

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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11Oct2019

Bermuda Guide to Initial Coin Offerings (ICOs)

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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16Sep2019

Bermuda Chapter of Getting the Deal Through: Public M&A 2019

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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14Aug2019

Bermuda Successfully Fostering the Fintech Sector

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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9Oct2018

Sanderson Sees Strong Fintech Interest

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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10Aug2018

Bermuda Chapter of Getting the Deal Through: Public M&A

Stephanie P. Sanderson, Partner, authored the Bermuda chapter of Getting the Deal Through 2018 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, hostile transactions, among other key topics.

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