24Jul2019

Beesmont Law Limited Assists Circle Acquire Bermuda’s First Full Digital Asset Business Licence

BeesMont Law Limited would like to congratulate Circle International Bermuda Limited, a subsidiary of Circle and a member of the Circle Group, for being the first company to receive a Class F Digital Asset Business Act Licence issued by the Bermuda Monetary Authority. BeesMont Law Limited’s Technology & Innovation Team advised and assisted Circle International Bermuda Limited, and the Circle Group, in completing their Digital Asset Business Licence application and launching the subsidiary in Bermuda. BeesMont’s Technology & Innovation Team provides advice and legal support with respect to the establishment, regulatory, compliance, and business operations of digital asset business companies in Bermuda. Circle, as a well-respected globally operating fintech group, has shown confidence in Bermuda’s comprehensive regulatory framework; and BeesMont looks forward to helping Circle develop and expand their global presence and offerings going forward.

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30May2019

Bermuda Economic Substance Requirements for In Scope Entities

Bermuda passed economic substance legislation in December 2018 (ES Law) as part of the international initiatives for fairer taxation globally and, in particular, to address the technical scoping paper of the European Union (EU) for jurisdictions designated by the EU as ‘2.2 Jurisdictions’ (Scoping Paper). This 2.2 Scoping Paper set out criteria relating to ‘economic substance’ of certain entities doing business in or through these 2.2 Jurisdictions. Bermuda is a 2.2 Jurisdiction. The ES Law requires that a Registered Entity (which does not include a trust or partnership without legal personality) carrying on a Relevant Activity comply with certain economic substance and reporting requirements. For information on what business activity constitutes a Relevant Activity and these economic substance and reporting requirements affecting in scope Registered Entities reference should be made to our Memorandum.

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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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17Sep2018

Bermuda’s Digital Asset Business Regulatory Regime

The Digital Asset Business Act 2018 (DABA) is Bermuda’s latest development in establishing a comprehensive legislative and regulatory framework designed to support and facilitate growth in the financial technology (Fintech) sector. Bermuda has implemented digital asset business legislation in the form of the Digital Asset Business Act 2018, as well as prudential rules including the Digital Asset Business (Client Disclosure) Rules 2018, the Digital Asset Business (Cybersecurity) Rules 2018, and the Digital Asset Business (Prudential Standards) (Annual Return) Rules 2018. 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 carrying on the business of digital asset business.

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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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9Aug2018

Insurtech Insight: Staying True to Form

In an article published in the Captive Insurance Times (Issue 154), Stephanie P. Sanderson explains why Bermuda is a natural choice to lead global insurtech developments and innovation, and provides an overview of the Bermuda insurtech sandbox and innovation hub.

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7Aug2018

BeesMont authors Bermuda Chapter of Getting The Deal Through: Corporate Governance

BeesMont Law attorneys – Stephanie P. Sanderson, Kit Cunningham, and Kimonea Pitt – have authored the Bermuda chapter of Getting the Deal Through: Corporate Governance (17th Edition). The 2018 edition of Corporate Governance is available in print, as an e-book and online. The publication 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 and shareholder activism, rights of shareholders, voting rights and requirements, shareholders’ duties and liability, anti-takeover devices, standards of care of directors, as well as various other important corporate governance matters.

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12Jul2018

Bermuda Initial Coin Offering (ICO) Legislation

Bermuda is quickly becoming a world leader in the financial technology (Fintech) sector by putting into place a bespoke Fintech legislative and regulatory regime. Bermuda’s first major move from a legal standpoint is the implementation of legislation that governs Initial Coin Offerings (ICOs). Bermuda has successfully launched the world’s most progressive ICO legislation in the form of the Companies and Limited Liability Company (Initial Coin Offering) Amendment Act 2018 which came into effect on 9 July, 2018 and the Companies (Initial Coin Offering) Regulations 2018 and Limited Liability Company (Initial Coin Offering) Regulations 2018 which came into effect on 10 July, 2018.

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