Our Investment Business Memorandum reviews the 2022 amendments to the Investment Business Act (IBA) regime in Bermuda.  The principal change to the regulation of investment business by the Bermuda Monetary Authority is the removal of the former licensing criteria, which provided that to be regulated under the IBA the investment business had to be physically based in Bermuda. This requirement no longer applies and the former exemption category no longer applies. There is a transition period for existing businesses to apply to be licensed or registered (as applicable) which expires on 28 July 2023, please therefore read the attached Investment Business Memorandum to determine whether under the revised IBA you now need to apply to be licensed or registered in Bermuda.

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BeesMont Law Announces Promotion of Simon Davis to Partner

BeesMont Law, an award-winning leading law firm on the Island, today announced its further development and growth with the promotion of Simon Davis to Partner at the firm.

Since joining the team in April 2015, Mr. Davis has built up BeesMont’s property practice to cover all areas of local residential and commercial property law. Mr. Davis has also continued the development of BeesMont’s banking law practice. Before that, Simon worked as a Senior Associate with another law firm in Bermuda, in the property, trusts, and estates team. He also worked in the United Kingdom prior to 2005, as a real estate solicitor covering an equally wide range of property work.

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BeesMont Law Moves to Front Street

BeesMont Law’s new offices are located on the 3rd Floor at 73 Front Street, with lovely views over Hamilton Harbour. The firm has taken over the entire third floor of the building, which is well laid out, accessible to clients, affords a high level of privacy and is very inviting.

BeesMont Law was established in April 2008 and advises on all corporate and commercial matters, as well as regulatory and compliance, dispute resolution and property law. The firm is committed to providing practical, innovative and valuable legal advice to its clients.

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Guide to Bermuda’s Digital Asset Business Regulatory Regime

Bermuda successfully launched the Digital Asset Business Act (DABA) in 2018 which established the foundation for a comprehensive legislative and regulatory framework designed to support and facilitate growth in the financial technology (Fintech) sector. The digital asset business regulatory regime was updated in 2020 to provide clarity around digital asset exchanges and derivative exchange providers as well as to introduce an additional class of licence allowing applicants to select from these licence categories:

  • class F licence under which a person will be licensed to provide any or all of the digital asset business activities under the definition of digital asset business;
  • class M licence, under which a person will be licensed to provide any or all of the digital asset business activities under the definition of digital asset business for a defined period determined by the Authority; or
  • class T licence, under which a person will be licensed to provide any digital asset business activity under the definition of digital asset business, for a defined period determined by the Authority and for the purpose of carrying out pilot or beta testing in relation to such activity.

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Bermuda Business Vehicles

This Memo sets out some of the main Bermuda business vehicles and briefly summarises key points in relation to each type of vehicle. It includes information on exempted companies, local companies, LLCs, companies limited by guarantee, partnerships, SACs/ISACs, permit companies, trusts, and investment funds.

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Bermuda Chapter of Getting The Deal Through: Corporate Governance

Stephanie P. Sanderson has authored the Bermuda chapter of Getting the Deal Through: Corporate Governance, an international publication. The 2020 edition of Corporate Governance provides a summary of the pertinent aspects of company law and corporate governance practices worldwide touching upon: sources of governance rules and practice, government agencies, rights of shareholders, voting rights and requirements, shareholders’ duties and liability, anti-takeover devices, directors’ standard of care, economic substance requirements, as well as various other important corporate governance matters.

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

Stephanie P. Sanderson, Partner, has authored the Bermuda chapter of Getting the Deal Through: Public M&A, 2020 edition. This specialist international 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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BeesMont Law Limited Helps CrossTower Acquire Digital Asset Business Licence

BeesMont Law Limited would like to congratulate CrossTower Bermuda Ltd. for successfully acquiring a Class M Digital Asset Business Act Licence issued by the Bermuda Monetary Authority. This new licence authorises CrossTower to operate in Bermuda as a digital asset exchange and provide custodial wallet services. CrossTower is a new exchange operator founded by capital markets veterans on a mission to mainstream digital asset investing and trading. BeesMont Law Limited’s Technology & Innovation Team advised and assisted CrossTower in obtaining its Bermuda licence.

BeesMont Law provides advice and legal support with respect to the establishment, regulatory, compliance, and business operations of digital asset business companies in Bermuda.

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Bermuda Law Guide: Data Protection in the Time of COVID-19

Gretchen Tucker has authored a COVID-19 Data Protection Guide which provides a detailed overview of the activities of Bermuda’s first Privacy Commissioner, Mr. Alexander McD White. The Guide summarises the work of the Office of the Privacy Commissioner during the first effective year of Mr. White’s appointment and informs Bermuda organisations and overseas companies interested in establishing a Bermuda office on privacy developments and industry engagement during the pandemic.

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Work From Bermuda One Year Residential Certificate

The ‘Work From Bermuda Residential Certificate’ was launched as of 1 August 2020 and permits individuals to live and work remotely from Bermuda for a 12-month time period. This Guide highlights the key aspects of applying for the Certificate, the criteria for applying and the benefits of living and working in Bermuda under the Certificate scheme.

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